The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund balance. $259,000 unexpended proceeds of a state grant required by law to be used for health education. $19,000 of prepaid insurance. $608,000 rainy day fund approved by the city council for use under specified circumstances. $209,000 budget stabilization fund to be used in the event of a revenue shortfall. $284,000 provided for contractual obligations for capital projects. $39,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024.
The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund balance. $259,000 unexpended proceeds of a state grant required by law to be used for health education. $19,000 of prepaid insurance. $608,000 rainy day fund approved by the city council for use under specified circumstances. $209,000 budget stabilization fund to be used in the event of a revenue shortfall. $284,000 provided for contractual obligations for capital projects. $39,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The City of Galena General Fund has the following net resources at year-end:
- $1,634,000 total fund balance.
- $259,000 unexpended proceeds of a state grant required by law to be used for health education.
- $19,000 of prepaid insurance.
- $608,000 rainy day fund approved by the city council for use under specified circumstances.
- $209,000 budget stabilization fund to be used in the event of a revenue shortfall.
- $284,000 provided for contractual obligations for capital projects.
- $39,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
Required:
Prepare the fund balance section of the
Transcribed Image Text:Fund Balances
Nonspendable
Restricted
CITY OF GALENA
Partial Balance Sheet - General Fund
As of December 31, 2024
Committed
Assigned
Unassigned
Total Fund Balance
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