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The town council of Riverside estimated revenues for 2020 to be $890,500 from property taxes and $214,500 from business licenses. The appropriations budget from the
The town council of Riverside estimated revenues for 2020 to be $890,500 from property taxes and $214,500 from business licenses. The appropriations budget from the council was as follows: 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 $84,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $64,000. The General Fund began the year with a balance of $66,000. During the year, tax collections totaled $893,200 and revenues from business licenses were $144,400. Expenditures were $382,000 for general government, $230,200 for parks and recreation, $127,300 for sanitation, and $174,333 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 " 0 " wherever required.)
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