A headline in The New York Times on August 16, 2017 read. Hartford (Connecticut With Finances in Disarray, Veers Toward Bankruptcy. The artide said, among other things". Hartford, which has one of the highest property tax rates in the state still cannot raise enough money to pay for base government operations. Here are some economic demographic, and financial data taken Census Bureau QuickFacts accessed August, 2017) and from Hartfords june 30, 2016 CAFRL (The financial statements, expressed in thousands of dollars have been condensed Economie demographic data Hartford Cocoon Economic, demographic data Hartford Connecticut United States Population, 2010 census 124,775 3,574,097 308,745,538 Population, 2016 estimate 123,243 3,576,452 323,127,513 Percent, high school grad. or higher 70.696 89.996 86.796 Median household income $30,630 $70,331 $53,889 Per capita income $17,311 $38,803 $28,930 Individuals living below poverty 33.496 10.596 13.596 2016 unemployment rate (source: CAFR) 10.396 5.596 5.396 CD CITY OF HARTFORD General Fund Balance Sheet June 30, 2016 Assets: Cash and cash equivalents $ 60,524 Receivables (mostly taxes) 84,332 Total assets $144,856 Liabilities $ 55,007 Deferred inflows of resources 75.718 Fund balance: Assigned 8,663 Unassigned 5,468 Total fund balance 14,131 Total liabilities, deferred inflows of resources, and fund balance $144,856 CITY OF HARTFORD General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2016 Total revenues $565,580 Total expenditures 565,754 Excess (deficiency) of revenues over expenditures (174) Other financing sources (uses): Transfers in 5,438 Transfers out (13,059) Total other financing sources (uses) (7,621) Net change in fund balance (7,795) Fund balance, beginning of year 21.926 Fund balance, end of year $14,131 Other comments & the Debt Service Fund had a beginning fund balance of 597,174 thousand. The Debt Service Fund statement of revenues, expenditures, and changes in fund balances for Inscal year 2016 shows 72,734 thousand of debt service expenditures rere revenues and 59,302 thousand of transfers in. It also shows significant inflows from refunding esting debt and the ance of debt. The same general potem occurred in fiscal year 2015. Hence, it is reasonable to assume that most of the year's debt service expenditures was financed, not by tax revenues, but rather by rolling over ting debt issuing new debt or drawing down the fund balance b. Hartford outstanding seneralobin debt increased from 55129 million at the beginning of year 2016 to 082 million at the end of the year. The CAP reports that the assessed value of taxable property was 623,072.000 and the actual value of taxable property was 16.464014000. You can takulate Hartford's personal income by multiplying the population by the per capita income Dance Required: Use the foregoing data to compute appropriate financial statement analysis ratios. Instructions: Round answers for quick ratio and days' on hand ratio to one decimal place. Round remaining ratios (presented as percentages) to one decimal place (ex: 0.2345 = 23.596). Do not round computations until your final answer. Use negative signs with your answers when appropriate. Answer 0 0 Ratio Quick ratio Days' cash on hand Budgetary cushion Operating margin Debt burden (using full value of taxable property) Debt burden (using personal income base) 096 096 09 09
