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Calculate debt service burden and rate of debt payback The city of Tallahassees total tax-supported debt service expenditures in fiscal year 2016 were $12,032 thousand.

Calculate debt service burden and rate of debt payback

The city of Tallahassees 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 Tallahassees 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 Tallahassees (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

(b) debt principal payback for 5 years and 10 years

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