The City of Galena General Fund nas the following net resources at year-ena: • $1,775,000 total fund balance. • $212,000 unexpended proceeds of a state grant required by law to be used for health education. • $4,000 of prepaid insurance. $500,000 rainy day fund approved by the city council for use under specified circumstances. • $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. • $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet- General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassinned $ 4,000 212,000 34,000 500,000 275,000 1,025,000
The City of Galena General Fund nas the following net resources at year-ena: • $1,775,000 total fund balance. • $212,000 unexpended proceeds of a state grant required by law to be used for health education. • $4,000 of prepaid insurance. $500,000 rainy day fund approved by the city council for use under specified circumstances. • $200,000 budget stabilization fund to be used in the event of a revenue shortfall. • $275,000 provided for contractual obligations for capital projects. • $34,000 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. Fund Balances Nonspendable CITY OF GALENA Partial Balance Sheet- General Fund As of December 31, 2024 Prepaid Insurance Restricted Intergovernmental Grants Emergency Services Committed Rainy Day Fund Capital Projects Assigned I Inassinned $ 4,000 212,000 34,000 500,000 275,000 1,025,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ine City of Galena General Fund nas the following net resources at year-ena:
●
$1,775,000 total fund balance.
.
• $212,000 unexpended proceeds of a state grant required by law to be used for health education.
$4,000 of prepaid insurance.
●
• $500,000 rainy day fund approved by the city council for use under specified circumstances.
●
$200,000 budget stabilization fund to be used in the event of a revenue shortfall.
• $275,000 provided for contractual obligations for capital projects.
$34,000 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.
Fund Balances
Nonspendable
CITY OF GALENA
Partial Balance Sheet - General Fund
As of December 31, 2024
Prepaid Insurance
Restricted
Intergovernmental Grants
Emergency Services
Committed
Rainy Day Fund
Capital Projects
Assigned
I Inassigned
$
4,000
212,000
34,000
500,000
275,000
1,025,000
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