Chapter 5: Problem 5-11 Nonexchange expenditures are the mirror image of nonexchange revenues.

A state government provided several grants to school districts and local governments during its fiscal year ending August 31.

Item 3 The state also announced a $5 million grant to a third school district, again for the acquisition of computers. The state will make annual five $1 million payments to the district, starting on September 15, 2013. The district is required to expend the funds in the fiscal year in which they are received.