Question

Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $167 (in thousands) and that the budget was not amended during the year.

514 308 367 City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes 6,048 Fines & Forfeits 303 Intergovernmental Revenue Charges for Services 370 Revenues Taxes 6,093 Fines & Forfeits Intergovernmental Revenue 514 Charges for Services Appropriations General Government Public Safety Public Works Culture & Recreation Estimated Other Financing Uses Interfund Transfers Out Expenditures General Government 1, 622 Public Safety 3, 348 Public Works 1, 443 Culture & Recreation 719 Encumbrances General Government Public Safety Public Works Culture & Recreation Other Financing Uses Interfund Transfers Out LOW Po

Required

1. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance.
2. Prepare a General Fund schedule of revenues, expenditures, and changes in fund balance—budget and actual (assume the budget is prepared on a GAAP basis).

Answer 1

Solution A

Statement of Revenue Expenditures and changes in Funds balance

For the Fiscal Year

(Figures in thouands)

Particulers
Revenues:
Taxes		6093
Fines and Forfeites		308
Intergovermental revenues		514
changes for services		367
Total revenues		7282
expenditures
general government	1622
Public safety	3348
Public works	1143
Culture and Recreation	719
encumbrances	68
total expenditure		6900
Other Financial uses
interfund transferout		(64)
changes in fund balances		318
fund opening balance jan 1		167
fund closing balance dec 31		$ 485

solution b

Schedule of Revenues expenditure and changes in Funds- Budget and actual
For the Fiscal Year
(Figures in thouands)
Particulers	Budgted	Actual	Variance
original	Final
Revenues:
Taxes	6048	6048	6093	45
Fines and Forfeites	303	303	308	5
Intergovermental revenues	514	514	514	0
changes for services	370	370	367	3
Total revenues	7235	7235	7282	47
expenditures
general government	1650	1650	1622	28
Public safety	3375	3375	3348	33
Public works	1461	1461	1143	18
Culture and Recreation	724	724	719	5
encumbrances	0	0	68	68
total expenditure	7210	7210	6900	310
Other Financial uses
interfund transferout	-64	-64	-64	0
changes in fund balances	89	89	318	229
fund opening balance jan 1			167
fund closing balance dec 31			$485