Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: City of Tallahassee General Fund Balance Sheet (in thousands) Assets: Cash and cash equivalents Due from other governments $2,480 0 All other assets 11,848 Total assets $14,328 Liabilities: Total current liabilities $11,287 Fund balance: Nonspendable Committed Assigned Unassigned Total fund balance 1,500 0 0 1,541 3,041 Total liabilities and fund balance $14,328 City of Tallahassee General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance (in thousands) Total revenues Total expenditures Excess of revenues over (under) expenditures Other financing sources (uses): $109.901 164,473 -54,572 Transfers in 49,597 Transfers out -21,522 Proceeds from sale of capital assets 4301 Total other financing sources (uses) 28,505 Net change in fund balance -26,067 Fund balance, October 1, 2019 Fund balance, September 30, 2019 29,108 $3,041 A note to Tallahassee's financial statements reads as follows: "Fund Balance: The City Commission has established an emergency reserve policy and fund, referred to as the Deficiencies Fund, in order to meet unforeseen expenditures. The target amount per the policy is a maximum level of two (2) months of general government operating expenditures of the ensuing year's operating budget. Use of the Deficiencies Fund requires approval by the City Commission. The Deficiencies Fund is contained as a separate sub-fund within the General Fund and the balance is classified as committed fund balance within the General Fund." The notes, however, also disclose that the entire cushion was used in October 2018 when Hurricane Michael struck the city. The city also disclosed that it expended more than $28 million in response and that it expects to receive $24 million in reimbursements.