Debits Credits
Cash $ 37,500
Fund Balance-Restricted $ 549,020
Budgetary Fund Balance 491,500
Estimated Revenues-Taxes 645,000
Estimated Revenues-Investment Income 4,000
Revenues-Taxes 637,560
Revenues-Interest and Penalties on Taxes 60
City of Smithville
Street Improvement Bond Debt Service Fund
Post-closing Trial Balance
For year 2023
Requirement 6b.
Description Debit Credit
Cash 37,500
Budgetary Fund Balance 65,000
Estimated Other Financing Sources-Interfund Transfers In 38,750
Revenues-Accrued Interest on Bonds Sold 6,250
Other Financing Sources-Premium on Bonds 30,000
Other Financing Sources-Interfund Transfers In 38,750
Pre-closing Trial Balance as of 2023
City of Smithville
4 – Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance Prepared by: Author Page 1 of 1
Requirement 6b.
Debits Credits
Cash $ 37,500
Budgetary Fund Balance $ 65,000
Estimated Revenues-Accrued Interest on Bonds Sold 33,750
Estimated Other Financing Sources-Premium on Bonds 30,000
Estimated Other Financing Sources-Interfund Transfers In 38,750
Revenues-Accrued Interest on Bonds Sold 6,250
City of Smithville
Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance
For year 2023
Requirement 6b.
Requirement 6b.
Cash 37,500$
Total Assets 37,500$
Fund Balances:
As of December 31, 2023
Assets
Liabilities and Fund Balances
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
Total Liabilities and Fund Balances 37,500$
Requirement 6b.
Revenues:
Expenditures:
Interest on bonds 37,500
Excess of Expenditures over Revenues (31,250)
Other Financing Sources:
Premium on bonds 30,000
Interfund transfers in 38,750
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2023
Requirement 6b.
Variance
Actual with Final
Original Final Amounts Budget
Revenues:
Accrued interest on bonds sold 6,250$ 6,250$ 6,250$ –$
Expenditures:
Other Financing Sources:
Premium on bonds 30,000 30,000 30,000 –
Interfund transfers in 38,750 38,750 38,750 –
Increase in Fund Balances 37,500 37,500 37,500 –
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
For the Year Ended December 31, 2023
Budgeted Amounts
Requirement 6c.
Calculation of Legal Debt Margin for Fiscal Year 2023
Total Estimated Actual Valuation 341,581,818$
Maximum general obligation debt, limited to 8% 27,326,545$
of total valuation
Legal Debt Margin – December 31 24,326,545$
City of Smithville
Legal Debt Margin Information
Description Debit Credit
Cash 236,400
Taxes Receivable-Delinquent 25,000
Allowance for Uncollectible Delinquent Taxes 5,000
Interest and Penalties Receivable on Taxes 875
Allowance for Uncollectible Interest and Penalties 131
Post-closing Trial Balance as of 2024
City of Smithville
4 – Street Improvement Bond Debt Service Fund
Post-closing Trial Balance Prepared by: Author Page 1 of 1
Requirement 6e.
Debits Credits
Cash $ 236,400
Taxes Receivable-Delinquent 25,000
Allowance for Uncollectible Delinquent Taxes $ 5,000
Interest and Penalties Receivable on Taxes 875
Allowance for Uncollectible Interest and Penalties 131
City of Smithville
Street Improvement Bond Debt Service Fund
Post-closing Trial Balance
For year 2024
Requirement 6e.
Requirement 6e.
Cash 236,400$
Taxes receivable—delinquent (net of $5,000 in allowance for
uncollectible accounts) 20,000
Interest and penalties receivable (net of $131 in allowance for
uncollectible accounts) 744
Investments 300,000
Total Assets 557,144$
Deferred inflows of resources 8,124$
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
As of December 31, 2024
Assets
Liabilities, Deferred Inflows of Resources and Fund Balances
Total Liabilities, Deferred Inflows of Resources and Fund Balances 557,144$
Description Debit Credit
Cash 236,400
Taxes Receivable-Delinquent 25,000
Allowance for Uncollectible Delinquent Taxes 5,000
Interest and Penalties Receivable on Taxes 875
Allowance for Uncollectible Interest and Penalties 131
Pre-closing Trial Balance as of 2024
City of Smithville
4 – Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance Prepared by: Author Page 1 of 1
Requirement 6f.
Debits Credits
Cash $ 236,400
Taxes Receivable-Delinquent 25,000
Allowance for Uncollectible Delinquent Taxes $ 5,000
Interest and Penalties Receivable on Taxes 875
Allowance for Uncollectible Interest and Penalties 131
City of Smithville
Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance
For year 2024
Requirement 6f.
