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The scenario: Croton City maintains four governmental - type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt
The scenario: Croton City maintains four governmentaltype funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund.
Croton City started its calendar year with the following General Fund balances all numbers are in thousands of dollars
Debits Credits Cash $ Property taxes receivable Salaries payable $ Deferred property tax revenues Unassigned fund balance Totals $ $
Croton has adopted the following budgetary and accounting policies:
Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and constructionrelated activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget.
Because final income tax returns are not required to be filed until April of the year following the end of a calendar year, "available" for income taxes is defined as taxes expected to be collected within days after the end of the calendar year.
Croton allows its employees to accumulate unused vacation days and to receive cash for up to days of unused vacation leave at retirement. Such payments are charged to the departments appropriation for salaries.
All revenues received by the library from fines, donations, and fundraising events are credited to Revenuesmiscellaneous
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