the laurens city council passed a resolution requiring a yearly cash budget by fund 4375920

The Laurens city council passed a resolution requiring a yearly cash budget by fund for the city beginning with its fiscal year ending September 30, 2014. The city’s financial director prepared a list of expected cash receipts and disbursements, shown in Exhibit 11.8, which follows. The financial director is having trouble subdividing the receipts and disbursements by fund. Additional information: 1. A bond issue was authorized for the construction of a civic center. Future civic center revenues are to account for 20 percent of the repayment of the debt. The remainder is to come from general property taxes. 2. A bond issue was authorized for additions to the library. The debt is to be paid from general property taxes. 3. General obligation bonds are paid from general property taxes collected by the general fund. 4. Ten percent of the total annual school taxes represents an individually voted tax for payment of bonds, the proceeds of which were used for school construction. School operations are accounted for in the general fund. 5. In 2011, a wealthy citizen donated rental property to the city. Net income from the property is to be used to assist in operating the library. The net cash increase attributable to the property is transferred to the library on September 30 of each year. 6. All sales taxes are collected by the city; the state receives 85 percent of these taxes. The state’s portion is remitted at the end of each month. 7. Payment of the street construction bonds, for which the city has no liability, is to be made from assessments previously collected from the respective property owners. The proceeds from the assessments were invested and the principal of $312,000 is expected to earn $15,000 interest during the coming year. 8. In 2013, a special assessment in the amount of $203,000 was made on certain property owners for sewer construction. During fiscal 2014, $50,000 of this assessment is expected to be collected. The remainder of the sewer cost is to be paid from a $ 153,000 bond issue to be sold in fiscal 2014. Future special assessment collections will be used to pay principal and interest on the bonds, for which the city has residual liability. 9. All sewer and sanitation services are provided by a separate enterprise fund. 10. The federal grant is for fiscal 2014 school operations. 11. The proceeds remaining at the end of the year from the sale of civic center and library bonds are to be invested. 12. The state motor vehicle tax, state gasoline tax, and state alcoholic beverage license revenue represent the city’s share of state revenues. Required Prepare a budget of cash receipts and disbursements by fund for the year ending September 30, 2014. Include all interfund cash transfers. Set up your solution in the following format: View Solution:
The Laurens city council passed a resolution requiring a yearly

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