Leland County Reports a Budgetary Actual Excess of Revenues and Other

Essay

Leland County reports a budgetary actual excess of revenues and other financing sources over expenditures and other financing uses of $4,580,000 for the general fund for the current year. For budgetary purposes, the legal basis is used for encumbrances and the purchases method is used for inventory. Budgetary actual revenues and expenditures are reported on a cash basis. The following information is available for the general fund for the current year:
$$\begin{array} { | l | r | } \hline \text { Outstanding encumbrances, beginning of year } & \$ 262,000 \\\hline \text { Outstanding encumbrances, end of year } & 285,000 \\\hline \text { Increase in inventory on hand } & 63,000 \\\hline \text { Accrued revenues, cash collection expected within 60 days } & 15,000 \\\hline \text { Accrued expenditures, cash payment expected within 60 days } & 17,000 \\\hline \begin{array} { l } \text { Repayment of temporary loan to capital projects fund, reported as } \\\text { revenue for budget purposes }\end{array} & 325,000 \\\hline \text { Unbudgeted transfers in } & 33,000 \\\hline\end{array}$$ The general fund uses the modified accrual basis in its operating statement, using the GAAP basis for encumbrances and the consumption method for inventory.
Required
Prepare a schedule reconciling the budgetary actual results for the general fund to the change in fund balances reported in the general fund's operating statement.