For FY 2018, Candle County adopted the cash budget shown below in the Budgeted column. The County
For FY 2018, Candle County adopted the cash budget shown below in the Budgeted column. The County's budget laws prohibit them from budgeting or operating at a deficit. During the year, the County collected or spent the amounts shown in the Collected/Spent column. Based on the information provided, answer the following: 1. Was the County in compliance with budget laws? 2. Did the County accomplish the goal of inter-period equity? Explain your answers in detail (by detail – I mean numerical detail). Budgeted Collected/Spent Receipts from property tax collections From the 2017 levy From the 2018 levy In advance for 2019 $ 150,000 $ 900,000 75,000 $ -O- $ 900,000 $ -0- A Receipts from bonds issued A $ 500,000 $ 500,000 Borrowed from bank (due in 5 years) $ – – $ 100,000 Disbursements Salaries and wages Operating expenses City Hall annex purchased Payments on debt principal Payments on interest Pension contribution $ 500,000 $ 200,000 $ 400.000 $ 150,000 $ 50,000 $ 80,000 $ 520,000 $ 280,000 $ 500.000 $ 150.000 $ 50,000 $ -0- Explanations provided by the County for the differences between budget and actual are as follows: Property tax collections are down because the major industry in the community closed and many citizens are currently unemployed. Operating expenses are up because the only bridge over a river bisecting the County sustained damages by an uninsured motorist and had to be repaired immediately. The repair was not budgeted.
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