Accounting for Other Governmental Funds
5-30
5-12 (A). CITY OF SHARPESBURG
LIBRARY BOOK PERMANENT FUND
GENERAL JOURNAL
DEBITS
CREDITS
1.
CASH
REVENUES-ADDITION TO PERMANENT ENDOWMENTS
950,000
950,000
2.
INVESTMENTS-BONDS
CASH
950,000
950,000
3.
CASH
REVENUES-INVESTMENT INCOME-INTEREST
21,375
21,375
4.
EXPENDITURES-LIBRARY
CASH
18,000
18,000
5.
ACCRUED INTEREST RECEIVABLE
REVENUES-INVESTMENT INCOME-INTEREST
3,563
3,563
6.
INVESTMENTS-BONDS
INVESTMENT INCOME-NET INCREASE IN FAIR VALUE
OF INVESTMENTS
6,000
6,000
7.
REVENUES-ADDITIONS TO PERMANENT ENDOWMENT
REVENUES-INVESTMENT INCOME-INTEREST
REVENUES-INVESTMENT INCOME-NET INCREASE IN FAIR
VALUE OF INVESTMENTS
EXPENDITURES-LIBRARY
FUND BALANCE-RESERVED FOR OTHER PURPOSES
950,000
24,938
6,000
18,000
962,938
5-12 (B). CITY OF SHARPESBURG
LIBRARY BOOK PERMANENT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 2015
REVENUES:
ADDITION TO PERMANENT ENDOWMENT
INVESTMENT INCOME-INTEREST
INVESTMENT INCOME-NET INCREASE IN FAIR VALUE OF INVESTMENTS
TOTAL REVENUES
$ 950,000
24,938
6,000
980,938
EXPENDITURES:
LIBRARY
18,000
EXCESS OF REVENUES OVER EXPENDITURES
962,938
FUND BALANCE-JANUARY 1, 2015
-0-
FUND BALANCE-DECEMBER 31, 2015
$962,938
5-13 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE INSTRUCTOR’S
WEBSITE
Accounting for Other Governmental Funds
5-31
Jefferson County
Capital Project Fund Journal Entries
December 31, 2015
Account Title
Debits
Credits
1
Cash
722,800
Other financing sources – proceeds of bonds
700,000
Other financing sources – premium on bonds
22,800
Other financing uses – transfers out
22,800
Cash
22,800
2
Due from other governments
280,000
Intergovernmental revenues
280,000
3
Encumbrances
1,000,000
Budgetary Fund Balance – Reserve for encumbrances
1,000,000
4
Capital expenditures
612,000
Contracts payable
612,000
Budgetary Fund Balance – Reserve for
encumbrances
612,000
Encumbrances
612,000
Contracts payable
587,000
Cash
587,000
Jefferson County
Debt Service Fund Journal Entries
December 31, 2015
Account Title
Debits
Credits
5
Cash
22,800
Other financing sources – transfers in
22,800
6
Cash
43,000
Other financing sources – transfers in
43,000
7
Expenditures – bond principal
22,000
Expenditures – bond interest
21,000
Cash
43,000
Jefferson County
Accounting for Other Governmental Funds
5-32
Permanent Fund (Elwood Family Book) Journal Entries
December 31, 2015
Account Title
Debits
Credits
8
Cash
130,000
Investments in corporate bonds
370,000
Receivable from grantor
500,000
9
Investment in US government securities
130,000
Cash
130,000
10
Cash
17,000
Revenues – investment income – interest
17,000
11
No entry – Permanent funds typically do not record encumbrances
12
Expenditures – Library
12,700
Accounts payable
12,700
Accounts payable
8,600
Cash
8,600
13
Accrued interest receivable
1,700
Revenues – investment income – interest
1,700
14
Investment in corporate bonds
3,000
Investment in US government securities
600
Revenues – net increase in fair value of
investments
2,400
Accounting for Other Governmental Funds
5-33
5-13 (C)
Jefferson County
Capital project Fund Closing Entries
December 31, 2015
Account Title
Debits
Credits
Intergovernmental revenue
280,000
OFS – proceeds of bonds
700,000
OFS – premium on bonds
22,800
Fund balance
368,000
Capital Expenditures
612,000
OFU – Transfers out
22,800
Budgetary Fund Balance – Reserve for
Encumbrances
388,000
Encumbrances
388,000
Jefferson County
Debt service fund closing entries
December 31, 2015
Account Title
Debits
Credits
OFS – transfers in
65,800
Expenditures – bond principal
22,000
Expenditures – bond interest
21,000
Fund balance
22,800
Jefferson County
Permanent Fund Closing Entries
