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ni mi Construction activities for Oneida County for 2020 are as follows: 1. A capital projects fund is established for the construction of a recreation center. The total project is estimated to cost $15,000,000, with funding to come from a $9,000,000 general obligation bond issue, a 000,000 federal grant, and a $2,000,000 transfer from the general fund. The general fund transfers $2,000,000 to the capital projects fund. $3,500,000 of the federal grant is received in cash. The bond issue with a par value of $9,000,000 yields $9,002,000. The premium is transferred to the debt service fund to finance payment of bond principal and interest. 5. A contract for $14,800,000 is awarded to a contractor. Invoices for $8,000,000 are received for work performed by the contractor. The town has a 5% retainage policy and pays the contractor $7,600,000 in cash. 7. The county's spending policy is to use restricted resources first. The county uses the GAAP budgetary basis for end-of-year encumbrances. What is the 2020 increase in total fund balances for the capital projects fund? Select one: A. $6,500,000 O B. $6,900,000 O C. $7,000,000 o D. $7,400,000