The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $165,000 from business licenses. The appropriations budget from the council was as follows: General government $ 395,000 Parks and recreation 110,000 Sanitation 90,000 Streets and sidewalks 160,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River’s Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $50,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $30,000. The General Fund began the year with a balance of $49,000. During the year, tax collections totaled $687,500 and revenues from business licenses were $124,000. Expenditures were $365,000 for general government, $160,500 for parks and recreation, $91,600 for sanitation, and $157,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.)
The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $165,000 from business licenses. The appropriations budget from the council was as follows:
| General government | $ | 395,000 |
| Parks and recreation | 110,000 | |
| Sanitation | 90,000 | |
| Streets and sidewalks | 160,000 | |
In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River’s Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $50,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $30,000.
The General Fund began the year with a balance of $49,000. During the year, tax collections totaled $687,500 and revenues from business licenses were $124,000. Expenditures were $365,000 for general government, $160,500 for parks and recreation, $91,600 for sanitation, and $157,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Required:
Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.)
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