One objective of a municipal bankruptcy settlement is to adjust the entitys obligations to the point where there is a reasonable likelihood that it will be financially viable. The city of Detroit, Michigan filed for bankruptcy in mid-2013 and emerged in late 2014. Assume these are excerpts from the Census Bureaus QuickFacts (accessed August 2017) and from Detroits financial statements for the fiscal year ended June 30, 2016, the first full year after Detroit emerged from bankruptcy.

QuickFacts	Detroit	State of Michigan
Percentage, population change, 2010 census to 2016 estimate	(5.8)%	0.40%
Median household income	$25,764	$49,576
Per capita income	$15,038	$26,607
Percentage, persons living in poverty	40.30%	15.80%
Property taxes levied and collected in year (in millions of dollars)
Property taxes levied in 2016	$217.5
Property taxes collected in year of levy	$184.6
Detroit General Fund balance sheet data (in millions of dollars)
Total assets	$1,182.1
Total liabilities and deferred inflows	$581.4
Fund balance:
Nonspendable	$6.2
Restricted	107.2
Committed	24.0
Assigned	291.7
Unassigned	171.6
Total fund balance		$600.7
Detroit General Fund operating statement data (in millions of dollars)
Total revenues		$1,299.4
Total expenditures		1,068.1
Excess of revenues over expenditures		231.3
Other financing sources (uses):
Proceeds from bonds and notes	$294.0
Transfers out	(98.5)
Principal paid for refunded bonds	(330.0)	(134.5)
Net change in fund balance		$96.8

Pension funds (in millions)	General Employees	Police, Fire
Plan net position	$2,557.6	$3,833.5
Total pension liability	$3,609.2	$4,501.2

Calculate the following ratios: Property tax collection rate Answer

% Budgetary cushion Answer

% Operating margin Answer

% Pension funded ratio: General employees Answer

% Pension funded ratio: Police and Fire Answer

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