Problem - Recording Adopted Budget. The City of Marion adopted the following General Fund budget for fiscal year 2011:
Estimated Revenues:
Taxes $3,000,000
Intergovernmental revenues 1,000,000
Licenses and permits 400,000
Fines and forfeits 150,000
Miscellaneous revenues 100,000
Total estimated revenues $4,650,000
Appropriations:
General Government $950,000
Public safety 2,000,000
Public works 950,000
Health and welfare 850,000
Miscellaneous 50,000
Total appropriations $4,800,000
Assuming that a city ordinance mandates a balanced budget, what must be the minimum amount in the Fund Balance account of the General Fund at the beginning of FY 2011?