The following information was drawn from a countys general fund budgets and accounts for a

particular year (in millions):

Revenues

Property taxes

Sales taxes

Licenses and permits Other

Total revenues

Expenditures

General government Public safety Sanitation

Culture and recreation Interest

Total expenditures

Excess of revenues over expenditures

You also learn the following:

Amended Budget

$46.6 16.3 1.1 3.2 $67.2

$18.2 29.2 9.7 8.1 1.4 $66.6 $ 0.6

Original Budget

$42.5 13.6 1.0 2.9 $60.0

$16.2 25.1 9.4 7.8 1.4 $59.9 $ 0.1

Beginning of Year

$2.7 1.8 0.5 1.7

Actual Results (Budget Basis)

$53.0 15.1 1.0 3.4 $72.5

$18.1 28.5 9.6 8.1 1.4 $65.7 $ 6.8

End of Year

$1.1 1.0 0.7 2.5

Encumbrances (commitments) outstanding

Supplies inventories on hand

Wages and salaries payable

Property taxes expected to be collected within 60 days

For purposes of budgeting, the county recognizes encumbrances as the

the year established; for financial reporting, it recognizes expenditures when the goods or services are received, as required by GAAP.

For purposes of budgeting, it recognizes supplies expenditures when the supplies are acquired; for financial reporting, it recognizes the expenditure when the supplies are consumed.

For purposes of budgeting, it recognizes wages and salaries when paid; for financial reporting, it recognizes the expenditures when the employees perform their services.

For purposes of budgeting, it recognizes as revenues only taxes actually collected during the year; for financial reporting, it recognizes taxes expected to be collected within the first sixty days of the following year.

1. Prepare the following four separate schedules in which you compare the budgettoactual results and compute the budget variance. You need to present only the total revenues, total expenditures, and excess of revenues over expenditures.

a. Actual results on a budget basis to the amended budget

b. Actual results on a budget basis to the original budget

c. Actual results as would be reflected in the financial statements to the amended budget restated so

that it is on a financial reporting basis

d. Actual results as would be reflected in the financial statements to the original budget restated so that

it is on a financial reporting basis