Question 4-10

a or assigned 4-10. Assume at the beginning of 2017 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $136,000 offset by assigned fund balance in the same amount. ent federal 1. During the year, the State notified the Village that $500,000 for the repaid Street and Highway Fund will be awarded for work performed on sev- federal eral bridges over the next two years. The grant is a cost reimbursement arrangement (no budget entry is necessary). 1 reve- 2. During the year, the Village signed contracts for bridge repairs that amounted to $435,000. ount is that it 3. The bridge repairs were completed and an invoice was received for $433,000, of which $419,000 was paid in cash. 4. The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the pecial amount of $7,000. This amount is not related to the bridge repairs under effect the state grant