Calculate debt service burden and rate of debt payback

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	$4,960
Due from other governments	0
All other assets	34,686
Total assets	$39,646
Liabilities:
Total current liabilities	$22,574
Fund balance:
Nonspendable	13,990
Committed	0
Assigned	0
Unassigned	3,082
Total fund balance	17,072
Total liabilities and fund balance	$39,646

City of Tallahassee
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance
(in thousands)
Total revenues	$230,792
Total expenditures	328,946
Excess of revenues over (under) expenditures	-98,154
Other financing sources (uses):
Transfers in	99,194
Transfers out	-43,044
Proceeds from sale of capital assets	860
Total other financing sources (uses)	57,010
Net change in fund balance	-41,144
Fund balance, October 1, 2019	58,216
Fund balance, September 30, 2019	$17,072

Assume the city of Tallahassees total tax-supported debt service expenditures in fiscal year 2019 were $15,880 thousand. The schedule of debt service requirements in the notes to the 2019 financial statements showed that Tallahassees total governmental activity debt was $201,863 thousand, of which $75,030 thousand was scheduled to be paid off between 2020 and 2024, $34,950 thousand was scheduled to be paid off between 2025 and 2029, and the remainder was scheduled to be paid off between 2030 and 2039. Calculate the following for the city of Tallahassee: Round all percentages to one decimal. a) debt service burden Answer% b) percentage of debt principal payback in the next five years Answer% c) percentage of debt principal payback in the next ten years Answer% d) How does the city of Tallahassee's debt principal payback over the next ten years compare to the credit agency norms described in the textbook? More rapidly than the norm, More slowly than the norm, Right at the norm