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The town council of Riverside estimated revenues for 2020 to be $926,765 from property taxes and $223,235 from business licenses The appropriations budget from the
The town council of Riverside estimated revenues for 2020 to be $926,765 from property taxes and $223,235 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 $90,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $70,000. The General Fund began the year with a balance of $69,000. During the year, tax collections totaled $929,500 and revenues from business licenses were $148,000. Expenditures were $385,000 for general government, $242,500 for parks and recreation, $133,600 for sanitation, and $177,333 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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