The balance sheet and a comparative statement budget to

actual of revenues
The balance sheet and a comparative statement (budget?to?actual) of revenues, expenditures,
and changes in fund balance of Parkville's general obligation debt service fund (date changed)
is presented as follows.General Obligation Debt Service Fund Balance Sheet as ofDecember
31, 2018 (in thousands)AssetsEquity in pooled cash and cash equivalents..........................$
18Cash with fiscal agent......................................................21Investments, at market
value...........................................1,527Receivables-accrued
interest.............................................2Due from other
funds......................................................44Total
assets.............................................................$1,612Liabilities and fund
balanceLiabilitiesVouchers and accounts payable $.......................................................1Fund
balanceRestricted for special purposes.............................................1Assigned.............................
.....................................1,610Total fund balance.....................................................$1,611Total
liabilities and fund balance....................................$1,6121. Of what significance is the deficiency
of revenues over expenditures? Is it an indication of poor management?2. The fund reported a
smaller deficit than was budgeted. Is this variance a sign of good management? Explain.3. Can
you assess whether the fund will have the fiscal wherewithal to satisfy its obligations of principal
and interest as they come due? Explain.4. Included among the nonreciprocal transfers?in is a
transfer of $1,498 from a related capital projects fund. What is a likely explanation for the
transfer?5. A schedule of operating transfers indicates that the transfers?in were as
follows:From the general fund.....................................................................$2,080From the
permanent parks and recreation fund.............................................25From the transportation
fund..................................................................15From the open space fund (to account for the
acquisition of greenbelt land).......3,944From the major maintenance and equipment
replacement
fund........................228Total..........................................................................................$6,292The
major maintenance and equipment replacement fund is a capital projects funds; each of the
other funds, other than the general fund, is a special revenue fund. What are the most likely
reasons for the transfers from the special revenue funds?View Solution: The balance sheet and
a comparative statement budget to actual of revenues
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