Problems P3-1 (Budgeting revenues) The following information relates to the prior- and current-year revenues of the Jeter Village General Fund. Property taxes Interest and penalties Sales taxes Fines and penalties Share of lottery receipts License fees 2011 Actual $5,436,720 38,486 872,680 64,842 Jan.-Sept. 2012 Actual $4,084,000 22,800 454,500 39,240 54,250 7,540 Oct-Dec. 2012 Est. Act. $1,400,000 15,000 445,000 30,000 175,750 2,460 2012 Budget $5,504,000 38,000 900,000 70,000 225,000 10,000 9,650 5 Chapter 3 Budgetary Considerations in Governmental Accounting Additional information: 1. Because of a reassessment of commercial property, property taxes are expected to increase by $400,000 in 2013. 2. Interest and penalties and license fees are expected to remain constant over the next several years. 3. Because of an increase in the sales tax from 4 percent to 5 percent and the expected hosting of several large conventions in 2013, sales tax revenues are expected to increase by 20 percent. 4. Because of the conventions just mentioned, fines and penalties should rise by 10 percent in 2013. 5. Because of the lottery's success in its first few months of operation, city officials expect the vil- lage's share of the lottery receipts to double in 2013. Using Table 3-3 as a guide, prepare a statement of actual and estimated revenues for 2012 and bud- geted revenues for 2013. Prepare the 2013 budgeted revenues by applying the additional informa- tion to the estimated actual revenues for the full calendar year 2012 and rounding the result to the nearest $1,000. P32 (Budget summary