Use Exhibit 13-4, City of Toledo, Ohio, Combined Statement of Revenues, Expenditures, and Changes in Fund Balances—All Governmental Fund Types and Expendable Trust Funds.

Required

a. Prepare a vertical common-size statement for Exhibit 13-4, using only total revenues and expenditures (memorandum only). Use total expenditures as the base.

b. Comment on significant items in the vertical common-size analysis.