The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation $422,000 48,500 8,500 3,200 42.400 280,500 92,500 69,850 46,200 30,700 Receiptst Property taxes Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable Receivables at end of year: Property taxes (908 estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government Public safety Health and sanitation Insurance: General government Public safety ($3,700 t111 prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment 12,200 20,100 3.900 27,800 6,600 10,000 9,800 13, 100 14,700 22,440 5,610 158,000 122,500 13,100 14,700 22, 440 5,610 158,000 122,500 18,500 100,000 Public safety (53,700 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (201 still held) (public safety) Investments Ordered but not received Equipment abilities, all of which are due in one month at end of year: Salaries: General government Publie safety Health and sanitation 14,500 6.900 9,600 10,200 Compensated absences (such as vacations and sick days) legally owed to general government workers at year end total $20,700. These amounts will not be taken by the employees until so late in 2021 that the payment is not viewed as requiring 2020 current financial resources The city received a piece of art this year as a donation. It is valued at $20,500. The city plans to use it for general government purposes. The gift has no eligibility requirements. The city chose not to capitalize this property General government activities use the storage shed that was acquired this year. It is depreciated over a 10-year period using the straight-line method with no residual volue. The city uses the equipment for health and sanitation and depreciates it using the straight line method over five years with no residual value. The investments are valued at $130,500 at the end of the year, For the equipment that was ordered but not yet received the City Council (the highest decision-making body in the government) voted to honor the commitment when the equipment eventually arrives. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2020 Program Revenues Operating Charges for Capital Grants and Grants and Services Contributions Contributions Net (Expense) Revenue and Changes in Net Position Governmental Business- Activities type Activities Functions/Programs Expenses Total Govermental activities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues $ 0 Total general revenues Change in not position ols 0 0 $ 0 0 $ 0 $ 0 $ CITY OF WILLIAMSON Statement of Net Position December 31, 2020 Governmental Business-type Activities Activities Total Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) + $ 0 $ 0 $ Total assets Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities $ 0 $ 0 $ 0 Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) $ 0 $ 0 $ 0 Total net position CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Total General Fund Government Funds Revenues: Property taxes Franchise taxes Charges for services $ 0 $ Total revenues Expenditures: Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt $ 0 $ 0 Total expenditures Excess of revenues over expenses Other financing sources: Oo $ $ 0 $ 0 $ $ 0 Total other sources Net changes in fund balance 0 0 LA $ 0 $ 0 Balance Sheet Governmental Funds December 31, 2020 General Fund Total Government Funds Assets: Total assets $ 0 $ 0 Liabilities: Total liabilities $ 0 $ 0 Fund balances: Total fund balances 0 $ $ 0 $ 0 $ Total liabilities and fund balances $ 0