Reference no: EM131737375
Problem - The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000
Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety 2,490,000
Public Works 1,542,000
Total 6,207,000
Required: Prepare a budgetary comparison schedule for the city ended June 30, 2012 assuming the fund balance of the General Fund (Budgetary Basis) was $598,000 on July 1, 2011. No "original budget" column will be required. Please include a "variance" column.
Please arrange your budget utilizing the appropriate format.