Using the following information, prepare the statement of revenues, expenditures, and changes infund balance for the General Fund of the City of Savannah for the fiscal year ended December 31, 20X7. Statement must be prepared in good form (proper headingincluding date and set up for each section ofstatement).
Unreserved Fund Balance at January 1,20X7, $2,000,000.
Estimated revenues for the year were$10 million, appropriations were $11 million.
Fund balance reserves, January1
a. For encumbrances$125,000
b. For inventory 100,000
Revenues recorded by the bookkeeperfor 20X7 included:
Property taxes, $6 million
License and permits,$550,000
Intergovernmental grant revenues,$1,300,000
Proceeds from sale of capital asset,$222,000
Transfer from enterprise fund,$600,000
Expenditures recorded by thebookkeeper for 20X7 included:
General government expenditures,$2,300,000
Public safety expenditures,$3,000,000
Highways and streets expenditures,$2,500,000
Health and sanitation expenditures,$700,000
Short-term note principal retirement,$200,000
Short-term note interest,$15,000
Payment to provide initial financingfor Landfill Enterprise Fund, $640,000
Lease payments on a capital lease(2nd year of lease term), $92,000
Encumbrances outstanding at year endincluded:
Public safety, $30,000
Highways and streets,$276,000
A long-term note to be repaid fromGeneral Fund resources is scheduled to mature on January 31, 20X8.The amount due will include the principal ($80,000) and one year'sinterest, $12,000.