Using the following information, prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the City of Nancy General Fund for the fiscal year ended December 31, 20X7.
1. Fund Balance, January 1, 20X7, was $225,000.
2. Revenues for 20X7 totaled $2,500,000, including
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . $1,800,000
Licenses and permits . . . . . . . . . . . . . . . . . .190,000
Intergovernmental revenues . . . . . . . . . . . .310,000
Proceeds from short-term note . . . . . . . . . . 50,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000
Other revenues include $40,000 received from a Capital Projects Fund upon completion of the project and termination of the fund and a $65,000 routine annual transfer from the city’s Water Enterprise Fund.
3. Expenditures for 20X7 totaled $2,600,000, including
General government . . . . . . . . . . . . . . . . . . $ 800,000
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000
Highways and streets . . . . . . . . . . . . . . . . . .600,000
Health and sanitation . . . . . . . . . . . . . . . . . .150,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000