The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $409,000 138,000 118,000 188,000 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 $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. HOL
The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $409,000 138,000 118,000 188,000 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 $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. HOL
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
2
![Revenues:
Total Revenues
Expenditures and Encumbrances:
TOWN OF RIVERSIDE
Budgetary Comparison Schedule
General Fund
For the Year Ended December 31, 2024
Total Expenditures and Encumbrances
Excess (Deficiency) of Revenues Over Expenditures and Encumbrances
Fund Balance, Beginning
Fund Balance, Ending
Budgeted Amounts
Original
$
0
0
0 $
Final
0
0
Actual
Amounts
(Budgetary
Basis)
0 $
0
0
Variance with
Final Budget
Positive
(Negative)
0 $
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7038cbde-5259-4f1b-ade8-fa8f6320a6eb%2Fef9e32b3-0e35-4f9c-ba0f-198642728a59%2F85g6y10w_processed.png&w=3840&q=75)
Transcribed Image Text:Revenues:
Total Revenues
Expenditures and Encumbrances:
TOWN OF RIVERSIDE
Budgetary Comparison Schedule
General Fund
For the Year Ended December 31, 2024
Total Expenditures and Encumbrances
Excess (Deficiency) of Revenues Over Expenditures and Encumbrances
Fund Balance, Beginning
Fund Balance, Ending
Budgeted Amounts
Original
$
0
0
0 $
Final
0
0
Actual
Amounts
(Budgetary
Basis)
0 $
0
0
Variance with
Final Budget
Positive
(Negative)
0 $
0
0
0
![The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses.
The appropriations budget from the council was as follows:
General government
Parks and recreation
Sanitation
Streets and sidewalks
$409,000
138,000
118,000
188,000
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 $78,000 for the parks and recreation budget and
reduced the estimated revenues from business licenses by $58,000.
The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from
business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100
for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Required:
Prepare a budgetary comparison schedule for the General Fund for 2024.
Note: Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever
required.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7038cbde-5259-4f1b-ade8-fa8f6320a6eb%2Fef9e32b3-0e35-4f9c-ba0f-198642728a59%2Fupktywp_processed.png&w=3840&q=75)
Transcribed Image Text:The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses.
The appropriations budget from the council was as follows:
General government
Parks and recreation
Sanitation
Streets and sidewalks
$409,000
138,000
118,000
188,000
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 $78,000 for the parks and recreation budget and
reduced the estimated revenues from business licenses by $58,000.
The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from
business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100
for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Required:
Prepare a budgetary comparison schedule for the General Fund for 2024.
Note: 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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