The following transactions occurred during the 2017 fiscal year for the City of

Question

The following transactions occurred during the 2017 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2017 was as follows: Estimated Revenues: Taxes Licenses and permits Intergovernmental revenue Miscellaneous revenues $1,999,000 380,000 405,000 70,000 Total estimated revenues 2,854,000 Appropriations General government Public safety Public works Health and welfare Miscellaneous 487,800 902,800 666,800 616,800 94,000 Total appropriations 2,768,200 Budgeted increase in fund balance $ 85,800 2. Encumbrances issued against the appropriations during the year were as follows: General government Public safety Public works Health and welfare Miscellaneous 66,000 258,000 400,000 167,920 79,000 Total $970,920

Explanation / Answer

1. Budget estimate and appropriation

2. Record the encumbrances

3.The current year’s tax levy of $2068200 was recorded; uncollectibles were estimated as $73,000

4. Collections from prior years’ levies totaled $140000, collections of the current year’s levy totaled $1467000

5. Personal cost

6. Invoices for all items

7. Invoices approved

8. Revenue collected -  licenses and permits $381800; intergovernmental revenue $408800 and $748000 of miscellaneous revenues.

9. Payment on voucher payable 2513000

Estimate Revenue 2854000 Budgetary fund balance 85800 Appropriations 768200

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