Superb Professors

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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