![]() members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalismģ. members should exercise sensitive professional and moral judgments in all their activitiesĢ. The capital projects fund ended the reporting period with a negative fund balance.ġ. The Allentown council passed an ordinance requiring that 5% of the town's sales tax revenue be set aside for economic development this year that amount was $24,650.ġ0. Allentown's mayor indicated that he was setting aside $25,000 of funds for the future purchase of land for a town park.ĩ. At the end of the reporting period, Allentown's General Fund statement of revenues, expenditures, and changes in fund balances reported a net change in fund balances of $154,238.Ĩ. Allentown had a balance in its prepaid insurance account of $464,000 at the end of the fiscal year.ħ. Allentown determined $250,000 of the grant funds remained at year-end.Ħ. The federal government has provided a grant for emergency housing assistance that can only be used for low-income families. Using the authority allowed her by the town council, the city manager made the decision to set aside the $100,000 premium to pay the principal on the debt when it comes due in a future period.ĥ. ![]() Allentown issued bonds that sold at a premium. ![]() Allentown determined that the General Fund has $22,000 in inventory it should report on its fund financial statements.Ĥ. ![]() According to the town ordinance, funds can only be used from this fund with approval of two-thirds of the governing body, which is the town council.ģ. Allentown has a $1,000,000 emergency reserve fund it set aside. At year-end a special revenue fund has a $50,000 fund balance on which there are no constraints.Ģ. Using the choices provided in Section B, choose the classification of reporting that would most likely be used in the situations given in Section Aġ. ![]()
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