chap003 - Chapter 3 3-1. The solution to this and the first...

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Chapter 3 3-1. The solution to this and the first exercise of Chapters 1 and 2 and 4 through 9 will differ from student to student assuming each has a different CAFR. 3-2. 1. C. 2. D. 3. B. 4 4. C. 5. C. 6. B. 7. A. 8. C. 9. A. 10. B. 3-3. 1. B. 2. A. 3. D. 4. C. 5. D. 6. D. 7. D. 8. C. 9. D. 10. C. 3-1
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3-4. CITY OF SOUTH DUNDEE APPROPRIATION, EXPENDITURES, AND ENCUMBRANCES LEDGER GENERAL FUND: Public Safety - Police MONTH: JULY, 2006 Unexpended Appropriation Balance Transaction Reference Appropriations Encumbrances Expenditures = SUM 1 Budget ($18,000,000) ($18,000,000) 2 Purchase Orders Issued $600,000 ($17,400,000) 3 Invoices received and approved for payment ($580,000) $575,000 ($17,405,000) 4 Payrolls $898,000 ($16,507,000) 5 Budget Revision $20,000 ($16,487,000) ($17,980,000) $20,000 $1,473,000 ($16,487,000) $ Amounts in ( ) denote credits 3-5. Debits Credits A. Estimated Revenues Control Appropriations Control Budgetary Fund Balance 10,000,000 9,800,000 200,000 B. Estimated Revenues Control Budgetary Fund Balance Appropriations Control 9,800,000 200,000 10,000,000 C. Estimated Revenues Control Estimated Other Financing Sources Control Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance 10,000,000 1,300,000 9,800,000 1,200,000 300,000 3-2
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D. Estimated Revenues Control Estimated Other Financing Sources Control Budgetary Fund Balance Appropriations Control Estimated Other Financing Uses Control 9,800,000 1,200,000 300,000 10,000,000 1,300,000 3-6. A. Total Appropriations Less: Other Revenues Amount to be Raised From Property Tax $ 50,000,000 24,000,000 26,000,000 B. Amount to be Raised From Property Tax Divide by Percentage Collectible Property Tax Levy (Rounded) 26,000,000 .98 26,530,612 C. Total Market Value of Property Exempt for Religious and Other Reasons Assessed Property Assessment Ratio 2,000,000,000 200,000,000 1,800,000,000 X 1/3 Assessed Value of Property 600,000,000 Less: Exemptions for Household, Old Age, etc. 80,000,000 Net Assessed Valuation 520,000,000 Property Tax Levy Net Assessed Valuation Property Tax Rate 26,530,612 520,000,000 .0510 or $5.10 per $100 net assessed valuation D. Millage Rate = $51.00 (the rate per $1,000 NAV) 3-3
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3-6 (Continued). E. Market Value of Home 180,000 Assessment Ratio 1/3 Assessed Value (Rounded) 60,000 Homestead Exemption 2,000 N.A.V. Subject to Tax 58,000 Property Tax Rate X $ 0.0510 Property Tax $ 2,958.00 3-7. VILLAGE OF SYCAMORE GENERAL JOURNAL YEAR ENDED DECEMBER 31, 2007 Debi ts Credits A. Estimated Revenues Control Appropriations Control Budgetary Fund Balance 1,000,000 980,000 20,000 B. Cash Revenues Control 1,010,000 1,010,000 C. Encumbrances Control Budgetary Fund Balance Reserved for Encumbrances 500,000 500,000 D. Budgetary Fund Balance Reserved for
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chap003 - Chapter 3 3-1. The solution to this and the first...

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