Problem:
The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2012.
1. Estimated revenues:
Taxes (Property) ............. $3,000,000
Licenses and permits ............ 800,000
Intergovernmental revenues ..... 300,000
Miscellaneous revenues .......... 200,000
2. Revenues:
Taxes (Property) ............... $3,000,000
Licenses and permits ............ 801,320
Intergovernmental revenues ..... 293,000
Miscellaneous revenues .......... 198,000
3. Appropriations:
General government ............. $ 900,000
Public safety ...................... 2,000,000
Health and welfare ............... 1,400,000
4. Expenditures of 2012 appropriations:
General government ............... $ 880,000
Public safety ......................... 1,949,000
Health and welfare .................. 1,398,000
5. Encumbrances of 2012 appropriations, outstanding as of June 30, 2012.
General government .................... $18,000
Public safety .............................. 50,000
6. Transfer to debt service fund:
Budget ................................... $600,000
Actual ...................................... 600,000
7. Budget revisions approved by the city council:
Estimated revenues:
Decrease intergovernmental revenues ... $10,000
Decrease miscellaneous revenues ............ 3,000
Appropriations:
Decrease general government ................... 2,000
8. Total fund balance at July 1, 2011, was $1,038,000.
Required:
Use the Excel file provided to prepare a budgetary comparision schedule for the City of Grafton for the fiscal year ended June 30, 2012. Include outstanding encumbrances with expenditures. Use the formula feature (e.g., sum, =, etc.) of Excel to calculate the amounts in cells shaded blue.