Question

The information below should be used to prepare (in proper form in Excel) a Public Transportation column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the fiscal year ending May 31, 2018.

Operating Revenue (Services)	$25,705,000
Interest Revenue	$36,000
Intergovernmental Revenue	$140,000
Capital Contributions	$1,200,000
Operating Expenses:
Employee Wages	$8,654,000
Temporary Labor	$750,000
Repairs and Maintenance	$6,425,000
Depreciation	$4,532,000
Utilities	$948,000
Interest Expense	$475,000
Transfer to General Fund	$315,000
Net position, June 1, 2017	$3,820,000

Please also answer the following questions in MS Word:

1. What observations can you make about the fund’s activity from June 1, 2017-May 31, 2018?
2. Identify the other proprietary fund statements and what measurement focus and basis for accounting are used in those statements.
3. What reports and schedules are included in the CAFR as required supplementary information?

Answer 1

Solution :

Statement of Revenue and Expenditure for the year ending May 31, 2018
Income
Operating Revenue (Services)	$        25,705,000
Interest Revenue	$                36,000
Total Income (I)	25,741,000
Expenditure
Employee Wages	$          8,654,000
Temporary Labor	$              750,000
Repairs and Maintenance	$          6,425,000
Depreciation	$          4,532,000
Utilities	$              948,000
Interest Expense	$              475,000
Total Expenditure (II)	$        21,784,000
Profit (I) - (II)	$          3,957,000
Less: Transfer to General Fund	$              315,000
Profit Trf to Balance Sheet	$          3,642,000
Fund Net position as on 31st May, 2018
Net position, June 1, 2017	$          3,820,000
Add: Profit during the year	$          3,957,000
Add: Additional contribution	$          1,200,000
Net position, May 31, 2018	$          8,977,000
The Fund net postion has incresed by $ 5157000

Fiduciary fund statements
1) Statement of Fiduciary Net Position
2) Statement of Changes in Fiduciary Net Position
Financial Statements	Measurement Focus	Basis of Accounting
Government wide Financial Statements	Economic Resources	Accrual
Governmental Funds Financial Statements	Current Financial Resources	Modified Accrual
Proprietary Funds Financial Statements	Economic Resources	Accrual
Fiduciary Funds Financial Statements	Economic Resources	Accrual

Reports and schedules as supplementary information
1)Schedule of Funding Progress- Public Safety Employees’ Pension Plan
2)Schedule of Funding Progress- General Employees’ Other Post employment Benefits Plan