Question

3.2. Government Financial Statements The following information regarding the fiscal year ended June 30, 2011, was drawn from the accounts and records of the Chase County general fund:

Revenues and other asset inflows: Property taxes $6,000,000 Licenses and permits 750,000 State grants 150,000 Collection of interfund advance to other fund 80,000 Proceeds from sale of equipment 40,000

Expenditures and other asset outflows: General government $2,250,000 Public safety 1,130,000 Judicial system 600,000 Health 900,000 Equipment purchases 370,000 Payment to debt service fund to cover future debt service on general government bonds 570,000 Total fund balance, July 1, 2010 $1,200,000 Prepare a Statement of Revenues, Expenditures, And Changes in Fund Balance for the Chase County general fund for the year ended June 30, 2011. (10 points for correct Statement (all or nothing); 5 points for formatting; 15 points total) ?

Answer 1

Statement of revenues, expenditure, and changes in fund balances
Revenues
property tax	$6,000,000
Licenses and permits	$750,000
State grants	$150,000
Collection of interfund advance to other fund	$80,000
Total revenue	$6,980,000
Expenditures
Current
General government	$2,250,000
Public safety	$1,130,000
Judicial system	$600,000
Health	$900,000
Debt service
Payment to debt service fund to cover future debt service on general government bonds	$570,000
Capital outlay
Equipment purchases	$370,000
Total expenditure	$5,820,000
Special item
Proceeds from sale of equipment	$40,000
Net Change in fund balance	$1,200,000
Fund balance 1/7/10 (beginning)	$1,200,000
Fund balance 30/6/11 (end)	$2,400,000