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Moose County - journal entries and General ledger
Permanent fund
INVESTMENTS IN INVESTMENTS IN ACCRUED INTEREST
CASH CORPORATE EQUITIES
CORPORATE BONDS
RECEIVABLE
Moose County
Permanent Fund Journal Entries 2180,000 12,700,000 13,000,000 112,000
December 31, 2015 3168,000 150,000 5 5 190,000 12,000 2
320,000 4 2 45,000
Account Title Debits Credits
1 Investments - corporate equities 2,700,000 28,000 2,550,000 3,190,000 45,000
Investments - corporate bonds 3,000,000
Accrued interest receivable 12,000
Revenues - additions to permanent endowments 5,712,000 FUND BALANCE
NET POSITION RESERVED FOR
2 Cash 180,000 ACCOUNTS PAYABLE OTHER PAYABLES HELD IN TRUST OTHER PURPOSES
Accrued interest receivable 12,000
Revenues - Investment income - interest 168,000 13,700 4
Accrued interest receivable 45,000 13,700 - -
Revenues - Investment income - interest 45,000 -
3 Cash 168,000 EXPENDITURES EXPENSES FOR REVENUES - ADDITIONS TO REVENUES -
Revenues - Investment income -dividends 168,000 TRUST ACTIVITIES
TRUST ACTIVITIES
PERMANENT ENDOWMENT CONTRIBUTIONS
4 Expenditures - trust activities 333,700 5,712,000 1
Cash 320,000 4333,700
Accounts payable 13,700
333,700 - 5,712,000 -
5 Investments - corporate bonds 190,000
Investments - corporate equities 150,000
Revenues - Net increase in fair value of Investments 40,000 REVENUES - INVESTMENT REVENUES - INVESTMENT REVENUES - NET INCREASE IN
INCOME - DIVIDENDS INCOME - INTEREST FAIR VALUE OF INVESTMENTS
168,000 2
45,000 2
168,000 340,000 5
40,000
168,000 213,000
Check that these equal after posting each journal entry
Total Debit Balances 6,146,700
Total Credit Balances 6,146,700
Moose County - journal entries and General ledger
Trust fund
MOOSE COUNTY
Permanent Fund Closing Entries
December 31, 2015
Account Title
Debits Credits FUND BALANCE
- Preclosing
Revenues - additions to permanent endowments
5,712,000 5,799,300 closing entry
Revenues - Investment income - interest
213,000
Revenues - Investment income - dividends
168,000
Revenues - Net increase in fair value of Investments
40,000
Expenditures - trust activities 333,700 5,799,300
Fund balance
5,799,300
1
Non-spendable Restricted
Committ
ed
Assigned Unassigned Total
Principle that must be maintained 5,712,000 5,712,000
Fund balance - restricted 87,300 - 87,300
Totals 5,712,000 87,300 - - 5,799,300
Moose County
Private Purpose Trust Fund Closing Entries
December 31, 2015
Permanent
Fund
Permanent
Fund
Revenues Assets
Additions to permanent endowment 5,712,000$ Cash 28,000$
Investment income: Investments in corporate equities 2,550,000
interest 213,000 Investments in corporate bonds 3,190,000
dividends 168,000 Accrued interest receivable 45,000
increase in fair value of investments 40,000
Total Revenues 6,133,000 Total Assets 5,813,000$
Expenditures
Current: Liabilities and Fund balances
Trust activities 333,700 Liabilities
Total Expenditures 333,700 Accounts Payable 13,700
Excess (Deficiency) of Revenues Over Expenditures
5,799,300 Total Liabilities 13,700
Other financing sources (uses) Fund Balances
Transfers out Nonspendable:
total other financing sources (uses) - Permanent fund principal 5,712,000
Restricted for other purposes 87,300
Net Change in Fund Balance 5,799,300 Total Fund balance 5,799,300
Fund Balance, January 1 -
Fund Balance, December 31 5,799,300$
Total Liabilities and Fund balance
5,813,000$
Moose County
Balance Sheet
As of 12-31-2015
Moose County
For the year ended 12-31-2015
Statement of Revenues Expenditures and Changes in Fund Balance
Solution
OPEB TRUST FUND GENERAL LEDGER
Hamilton County CONTRIBUTIONS INTEREST INVESTMENTS IN
OPEB Trust Fund CASH RECEIVABLE RECEIVABLE US GOV'T SECURITIES
31-Dec-2015 bb 16,000,000 bb
Account Title Debits Credits 19,000,000 320,000,000
1 Cash 9,000,000 24,020,000 20,000,000 3 2 180,000 47,000
Additions - Employer Contributions 9,000,000 41,431,000
5426,000 9,575,000 6
2 Cash 4,020,000 132,000 7180,000 7,000 20,000,000
Hamilton County
OPEB trust fund closing entries
December 31,2015
Account Title Debits Credits
NET POSITION:
Additions: RESTRICTED FOR OPEB BENEFITS
Employer contributions 9,000,000 16,000,000 bb
Member contributions 4,200,000
Interest Income 1,438,000 4,029,000 closing
Medicare subsidy 426,000
Deductions:
Employee benefits 10,903,000 20,029,000
Admin expenses 132,000
Net Position: Restricted for OPEB benefits 4,029,000 1
Hamilton County
Agency fund closing entries
December 31,2015
Account Title Debits Credits
none - Agency funds do not have
closing entries
Hamilton County
Statement of Changes in Fiduciary Net Position
For the year ended 12-31-2015
OPEB Trust
Fund
Note: Agency funds have only a balance
sheet, no activity statement
Additions
Contributions:
Employer Contributions 9,000,000$
Member Contributions 4,200,000
Total Contributions 13,200,000
Other additions:
Medicare subsidy 426,000
Interest income 1,438,000
Total Additions 15,064,000
Deductions
Employee benefits 10,903,000
Administrative expenses 132,000
Total Deductions 11,035,000
Change in FiduciaryNet Position 4,029,000
Fiduciary Net Position Beginning of Year
16,000,000
Fiduciary Net Position End of Year 20,029,000$
Hamilton County
Statement of Fiduciary Net Position
as of 12/31/2015
OPEB Trust
Fund
Domestic
Relations
Agency Fund
Total Fiduciary
Funds
Assets
Cash 1,170,000$ 31,200$ 1,201,200$
Investment in US securities 20,000,000 20,000,000
Contributions receivable 180,000 180,000
Accrued interest receivable 7,000 7,000
Total Assets 21,357,000$ 31,200$ 21,388,200$
Liabilities
Accounts Payable 1,328,000 1,328,000
Due to State Government 31,200 31,200
Total Liabilities 1,328,000 31,200 1,359,200
Fiduciary Net Position
Restricted for employee post-
employment benefits 20,029,000 20,029,000
Total Net Position 20,029,000$ -$ 20,029,000$
