Reference no: EM132093629
Question - The town council of Riverside estimated revenues for 2015 to be $770,000 from property taxes and $170,000 from business licenses. The appropriations budget from the council was as follows:
General government $430,000
Parks and recreation 110,000
Sanitation 90,000
Streets and sidewalks 160,000
In April, heavy spring rains caused some flooding near the river. 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 $22,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $20,000.
The General Fund began the year with a balance of $55,000. During the year, tax collections totaled $788,800 and revenues from business licenses were $ 137,202. Expenditures were $429,000 for general government, $131,345 for parks and recreation, $91,600 for sanitation, and $157,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Requirement: Prepare a budgetary comparison schedule for the General Fund for 2015.
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