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The town council of Riverside estimated revenues for 2020 to be $793,794 from property taxes and $191,206 from business licenses. The appropriations budget from
The town council of Riverside estimated revenues for 2020 to be $793,794 from property taxes and $191,206 from business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $404,000 128,000 108,000 178,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $68,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $48,000. The General Fund began the year with a balance of $58,000. During the year, tax collections totaled $796,400 and revenues from business licenses were $134,800. Expenditures were $374,000 for general government, $197,400 for parks and recreation. $110,500 for sanitation, and $166,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "O" wherever required.) TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Actual Amaunte Variance with
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