Calculate debt service burden and rate of debt payback The city of Tallahassee's total tax-supported debt service expenditures in fiscal year 2016 were $12,032 thousand. The schedule of debt service requirements in the notes to the 2016 financial statements showed that Tallahassee's total governmental activity debt was $93,561 thousand, of which $39,371 thousand was scheduled to be paid off between 2017 and 2021, $29,070 thousand was scheduled to be paid off between 2022 and 2026, and the remainder was scheduled to be paid off between 2027 and 2036. Refer to the following condensed financial statements for the city of Tallahassee for additional information. Balance Sheet Assets Cash and cash equivalents $36,308 Due from other governments 10,504 All other assets 2,041 Total assets $48,853 Liabilities and Fund Balance Total liabilities $13,066 Fund balance Nonspendable 1,513 Committed 25,251 Assigned 2,479 Unassigned 6,544 Total fund balance 35,787 Total liabilities and fund balance $48,853 Statement of Revenues, Expenditures, and Changes in Fund Balances Total revenues $111,484 Total expenditures 137,936 Excess of revenues over (under) expenditures (26,452) Other financing sources (uses) Transfers in 46,532 Transfers out (19,412) Proceeds from sale of capital assets 5,370 Total other financing sources (uses) 32,490 Net change in fund balance 6,038 Fund balance, October 1,2015 29,749 Fund balance, September 30, 2016 $35,787 Calculate the city of Tallahassee's (a) debt service burden and (b) debt principal payback. Round all answers to one decimal place (ex: 0.2345 = 23.5%). (a) debt service burden 0 % (b) debt principal payback 5 years 0 % 10 years 0 % Check Calculate debt service burden and rate of debt payback The city of Tallahassee's total tax-supported debt service expenditures in fiscal year 2016 were $12,032 thousand. The schedule of debt service requirements in the notes to the 2016 financial statements showed that Tallahassee's total governmental activity debt was $93,561 thousand, of which $39,371 thousand was scheduled to be paid off between 2017 and 2021, $29,070 thousand was scheduled to be paid off between 2022 and 2026, and the remainder was scheduled to be paid off between 2027 and 2036. Refer to the following condensed financial statements for the city of Tallahassee for additional information. Balance Sheet Assets Cash and cash equivalents $36,308 Due from other governments 10,504 All other assets 2,041 Total assets $48,853 Liabilities and Fund Balance Total liabilities $13,066 Fund balance Nonspendable 1,513 Committed 25,251 Assigned 2,479 Unassigned 6,544 Total fund balance 35,787 Total liabilities and fund balance $48,853 Statement of Revenues, Expenditures, and Changes in Fund Balances Total revenues $111,484 Total expenditures 137,936 Excess of revenues over (under) expenditures (26,452) Other financing sources (uses) Transfers in 46,532 Transfers out (19,412) Proceeds from sale of capital assets 5,370 Total other financing sources (uses) 32,490 Net change in fund balance 6,038 Fund balance, October 1,2015 29,749 Fund balance, September 30, 2016 $35,787 Calculate the city of Tallahassee's (a) debt service burden and (b) debt principal payback. Round all answers to one decimal place (ex: 0.2345 = 23.5%). (a) debt service burden 0 % (b) debt principal payback 5 years 0 % 10 years 0 % Check
