The following information relates to actual results from Central Town's general fund for the year ended December 31, 20x1: Property tax collections: Current year taxes collected Prior-year taxes due 12/1/X0, collected 2/1/X1 Current year taxes due 12/1/X1, collection expected by 2/15/X2 Other cash receipts General government expenditures: Salaries and wages Other Public safety and welfare expenditures: Salaries and wages Other Capital outlay Transfer out to debt service fund Revenues Expenditures and Transfers $ 780,000 69,000 89,000 330,000 $ 300,000 195,000 340,000 150,000 140,000 55,200 Other cash receipts include a county grant of $270,000 for a specified purpose, of which $145,000 was expended; $48,000 in fines; and $12,000 in fees. General Government Expenditures-Other includes employer contributions to the pension plan and $39,000 in annual capital lease payments for computers over three years; the fair value and present value at lease inception are $69,000. Capital outlay is for police vehicles. Debt service represents annual interest payments due December 15 of each year on $690,000 face value, 8 percent, 20-year term bonds. Capital Projects Fund Central Town's council approved $1,060,000 for construction of a fire station to be financed by $790,000 in general obligation bonds and a $340,000 state grant. Construction began during 20X1, but the fire station was not completed until April 20X2. During 20X1, the following transactions were recorded: State grant Bond proceeds Expenditures Unpaid invoices at year-end and are to be honored the following year Outstanding encumbrances at year-end, which do not lapse $ 340,000 800,000 690,000 55,200 38,000 The unassigned fund balance in the capital projects fund at January 1, 20X1, was $280,000.