The City of Oxbow General Fund has the following net resources at year-end: $253,000 unexpended proceeds of a state grant required by law to be used for health education. $13,000 of prepaid insurance. $603,000 rainy day fund approved by city council for use under specified circumstances. $202,000 budget stabilization fund to be used in the event of revenue shortfall. $279,000 provided for contractual obligations for capital projects. $29,000 unexpended proceeds of a tax required by law to be used for emergency-911 services. $1,625,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet. CITY OF OXBOW Partial Balance Sheet - General Fund Fund Balances. Nonspendable As of December 31, 2020 Restricted Committed Assigned