Hannah County has a total fund balance in the General Fund as of the end of the year of $1,565,000. Assume the following:
-The budget officer decided to set aside $405,000 for new road maintenance. The county's governing board had previously given her this authority.
-Unspent restricted drug enforcement grant proceeds of $75,000
-The county's governing board passed a resolution to use $500,000 for construction of a fleet maintenance facility
In the year-end financial statements, Hannah County would report committed fund balance in the General Fund as

Question

Hannah County has a total fund balance in the General Fund as of the end of the year of $1,565,000. Assume the following: 
-The budget officer decided to set aside $405,000 for new road maintenance. The county's governing board had previously given her this authority.
-Unspent restricted drug enforcement grant proceeds of $75,000
-The county's governing board passed a resolution to use $500,000 for construction of a fleet maintenance facility
In the year-end financial statements, Hannah County would report committed fund balance in the General Fund as

Quizplus · Accepted Answer

The committed fund balance includes amounts that can only be used for specific purposes determined by a formal action of the government's highest level of decision-making authority. In this case, the $500,000 for the construction of a fleet maintenance facility is committed by the county's governing board.

Hannah County Has a Total Fund Balance in the General