Parks and RecreationCapital Projects Fund

Record the following transactions to tab P&R CPF

1.The city approved a major capital improvement project to construct a recreationalfacility. The project will be financed by a bond issue of $1,500,000, transfers from

the General Fund of $500,000, and a contribution from the county of$300,000.Record the budget assuming these amounts, along with an equal appropriation

for the project, were adopted for 20X4.

2. The city received the countys contribution of $300,000. These resources arerequired to be used for the construction project. The grant is expenditure-driven.

The citys policies indicate that resources restricted for a given purpose areconsidered expended prior to any unrestricted resources available for thatpurpose.

3.The city transferred $200,000 from the General Fund to the Parks andRecreation Capital Projects Fund.

4. The city issued bonds with a face (par) value of $1,500,000 at a premium of$50,000 on January 1. Bond issue costs of $15,000 were incurred. Interest of 8%per year and $100,000 of principal are due each December 31.

5. The city signed a $2,190,000 contract for construction of the new recreationalfacility. The process to establish the contract qualifies as a commitment underthe citys commitments policy.

6.The city purchased land as the site for the facility at a cost of $110,000. Payment was made for the land. 7.The contractor billed the city $1,200,000. The city paid all but a 5% retainage.

8.The outstanding encumbrances were closed (use the transactions columns for this entry). 9. The budgetary accounts were closed at year end. Appropriations do not lapse at year end. Close the budgetary accounts in the transactions columns

Balance Checks - Account Title City of Springfield Parks and Recreation Capital Projects Fund FY 20X4 Transactions - - Balances Beginning of Year Dr. Cr. Dr. - Balances End of Year Transactions # - Cr. # Dr. Cr. Operating Statement Dr. 2 Cr. - - - Dr. Cash - - Estimated Revenues and OFSs - - - - - - Appropriations - - - - - - Revenues -- Intergovernmental - - - - - - Transfer from GF - - - - - - OFS -- Bond Principal - - - - - - OFS -- Bond Premium - - - - - - Expenditures -- Debt Service -- Bond Issue Costs - - - - - - Encumbrances - - - - - - Encumbrances Outstanding - - - - - - Expenditures -- Capital Outlay - - - - - - Contracts Payable -- Retained Percentage - - - - - - - - - - - - Change in Fund Balance - - - - Balance Sheet 1 Cr. - - - CITY OF SPRINGFIELD PARKS AND RECREATION CAPITAL PROJECTS FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 20X4 Revenues: Intergovernmental Expenditures: Capital outlay: Debt Service -- Bond Issue Costs Total Expenditures $ $ - Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources and (Uses): Transfer from General Fund Bond Principal Bond Premium Total Other Financing Sources and (Uses) - - 300,000 300,000 Net Change in Fund Balance 300,000 Fund Balance, January 1, 20X4 Fund Balance, December 31, 20X4 300,000 $ CITY OF SPRINGFIELD PARKS AND RECREATION CAPITAL PROJECTS FUND Balance Sheet December 31, 20X4 Assets Cash Liabilities and Fund Balance Liabilities: Contracts Payable -- Retained Percentage Fund Balance $ Total Liabilities and Fund Balance $ 300,000 $ - $ 300,000 300,000 100,000 200,000 All resources of this fund except those transferred from the General Fund were restricted for the project. Restricted resources were assumed to be expended first when both restricted and unrestricted resources were available. In all probability, the council took action to commit the resources transferred to the Capital Projects Fundparticularly since the county is financing part of the cost. If so, Committed Fund Balance is $200,000; if not, Assigned Fund Balance is $200,000. The $200,000 cannot be reported as Unassigned Fund Balance