Question

In a town's general fund operating budget for the year, the amount of its estimated revenues exceeded the amount of its appropriations. This excess should be?

Answer 1

This excess should be credited to Budgetary Fund Balance Unassigned.

What is Fund Balance?

Any specific fund's fund balance is basically what is left over after the fund's assets are used to pay its liabilities. Both the reserved and unreserved portions of the fund balance must be disclosed.

What is Unassigned Fund Balance?

The term "unassigned fund balance" refers to the balance that remains after non-spendable, restricted, committed, and assigned funds have been deducted from the total amount. It contains all spendable monies that are not included in the other classes. That's not a very simple explanation.

Therefore, perhaps the simplest approach to considering the unassigned fund balance is the amount of money available to stop a cash flow problem.

Therefore, in a town's general fund operating budget for the year, the number of its estimated revenues exceeded the number of its appropriations. This excess should be credited to Budgetary Fund Balance Unassigned.

For more information on Budgetary Funds, refer to the link:

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