Question

The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and $169,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $374,00e 114,800 94,800 165,800 In Aprni, heavy spring rains caused some flooding near the ver. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $33,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $16,000. The General Fund began the year with a balance of $56,000. During the year, tax collections totaled $694,500 and revenues from business licenses were $150,000. Expenditures were $370,000 for general government, $137,500 for parks and recreation, $97600 for sanitation, and $159,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparlson schedule for the General Fund for 2017. (Negotive variance amount should be indicated by a minus sign.)

Answer 1

Ans- TOWN OF RIVERSIDE

Budgetary Comparison Schedule

General Fund

For the Year Ended December 31, 2017

	Budgeted Amounts
	Original	Final	Actual Amounts (Budgetary Basis)	Variance with Final Budget Positive (Negative)
Revenues:
Property Taxes	$690,000	$690,000	$694,500	$4,500
Business Licences	169,000	153,000 ($169,000-$16,000)	150,000	-3,000
Total Revenue	859,000	843,000	844,500	1,500
Expenditure and Encumbrances:-
General Government	374,000	374,000	370,000	4,000
Parks and recreation	114,000	147,000 ($114,000+$33,000)	137,500	9,500
Sanitation	94,000	94,000	97,600	-3,600
Streets and sidewalks	165,000	165,000	159,333	5,667
Total Expenditure and Encumbrances	747,000	780,000	764,433	15,567
Excess (Deficiency) of Revenue over expenditure and encumbrances	112,000	63,000	80,067	17,067
Fund Balance, Beginning	56,000	56,000	56,000	0
Fund Balance, Ending	168,000	119,000	136,067	17,067

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