Question

The Township of Thomasville’s General Fund has the following net resources at year end:

• $69,000 of prepaid insurance
• $410,000 rainy day fund approved by the township governing board with specific conditions for its use
• $1,800 of supplies inventory
• $60,000 state grant for snow removal
• $150,000 contractual obligations for the purchase of equipment
• Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation)
• Total Fund Balance is $1,010,500

What would be the total Unassigned fund balance?

Answer 1

Ans is $214,700

Working:-

	Total funds balance	1010500
Less	Prepaid Insurance	-69000
Less	Rainy day fund	-410000
Less	Inventory supplies	-1800
Less	State grant for snow removal	-60000
Less	Contractual obligations for the purchase of equipment	-150000
Less	Outstanding encumbrance	-105000
	Total Unassigned fund balance	214700

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