December 31, 2015
Account Title
Debits
Credits
Revenues – investment income – interest
18,700
Revenues – net increase in fair value of
investments
2,400
Expenditures – Library
12,700
Fund Balance
8,400
Accounting for Other Governmental Funds
5-18
5-13 (D)
JEFFERSON COUNTY – GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED 12-31-2015
General
Fund
Capital Projects
Fund
Debt
Service
Fund
Permanent
Fund
Total
Governmental
Funds
Revenues
Property Taxes
$ 262,075
$ –
$ –
$ –
$ 262,075
Intergovernmental revenues
280,000
280,000
Investment income:
Interest income
18,700
18,700
Net increase in fair value of investments
2,400
2,400
Total Revenues
262,075
280,000
–
21,100
563,175
Expenditures
Current:
General Government Operations
181,560
181,560
Library
12,700
12,700
Capital Outlay
39,900
612,000
–
651,900
Debt Service
–
Principal
22,000
22,000
Interest
21,000
21,000
Total Expenditures
221,460
612,000
43,000
12,700
889,160
Excess (Deficiency) of Revenues Over
Expenditures
40,615
(332,000)
(43,000)
8,400
(325,985)
Accounting for Other Governmental Funds
5-19
Other financing sources (uses)
Proceeds of bonds
700,000
700,000
Premium on bonds
22,800
22,800
Transfers in
65,800
65,800
Transfers out
(38,500)
(22,800)
(61,300)
total other financing sources (uses)
(38,500)
700,000
65,800
–
727,300
Net Change in Fund Balance
2,115
368,000
22,800
8,400
401,315
Fund Balance, January 1
156,758
68,000
–
500,000
724,758
Fund Balance, December 31
$ 158,873
$ 436,000
$ 22,800
$ 508,400
$ 1,126,073
5-13 (E)
JEFFERSON COUNTY – GOVERNMENTAL FUNDS
BALANCE SHEET
AS OF 12-31-2015
General Fund
Capital
Projects
Fund
Debt Service
Fund
Permanent
Fund
Total
Governmental
Funds
Assets
Cash
$ 132,648
$ 181,000
$ 22,800
$ 8,400
$ 344,848
Investment in corporate bonds
373,000
373,000
Investment in US securities
129,400
129,400
Taxes Receivable – net
51,325
51,325
Due from other governments
280,000
280,000
Accrued interest receivable
1,700
1,700
Supplies Inventory
350
350
Total Assets
$ 184,323
$ 461,000
$ 22,800
$ 512,500
$ 1,180,623
Accounting for Other Governmental Funds
5-20
Liabilities, Deferred Inflows and Fund Balances
Liabilities
Accounts Payable
2,000
4,100
6,100
Wages Payable
850
850
Contracts payable
25,000
25,000
Total Liabilities
2,850
25,000
–
4,100
31,950
Deferred Inflows of Resources
– Property Taxes
22,600
22,600
Fund Balances
Nonspendable
Inventories
350
350
Permanent Fund principal
500,000
500,000
Restricted for low income housing projects
436,000
436,000
Assigned
–
General Government operations
800
–
800
Debt Service
22,800
22,800
Library purchases
8,400
8,400
Unassigned
157,723
157,723
Total Fund Balances
158,873
436,000
22,800
508,400
1,126,073
Total Liabilities and Fund Balances
$ 184,323
$ 461,000
$ 22,800
$ 512,500
$ 1,180,623
Accounting for Other Governmental Funds
5-18
5-14 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE
INSTRUCTOR’S WEBSITE
State Government
Capital Project Fund Journal Entries
December 31, 2015
Account Title
Debits
Credits
1
Encumbrances
1,700,000
Budgetary Fund Balance – Reserve for encumbrances
1,700,000
2
Cash
25,412,000
Taxes receivable
2,550,000
Fuel tax revenues
22,862,000
Taxes receivable
3,105,000
Fuel tax revenues
3,105,000
3
Encumbrances
29,000,000
Budgetary Fund Balance – Reserve for encumbrances
29,000,000
4
Capital expenditures
28,900,000
Contracts payable
28,900,000
Budgetary Fund Balance – Reserve for encumbrances
28,900,000
Encumbrances
28,900,000
5
Contracts payable
28,818,000
Cash
28,818,000
State Government
Debt Service Fund Journal Entries
December 31, 2015
Account Title
Debits
Credits
6
Cash
5,300,000
Other financing sources – transfers in
