Question
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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