The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31, 2017: (a)Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $ 700,000, and miscellaneous in the amount of $400,000. (b)Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,884,000; culture and recreation, 812,000. (c)In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government). (d)A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an
enterprise fund to the General Fund in the amount of $450,000. (e)A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before. (f)Beginning balances included Fund Balance in the amount of $222,000.Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December 31, 2017.
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| CITY OF THOMASVILLE - GENERAL FUND |
| STATEMENT OF REVENUES, EXPENDITURES, AND |
| YEAR ENDED December 31, 2017 |
Revenues:
| Property Taxes | $ 6,612,000 |
| Fines and Forfeitures | 700,000 |
| General Government | 4,847,000 |
| Culture and recreation | 812,000 |
| Excess of Revenues Over Expenditures | 129,000 |
Other Financing Sources (Uses):
| Transfers Out | (500,000) | (50,000) |
| Special Item: Proceeds from Sale of Land | 126,000 |
| Net Change in Fund Balance | 205,000 |
| Fund Balance- January 1, 2017 | 222,000 |
| Fund Balance- December 31, 2017 | $427,000 |
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