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The City of Oxbow General Fund has the following net resources at year-end: - $255,000 unexpended proceeds of a state grant required by law to
The City of Oxbow General Fund has the following net resources at year-end: - $255,000 unexpended proceeds of a state grant required by law to be used for health education. - $16,000 of prepaid insurance. - $605,000 rainy day fund approved by city council for use under specified circumstances. - $206,000 budget stabilization fund to be used in the event of revenue shortfall. - $281,000 provided for contractual obligations for capital projects. - $33,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. - $1,629,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet
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