The City of Galena General Fund has the following net resources at year-end:\

$1,658,000

total fund balance.\

$271,000

unexpended proceeds of a state grant required by law to be used for health education.\

$31,000

of prepaid insurance.\

$620,000

rainy day fund approved by the city council for use under specified circumstances.\

$221,000

budget stabilization fund to be used in the event of a revenue shortfall.\

$296,000

provided for contractual obligations for capital projects.\

$63,000

unexpended proceeds of a tax required by law to be used for emergency 911 services.\ Required:\ Prepare the fund balance section of the Balance Sheet as of December 31, 2024.

The City of Galena General Fund has the following net resources at year-end: - $1,658,000 total fund balance. - $271,000 unexpended proceeds of a state grant required by law to be used for health education. - $31,000 of prepaid insurance. - $620,000 rainy day fund approved by the city council for use under specified circumstances. - $221,000 budget stabilization fund to be used in the event of a revenue shortfall. - $296,000 provided for contractual obligations for capital projects. - $63,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024