The City of San Almos reports the following revenues for the fiscal year: Real E
ID: 2469004 • Letter: T
Question
The City of San Almos reports the following revenues for the fiscal year:
Real Estate And Personal Property Taxes
$38,164
Motor Vehicle And Other Excise Taxes
1,988
Grants And Contributions Not Restricted
1,956
The City also reports the following revenues from fees it charges for services and operating grants and contributions it has received during the year as well as expenses is has incurred, categorized by governmental activity:
Functions/Programs
Charges
for Services
Operating Grants
and Contributions
Expenses
Primary Government
Governmental Activities:
GENERAL GOVERNMENT
$ 190
$ 312
$ 3,752
PUBLIC SAFETY
632
166
4,436
EDUCATION
588
2,974
31,106
PUBLIC WORKS
46
106
1,866
HUMAN SERVICES
458
74
1,084
LIBRARY
36
52
696
PENSION & BENEFITS
-
1,762
2,978
INTEREST
-
-
686
TOTAL GOVERNMENTAL ACTIVITIES
$1,950
$5,446
$46,604
The City manages two Business-Type activities: a sanitation department which oversees solid and liquid waste disposal and a municipal pool. Both of these activities charge users a fee that is set at the beginning of the year at a level that is anticipated to cover the costs of providing the service. These fees cannot be changed during the year. As a result, these activities may produce a net profit or loss for the year, depending on the level of operating costs. The revenues and expenses for these services are provided in the following table:
Functions/Programs
Charges
for Services
Expenses
Business-Type Activities:
SANITATION
$2,488
$1,834
MUNICIPAL POOL
282
400
$2,770
$2,234
Required: Prepare the City of Los Almos Statement of Activities for the year (assume a beginning balance for Net Assets of $94,574 for Governmental activities and $19,144 for Business-Type activities).
Real Estate And Personal Property Taxes
$38,164
Motor Vehicle And Other Excise Taxes
1,988
Grants And Contributions Not Restricted
1,956
Explanation / Answer
City Of SAN ALMOS For the Year Ended 20XX Particulars Unrestricted Temprorly Restricted Permanently Restricted Total Revenues Real Estate and personal property Taxes 38164 38164 Moter Vehicle and other Excise Taxes 1988 1988 Grant and contribution not restricted 1956 1956 Fees from Government Activities 1950 1950 Operating Grants and Contributon 5446 5446 Sanitation 2488 2488 Municipal Pool 282 282 Total Revenues 49504 2770 0 52274 Expenses Government Activities 46604 46604 Sanitation 1834 1834 Municipal Pool 400 400 Total Expenses 46604 2234 0 48838 Change in Net Assets 2900 536 0 3436 Opening Balance of Net Assets 94574 19144 0 113718 0 Closing Net Assets 97474 19680 0 117154