Requirement 6f.
Revenues:
Taxes 637,560$
Interest and penalties on taxes 60
Investment income 3,900
Accrued interest on bonds sold 27,500
Total Revenues 669,020
Expenditures:
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2024
Requirement 6g.
Variance
Actual with Final
Original Final Amounts Budget
Revenues:
Taxes 645,000$ 645,000$ 637,560$ (7,440)$
Interest and penalties on taxes – – 60 60
Investment income 4,000 4,000 3,900 (100)
Accrued interest on bonds sold –27,500 27,500 –
Total Revenues 649,000 676,500 669,020 (7,480)
Expenditures:
Interest on bonds 157,500 157,500 157,500 –
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
For the Year Ended December 31, 2024
Budgeted Amounts
Description Debit Credit
Cash 381,392
Customer Accounts Receivable 99,813
Inventories 74,583
Land 600,000
Buildings 1,650,000
Accumulated Depreciation-Buildings 832,500
Equipment 1,800,000
Accumulated Depreciation-Equipment 872,592
Vouchers Payable 85,600
Accrued Payroll and Fringe Benefits 27,429
Accrued Interest Payable 4,875
Revenue Anticipation Notes-Current 150,000
Post-closing Trial Balance as of 2023
City of Smithville
6 – Solid Waste Disposal Fund
Post-closing Trial Balance Prepared by: Author Page 1 of 1
Requirement 7d.
Debits Credits
Cash $ 381,392
Customer Accounts Receivable 99,813
Allowance for Doubtful Accounts $ 5,725
Buildings 1,650,000
Accumulated Depreciation-Buildings 832,500
Equipment 1,800,000
Accumulated Depreciation-Equipment 872,592
Vouchers Payable 85,600
Accrued Payroll and Fringe Benefits 27,429
Accrued Interest Payable 4,875
Revenue Anticipation Notes-Current 150,000
City of Smithville
Solid Waste Disposal Fund
Post-closing Trial Balance
For year 2023
Requirement 7d.
Requirement 7d.
Assets
Current assets:
Cash 381,392$
Customer accounts receivable 99,813$
Less: Allowance for doubtful accounts 5,725 94,088
Due from other funds 3,100
Property, Plant, and Equipment
Land 600,000
Buildings 1,650,000
Less: Accumulated depreciation- buildings 832,500 817,500
Equipment 1,800,000
Less: Accumulated depreciation-equipment 872,592 927,408
Total Assets 2,898,071
Liabilities
Current liabilities:
Vouchers payable 85,600
Accrued payroll and fringe benefits 27,429
Long-term liabilities:
Revenue anticipation note 150,000
Total Liabilities 417,904
Net Position
Net investment in capital assets 2,044,908
City of Smithville
Solid Waste Disposal Fund
Statement of Net Position
As of December 31, 2023
Description Debit Credit
Cash 381,392
Customer Accounts Receivable 99,813
Land 600,000
Buildings 1,650,000
Accumulated Depreciation-Buildings 832,500
Equipment 1,800,000
Accumulated Depreciation-Equipment 872,592
Vouchers Payable 85,600
Net Position-Net Investment in Capital Assets 2,194,638
Net Position-Unrestricted 202,308
Charges for Services 2,618,263
Payroll and Fringe Benefits Expense 1,344,067
Materials and Supplies Expense 875,797
Depreciation Expense 309,330
Pre-closing Trial Balance as of 2023
City of Smithville
6 – Solid Waste Disposal Fund
Requirement 7e.
Debits Credits
Cash $ 381,392
Land 600,000
Buildings 1,650,000
Accumulated Depreciation-Buildings 832,500
Equipment 1,800,000
Accumulated Depreciation-Equipment 872,592
Revenue Anticipation Notes-Current 150,000
Revenue Anticipation Notes-Long-Term 150,000
Net Position-Net Investment in Capital Assets 2,194,638
Net Position-Unrestricted 202,308
Charges for Services 2,618,263
Payroll and Fringe Benefits Expense 1,344,067
Materials and Supplies Expense 875,797
City of Smithville
Solid Waste Disposal Fund
Pre-closing Trial Balance
For year 2023
Requirement 7e.
Requirement 7e.
Operating Revenue
Charges for services (net $973 provision for
doubtful accounts) 2,617,290$
Operating Expenses
Payroll and fringe benefits 1,344,067
Materials and supplies expense 875,797
Non-operating Expenses
Interest expense 4,875
Change in Net Position 83,221
City of Smithville
Solid Waste Disposal Fund
Statement of Revenue, Expenses, and Changes in Net Position
For the Year Ended December 31, 2023