(Revenue Classification) Clemens County had the following revenue sources in 20X
ID: 2436043 • Letter: #
Question
(Revenue Classification) Clemens County had the following revenue sources in 20X5:General property taxes $8,000,000
Restricted(for education)property taxes 70,000
Meal tax (restricted for ecomonic develpoment
and tourism) 200,000
Fines and forfeits 82,000
Federal grant restricted for police protection 132,000
Feredal grant restricted for specific general
government construction project for specific
function 600,000
Unrestricted investment income 75,000
Prepare a schedule computing the amount of general revenues and of program revenues that Clemson County should report in its government-wide statement of activities for the 20X5 fiscal year.
Explanation / Answer
Program revenues include all serice charges, Operating grants and contributions , Capital grants and contributions, although program revenues are not limited to the three categories. Examples of program revenues include: Fees charged for "Fines and forfeits" Charges for services are deducted from the function which creates the revenues. Net expenses or revenues are broken out between government activities and business type activities. General revenues are deducted from net expenses to obtain net revenues. General revenues includes all taxes, charges and miscellaneous income taken in at the state and local level while neglecting overlapping revenue which may be erroneously counted twice. General revenue includes: General property taxes $800,000 Restricted property taxes $70,000 Meal tax $200,000 ------------------------------------------------------ General revenues $1,070,000 ------------------------------------------------------- Program revenue: Federal grant for POlice protection is deducted from function to obtain the net revenue. Net program revenue = $600,000 - $132,000 = $468,000 Total program revenue = $82,000 + $468,000 +$75,000 = $625,000 Total General revenue = $1,070,000
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