Tulip County adopted a cash budget for FY$2023$ as follows. The County budget laws prohibit budgeting or operating at a deficit. During the year, the County collected or spent the following amounts: BudgetedCollected$/$SpentReceipts from property tax collections From the $2022$ levy$ $100,000$$ $-0-$ From the $2023$ levy$$1,000,000$$ $900,000$ In advance for $2024$$ $50,000$$ $-0-$Receipts from bonds issued$ $500,000$$ $500,000$Borrowed from bank $($due in $5$ years$)$$ $-0-$$ $75,000$ Disbursements Salaries and wages$ $500,000$$ $500,000$ Operating expenses$ $200,000$$ $275,000$ City Hall annex purchased$ $500,000$$ $500,000$ Payments on debt principal$ $150,000$$ $150,000$ Payments on interest$ $50,000$$ $50,000$ Pension contribution$ $80,000$$ $-0-$Explanations provided by the County for the differences between budget and actual are as follows. Property tax collections are down because the major industry in the community closed, and many citizens are currently unemployed. Operating expenses are up because the only bridge over a river bisecting the County sustained damages by an uninsured motorist and had to be repaired immediately. The repair was not budgeted.Required: Was the County in compliance with budget laws? Did the County accomplish the goal of interperiod equity? Explain your answers in detail.