TCO C) Appropriation to the State Library System (fiscal year starts July 1) for fiscal year 201x was $24,000,000.

Quarterly allotments were as follows:

Q1 - $5,750,000 Q2 - $7,000,000 Q3 - $5,250,000 Q4 - $6,000,000 On December 31, 201X, budget reports showed expenditures of $12,500,000 and encumbrances of $800,000. Taking encumbrances into consideration, what is the status of Library System spending as of December 31?

(Points : 4)

Operations were fully consistent with plan

Over plan by $550,000

Under plan by $550,000

Under plan by $650,000