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CITY OF SALEM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:...

CITY OF SALEM
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual: General Fund
For The Year Ended December 31, 2017
Budgeted Amounts
REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget
   Property Taxes          14,666,000          14,666,000          15,361,830               695,830
   Other Local Taxes          11,562,500          11,562,500          11,761,522               199,022
   Charges for Services            1,613,011            1,613,011            1,601,435                (11,576)
   Intergovernmental              7,892,080            8,047,907            7,098,698              (949,209)
   Miscellaneous            1,504,977            1,388,385            1,262,549              (125,836)
     TOTAL REVENUES          37,238,568          37,277,803          37,086,034              (191,769)
EXPENDITURES
Current
   General Government            3,567,838            3,489,870            3,353,502               136,368
    Judicial Administration            1,321,048            1,497,845            1,456,734                 41,111
    Public Safety            7,753,002            8,325,564            8,216,347               109,217
    Public Works            4,541,651            4,984,353            4,602,273               382,080
    Health and Welfare            4,823,267            4,440,167            4,418,294                 21,873
    Education            8,963,248            8,929,725            8,887,834                 41,891
    Parks and Recreation            2,983,861            3,097,528            3,055,325                 42,203
    Community Development               872,594               904,168               899,209                   4,959
     TOTAL EXPENDITURES          34,826,509          35,669,220          34,889,518               779,702
REVENUES OVER (UNDER) EXPENDITURES            2,412,059            1,608,583            2,196,516               587,933
OTHER FINANCING SOURCES (USES):
     Transfers (to) other funds           (3,560,000)           (3,257,000)           (3,256,899)                      101
          (3,560,000)           (3,257,000)           (3,256,899)                      101
   Excess of revenues and other sources over
     (under) expenditures and other uses           (1,147,941)           (1,648,417)           (1,060,383)               588,034
FUND BALANCE - Beginning of Year          12,338,963          12,338,963          12,338,963                           -
FUND BALANCE - End of Year          11,191,022          10,690,546          11,278,580               588,034
Prepare Journal Entries below as directed

A Record the original budget

B Record the budget revisions

C Record the Actual Reevenues

D Record the encumbrances

E Record the actual expenditures and Encumbrance Reversais

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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