Question

The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31, 2017

Revenues:
Property taxes $26,400,000
Sales taxes 10,150,000
Fines and forfeits 1,320,000
Licenses and permits 2,160,000
Intergovernmental 890,000
Investment earnings 660,000

Expenditures:
Current:
General government 8,200,000
Public safety 21,000,000
Public works 6,300,000
Health and sanitation 1,200,000
Culture and recreation 12,160,000
Other:
Encumbrances 100,000
Appropriations 40,000,000
Estimated Revenues 42,000,000
Transfer to debt service fund 1,130,000
Special item-proceeds from sale of land 760,000

Fund balance, January 1, 2017 7,600,000

From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31, 2017.

Answer 1

City of Pine cove
General fund statement fo revnenues, expenditures and change in fund balances
Year ended dec 31, 2017
Revenues
Property taxes		$                        26,400,000
sales taxes		$                        10,150,000
fees and fines		$                          1,320,000
licence and permits		$                          2,160,000
intergovernmental revneues		$                              890,000
investment earnings		$                              660,000
total revenues		$                        41,580,000
expenditures
current:
general govt.	$          8,200,000
public safety	$        21,000,000
public works	$          6,300,000
health and sanitation	$          1,200,000
culture and recreation	$        12,160,000
total expenditures		$                        48,860,000
excess of expenditures over revenues		$                        (7,280,000)
other financing sources(uses)
transfer to special revenue fund	$        (1,130,000)
total other financing sources (uses)		$                        (1,130,000)
special item:proceeds from sale of land		$                              760,000
net cange in fund balance		$                        (7,650,000)
fund balance Jan 1		$                          7,600,000
fund balance Dec 31		$                              (50,000)