Property taxes receivable - delinquent $ 420,000

Less: Allowance for estimated uncollectible taxes - delinquent 50,000   

                                                              $ 370,000

• There were no amendments to the budget as originally adopted.

• No property taxes receivable have been written off, and the allowance for uncollectibles balance is unchanged from the initial entry at the time of the original tax levy.

• There were no encumbrances outstanding at December 31, 20X4.

• Finances for Bel's new civic center were provided by a combination of general fund transfers, a state grant, and an issue of general obligation bonds. Any bond premium on issuance is to be used for the repayment of the bonds at their $1,200,000 par value. At December 31, 20X4, the capital project fund for the civic center had the following closing entries:

Revenues $ 800,000

Other financing sources - bond proceeds 1,230,000

Other financing sources - transfers in 500,000

Expenditures $1,080,000

Other financing uses - transfers out 30,000

Unreserved fund balance 1,420,000

• Also, at December 31, 20X4, capital project fund entries reflected Bel's intention to honor the $1,300,000 purchase orders and commitments outstanding for the center.

• During 20X4, total capital project fund encumbrances exceeded the corresponding expenditures by $42,000. All expenditures were previously encumbered.

• During 20X5, the capital project fund received no revenues and no other financing sources. The civic center building was completed in early 20X5 and the capital project fund was closed by a transfer of $27,000 to the general fund.