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The expected hosting of several large conventions

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The following information relates to the prior and current year revenues of the Jeter Village General Fund.

 

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Additional information:
1. Because of a reassessment of commercial property, property taxes are expected to increase by $ 400,000 in 2013.
2. Interest and penalties and license fees are expected to remain constant over the next several years.
3. Because of an increase in the sales tax from 4 percent to 5 percent and the expected hosting of several large conventions in 2013, sales tax revenues are expected to increase by 20 percent.
4. Because of the conventions just mentioned, fines and penalties should rise by 10 percent in 2013.
5. Because of the lottery, success in its first few months of operation, city officials expect the village, share of the lottery receipts to double in 2013 Prepare a statement of actual and estimated revenues for 2012 and budgeted revenues for 2013. Prepare the 2013 budgeted revenues by applying the additional information to the estimated actual revenues for the full calendar year 2012 and rounding the result to the nearest $1,000.

Reference no: EM13868853

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