construction activities for oneida county for 2020 are as follows: 1. a capital projects fund is established for the construction of a recreation center. the total project is estimated to cost $15,000,000, with funding to come from a $9,000,000 general obligation bond issue, a $4,000,000 federal grant, and a $2,000,000 transfer from the general fund. 2. the general fund transfers $2,000,000 to the capital projects fund. 3. $3,500,000 of the federal grant is received in cash. 4. the bond issue with a par value of $9,000,000 yields $9,002,000. the premium is transferred to the debt service fund to finance payment of bond principal and interest. 5. a contract for $14,800,000 is awarded to a contractor. 6. invoices for $8,000,000 are received for work performed by the contractor. the town has a 5% retainage policy and pays the contractor $7,600,000 in cash. 7. the county's spending policy is to use restricted resources first. the county uses the gaap budgetary basis for end-of-year encumbrances. what is the cash balance for the capital projects fund at the 2020 year-end?
