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The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2019. Please
The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2019. Please review the following additional information regarding General Fund activities and determine how much fund balance should be classified as nonspendable, restricted, committed, assigned, and unassigned.
- The balance sheet of the City of Davis Fort showed $100,000 of inventory on December 31, 2019.
- The highest level of decision-making authority for the city (the city council) passed an ordinance that any royalty payments received from oil production on city property must be used for city park maintenance. At year-end, the city had not spent $220,000 of the oil royalty proceeds that it had received.
- The General Fund made a long-term loan of $60,000 to the Civic Center Capital Projects Fund during 2019. None had been repaid by December 31, 2019, and none is expected to be repaid until 2023.
- The city at the end of the fiscal year had outstanding encumbrances of $130,000. These encumbrances and associated purchase orders will be filled in the 2020 with resources budgeted in 2020.
- The General Fund receives a federal grant that must be used to provide low-income housing subsidies. The grant had no time restrictions. At year-end, the General Fund had unspent resources of $40,000.
ANSWERS MUST INCLUDE COMMA and no other symbols example: 50,000
Nonspendable fund balance:
Restricted fund balance:
Committed fund balance:
Assigned fund balance:
Unassigned fund balance:
Total fund balance:
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