5,300,000
7
Expenditure – bond interest
3,400,000
Expenditure – bond principal
1,800,000
Cash
5,200,000
8
Cash
25,000,000
Other financing sources – bond refunding
25,000,000
Other financing uses – bond refunding
25,000,000
Cash
25,000,000
Accounting for Other Governmental Funds
5-19
5-14 (C)
STATE GOVERNMENT
Capital project Fund Closing Entries
December 31, 2015
Account Title
Debits
Credits
Fuel tax revenues
25,967,000
Fund balance
2,933,000
Capital Expenditures
28,900,000
Budgetary Fund Balance —
Reserve for Encumbrances
1,800,000
Encumbrances
1,800,000
STATE GOVERNMENT
Debt service fund closing entries
December 31, 2015
Account Title
Debits
Credits
OFS – Bond refunding
25,000,000
OFS – transfers in
5,300,000
Expenditures – bond principal
1,800,000
Expenditures – bond interest
3,400,000
OFU – bond refunding
25,000,000
Fund balance reserved for debt service
100,000
Accounting for Other Governmental Funds
5-21
5-14 (D)
STATE GOVERNMENT,
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED 12-31-2015
General Fund
Special
Revenue Fund
Capital Projects
Fund
Debt Service
Fund
Total
Governmental
Funds
Revenues
Income taxes
$ 63,500,000
$ –
$ –
$ –
$ 63,500,000
Intergovernmental revenues
5,680,000
5,680,000
Fuel taxes
25,967,000
25,967,000
License Fees
1,162,000
1,162,000
Fines
255,000
255,000
Total Revenues
69,180,000
1,417,000
25,967,000
–
96,564,000
Expenditures
Current:
General Government Operations
27,890,000
27,890,000
Public Safety
27,200,000
27,200,000
Tourism
9,070,000
9,070,000
Wildlife Management
1,293,300
1,293,300
Capital Outlay
305,000
28,900,000
29,205,000
Debt Service
–
Principal
1,800,000
1,800,000
Interest
3,400,000
3,400,000
Total Expenditures
64,160,000
1,598,300
28,900,000
5,200,000
99,858,300
Excess (Deficiency) of Revenues Over Expenditures
5,020,000
(181,300)
(2,933,000)
(5,200,000)
(3,294,300)
Accounting for Other Governmental Funds
5-22
Other financing sources (uses)
Bond Refunding – proceeds
25,000,000
25,000,000
Bond Refunding – payment
(25,000,000)
(25,000,000)
Transfers in
300,000
5,300,000
5,600,000
Transfers out
(4,800,000)
(4,800,000)
total other financing sources (uses)
(4,800,000)
300,000
–
5,300,000
800,000
Net Change in Fund Balance
220,000
118,700
(2,933,000)
100,000
(2,494,300)
Fund Balance, January 1
2,350,000
252,000
9,375,000
175,000
12,152,000
Fund Balance, December 31
$ 2,570,000
$ 370,700
$ 6,442,000
$ 275,000
$ 9,657,700
Accounting for Other Governmental Funds
5-23
5-14 (E)
STATE GOVERNMENT,
BALANCE SHEET
AS OF 12-31-2015
GENERAL
FUND
SPECIAL
REVENUE
FUND
CAPITAL
PROJECTS
FUND
DEBT
SERVICE
FUND
TOTAL
GOVERN–
MENTAL
FUNDS
ASSETS
CASH
$ 2,069,000
$ 307,000
$ 5,294,000
$ 275,000
$ 7,945,000
INVESTMENT IN US SECURITIES
2,560,000
2,560,000
TAXES RECEIVABLE –
1,077,000
3,105,000
4,182,000
LICENSES RECEIVABLE
58,000
137,000
195,000
DUE FROM OTHER GOVERNMENTS
700,000
700,000
ACCRUED INTEREST RECEIVABLE
220,000
220,000
SUPPLIES INVENTORY
36,000
6,700
42,700
TOTAL ASSETS
$ 6,720,000
$ 450,700
$ 8,399,000
$ 275,000
$ 15,844,700
LIABILITIES AND FUND BALANCES
LIABILITIES
ACCOUNTS PAYABLE
3,750,000
38,000
3,788,000
WAGES PAYABLE
400,000
42,000
442,000
CONTRACTS PAYABLE
1,957,000
1,957,000
–
TOTAL LIABILITIES
4,150,000
80,000
1,957,000
–
6,187,000
FUND BALANCES
NONSPENDABLE –
SUPPLIES INVENTORY
36,000
6,700
42,700
RESTRICTED FOR:
NEW HIGHWAYS
6,442,000
6,442,000
FISH AND GAME
364,000
364,000
ASSIGNED TO:
–
DEBT SERVICE
275,000
275,000
PUBLIC WORKS
34,000
–
34,000
UNASSIGNED
2,500,000
2,500,000
TOTAL FUND BALANCES
2,570,000
370,700
6,442,000
275,000
9,657,700
TOTAL LIABILITIES AND FUND
BALANCES
$ 6,720,000
$ 450,700
$ 8,399,000
$ 275,000
$ 15,844,700