Wilkes County's fiscal year is from July 1 to June 30. Wilkes County is going to build and maintain a new public pool on land it already owns (old school site). It is expected that the project will take 2 years to complete. The expected revenues are as follows: Bond Proceeds...... 600,000 Property Tax Revenues (collected over 2 years). 250,000 State Grant (5% of the cost, up to 62,500).. 62,500 Federal Grant (15% of cost, up to $187,500).. 187,500 Private Donations.. 150,000 Total Resources. 1,250,000 Transactions 1. July 15, Year 1: Private Donations, State grant, and the Federal grant are received. Be careful about the conditions on each of the grants when recording the receipt of the funds. CPF 2. Aug. 15, Year 1: The $600,000 bond issue to finance the ball park is issued at a premium of $24,600 and the money was received. The Bonds is a 10 year semiannual bond at 4.5%, with payments due on Aug. 15 and Feb.15. The costs to issue the bonds are $3,500. CPF GLTL 3. Aug. 30, Year 1: The net assessed value of all the property in the county is $50,000,000 according to the property appraiser. In the past, uncollectible property taxes averaged 1% of the levy. You need $125,000 of Revenues - Property Taxes for the pool. You levy the tax for the pool (along with the rest of the property taxes but I only need you to record the levy for the pool in the CPF). CPF 4. Aug. 30, Year 1: $76,000 was transferred by the General Fund to the Debt Service Fund for bond payments for the next year. $30,000 was invested by the DSF. DSF 5. During the month of September, the county paid an architect $75,000 to draw up plans for the project and signed a contract with Williamson Construction to begin work on the pool. The contract was for a total of $1,166,000. There will be a 5% retained percentage which will be held back from the final payment. CPF 6. Feb. 15, Year 1: Payment of $38,000 was made on bond: $ $23,947 on principal, interest $12,155 and amortization of bond premium. Don't forget the effect on the GLTL (principal payable and premium reduced). DSF GLTL 7. Mar. 1, Year 1: Invoices were received and vouchered for the Williamson contract: Estimated and Actual: Plumbing...... 40,000 Structure....... 300,000 Electrical...... 200,000 Landscaping..50,000 CPF 8. Apr. 1. Year 1: The Invoices were paid in #7. CPF 9. $120,000 in Property Taxes were collected by year's end. Current Taxes receivable and the related allowance were reclassified as delinquent after the due date. (Don't worry about deferring revenues.) CPF 10. June 30, Year 1: Investments paid $10% return and increased 6% in value. DSF 11. June 30, Year 1: The asset was recorded in the GCA. GCA Wilkes County's fiscal year is from July 1 to June 30. Wilkes County is going to build and maintain a new public pool on land it already owns (old school site). It is expected that the project will take 2 years to complete. The expected revenues are as follows: Bond Proceeds...... 600,000 Property Tax Revenues (collected over 2 years). 250,000 State Grant (5% of the cost, up to 62,500).. 62,500 Federal Grant (15% of cost, up to $187,500).. 187,500 Private Donations.. 150,000 Total Resources. 1,250,000 Transactions 1. July 15, Year 1: Private Donations, State grant, and the Federal grant are received. Be careful about the conditions on each of the grants when recording the receipt of the funds. CPF 2. Aug. 15, Year 1: The $600,000 bond issue to finance the ball park is issued at a premium of $24,600 and the money was received. The Bonds is a 10 year semiannual bond at 4.5%, with payments due on Aug. 15 and Feb.15. The costs to issue the bonds are $3,500. CPF GLTL 3. Aug. 30, Year 1: The net assessed value of all the property in the county is $50,000,000 according to the property appraiser. In the past, uncollectible property taxes averaged 1% of the levy. You need $125,000 of Revenues - Property Taxes for the pool. You levy the tax for the pool (along with the rest of the property taxes but I only need you to record the levy for the pool in the CPF). CPF 4. Aug. 30, Year 1: $76,000 was transferred by the General Fund to the Debt Service Fund for bond payments for the next year. $30,000 was invested by the DSF. DSF 5. During the month of September, the county paid an architect $75,000 to draw up plans for the project and signed a contract with Williamson Construction to begin work on the pool. The contract was for a total of $1,166,000. There will be a 5% retained percentage which will be held back from the final payment. CPF 6. Feb. 15, Year 1: Payment of $38,000 was made on bond: $ $23,947 on principal, interest $12,155 and amortization of bond premium. Don't forget the effect on the GLTL (principal payable and premium reduced). DSF GLTL 7. Mar. 1, Year 1: Invoices were received and vouchered for the Williamson contract: Estimated and Actual: Plumbing...... 40,000 Structure....... 300,000 Electrical...... 200,000 Landscaping..50,000 CPF 8. Apr. 1. Year 1: The Invoices were paid in #7. CPF 9. $120,000 in Property Taxes were collected by year's end. Current Taxes receivable and the related allowance were reclassified as delinquent after the due date. (Don't worry about deferring revenues.) CPF 10. June 30, Year 1: Investments paid $10% return and increased 6% in value. DSF 11. June 30, Year 1: The asset was recorded in the GCA. GCA