Describe how the fiduciary fund categories could change under the GASB exposure

Question

Describe how the fiduciary fund categories could change under the GASB exposure draft for fiduciary funds? What current fund type would be discon- tinued, and where would those activities be reported in the future? Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax col- lections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed: Benton County General Fund Town of Thomas Town of Hart Benton County School District Various Special Districts $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,300,000 Total

Explanation / Answer

Part a)

The journal entries as recorded on the books of Benton County Tax Agency Fund are given below:

_____

Part b)

The journal entries as recorded on the books of Benton County General Fund are given below:

_____

Part b)

The journal entries as recorded on the books of Town of Thomas are prepared below:

Benton County Tax Agency Fund General Journal FY 2016/2017 Event Debit Credit 1 Taxes Receivable for Other Governments - Current (51,300,000 - 18,250,000) $33,050,000 Due to Other Funds and Units $33,050,000 2 Cash (24,624,000 - 8,750,000) $15,874,000 Taxes Receivable for Other Governments - Current $15,874,000 3 Due to Other Funds and Units $15,874,000 Due to Benton County General Fund $238,110 Due to Town of Thomas (3,600,000 - 1.5%*3,600,000) $3,546,000 Due to Town of Hart (2,400,000 - 1.5%*2,400,000) $2,364,000 Due to Benton County School District (8,750,000 - 1.5%*8,750,000) $8,618,750 Due to Various Special Districts (1,124,000-1.5%*1,124,000) $1,107,140 4 Due to Benton County General Fund $238,110 Due to Town of Thomas $3,546,000 Due to Town of Hart $2,364,000 Due to Benton County School District $8,618,750 Due to Various Special Districts $1,107,140 Cash $15,874,000

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