Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the following information was obtained fron the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts

Assume the following information was obtained fron the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands. image text in transcribed
image text in transcribed
image text in transcribed
Thank you so much!
\begin{tabular}{|c|c|c|c|} \hline Condensed General Fund balance sheet: & & Debt service expenditures & \\ \hline Total assets & $144,491 & in governmental funds & \\ \hline Total liabilities & $24,596 & Principal & $14,144 \\ \hline Fund balance & $119,895 & Interest & $10,882 \\ \hline Cash and investments & & Total & $25,026 \\ \hline included in assets & $126,647 & Debt service principal maturities & \\ \hline Components of General Fund fund balance: & & 2,020 & $14,214 \\ \hline Nonspendable & $309 & 2,021 & 23,695 \\ \hline Committed & 733 & 2,022 & 25,504 \\ \hline Assigned & 28,032 & 2,023 & 32,905 \\ \hline Unassigned & 90,821 & 2,024 & 65,940 \\ \hline Total & $119,895 & 20252029 & 136,965 \\ \hline Total revenues: & & 20302034 & 92,627 \\ \hline Property taxes & $147,498 & 20352044 & 19,728 \\ \hline Utility charges & 41,107 & 20452054 & 14,122 \\ \hline State aid & 47,914 & Total & $425,700 \\ \hline Charges for services & 52,825 & Pension data: & \\ \hline Other & 75,522 & General employees: & \\ \hline Total & $364,866 & Pension liability & $756,472 \\ \hline Transfers in & & Plan fiduciary net position & $677,218 \\ \hline Recurring & $25,082 & Fire and Police & \\ \hline Property taxes: & & Pension liability & $1,966,238 \\ \hline Tax levy & $151,421 & Plan fiduciary net position & $1,779,355 \\ \hline Tax collected in year of levy & $147,029 & & \\ \hline \end{tabular} Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $55,040 thousand. Calculate the following ratios: Budgetary cushion Debt Service Burden % of principal paid back in 5 years % of principal paid back in 10 years Quick ratio Property tax collection rate % Pension benefit burdens: General % How do Tampa's ratios compare to norms? Budgetary cushion Debt Service Burden % of principal paid back in 5 years % of principal paid back in 10 years Quick ratio Property tax collection rate Pension benefit burdens

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fintech In Islamic Finance Theory And Practice

Authors: Umar A. Oseni, S. Nazim Ali

1st Edition

1138494801, 978-1138494800

More Books

Students also viewed these Finance questions

Question

=+(3.14) Q((HOA) U (HenB)) = P(HOA) +P (H'nB) for A, B E 70.

Answered: 1 week ago

Question

please dont use chat gpt AI 1 7 0 . ' '

Answered: 1 week ago

Question

explain what is meant by redundancy

Answered: 1 week ago