The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $165,000 from business licenses. The appropriations budget from the council was as follows:
In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River’s Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $50,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $30,000. The General Fund began the year with a balance of $49,000. During the year, tax collections totaled $687,500 and revenues from business licenses were $124,000. Expenditures were $365,000 for general government, $160,500 for parks and recreation, $91,600 for sanitation, and $157,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
1. Prepare a budgetary comparison schedule for the General Fund for 2020.
