On January 1, Fonk City approved the following general fund resources for the new fiscal period:
Licenses and permits
Transfers in from other funds
What amount should Fonk record as estimated revenues for the new fiscal year?
Choice "a" is correct. Revenues include property taxes, licenses and intergovernmental revenues. Transfers would be considered estimated other financing sources. Estimated revenues are:
For the budgetary year ending December 31, Year 1, Maple City's general fund expects the following inflows of resources:
In the budgetary entry, what amount should Maple record for estimated revenues?
Choice "a" is correct. Only the $9,000,000 property taxes, licenses and fines are classified as Estimated Revenues. The $5,000,000 proceeds of debt issue and the $1,000,000 interfund transfer would be classified as Estimated Other Financing Sources in the budgetary entry.
On the first question, I assumed intergovernmental transactions were synonymous to "inter fund" transfer which the second problem indicates is a Estimated Other Financing Source.
Are they not the same?