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ACC4243 Not-for-Profit Accounting Critical Thinking - Ethics Assignment (100 points) You are the Chief Financial Officer for Ellison City. You have been in a meeting with the mayor who is concerned about the decrease in the general fund for the current year (see the fund financial statements on the following pages). He has a meeting with the City Council next week. The Council tends to focus on the general fund balance since they consider it to be a measure of the financial health of the city. The mayor is especially concerned because this is the second year in a row that expenditures have exceeded revenues. He wonders if you can find a way to make the change in fund balance be positive or at least closer to zero. He tells you he has been looking over the Balance Sheets and the Statements of Revenues, Expenditures, and Changes in Fund Balance for Governmental Funds and, although he is not an accountant, he has a couple of ideas. He suggests selling some of the investments in the Capital Projects Fund and the Debt Service Fund and then transferring the proceeds to the General Fund. In addition, he has noticed the deferred inflows on the Balance Sheet. He asks you to explain what that number represents and if perhaps that account balance could be used to eliminate the negative change. The mayor is really concerned. He has not been getting along well with the City Council, and he is up for reelection next year. He thinks that his chance of getting reelected will be much greater if you can help find a way to eliminate the negative change. He wants just enough of a change to cause the change in fund balance for the general fund to be slightly positive. You tell the mayor that you will look over the financial statements and get back with him. You tell the mayor that you will look over the financial statements and get back with him. Required Write a memo to the mayor explaining your conclusions. Be sure to evaluate both of his suggestions and perhaps find other alternatives. Be sure to consider each fund's balance and its classification. Your memo should describe the facts, identify the issue, state your conclusions, and explain the reasons for your conclusions. 50% of your grade will be based on content, and 50% will be based on writing skills. Use professional language and avoid slang. I recommend that you upload your memo to Grammarly for evaluation before turning it in. Submit your memo as an attachment to the assignment. Your file must be a Word file. Ellison City Balance Sheet - Governmental Funds June 30, 2021 General Capital Debt Projects Service Total Other Governmental Funds $ 16,615 31,916 $9,341 59,772 $ 9,341 5,662 $ 16,239 1,432 64,917 5,962 $ 88,550 $ 51,536 98,782 64,917 5,962 $221,197 $ 48,531 $69,113 $ 15,003 $ 20,969 $ 226 $ $ 9,534 197 $ $ 20,969 34,719 S Assets: Cash and Cash Equivalents Investments Taxes Receivable (net) Inventories Total Assets Liabilities: Vouchers Payable Retainage Payable Total Liabilities Deferred Inflows of Resources Property Taxes Total Liabilities and Deferred Inflows Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances $ 9,534 $ 30,729 197 $ 30,926 34,719 $ 55,688 $ 423 $ $ 9,534 $65,645 $ 5,962 S S 48,108 69,113 5,469 53 15,732 11,115 $ 32,862 $ 88,550 $ 5,962 122,690 53 15,732 11,115 $155,552 $221,197 $ 48,108 $ 48,531 $69,113 $69,113 $ S 469 $ 15,003 Ellison City Statement of Revenues, Expenditures, and Changes in Fund Balance - Governmental Funds June 30, 2021 General Capital Debt Other Total Projects Service Governmental Funds Revenues: General Property Taxes $ 158,439 $ $13,054 $ 8,544 $ 180,037 Licenses and Permits 11 246 11,246 Intergovernmental 11,039 19,306 30,345 Charges for Services 10 10 Investment Income 35 1,915 3,586 339 5,875 Total Revenues $ 180,769 $ 1,915 $16,640 $ 28,189 | $ 227,513 Expenditures General Government $ 43,936 $ $ 43,936 Public Safety 122,372 9,722 132.094 Public Works 1,549 3,112 4,661 Parks and Recreation 8,674 15, 154 23,828 Debt Service - Principal 5,210 5,210 Payment Debt Service - Interest 272 11,500 11,772 Capital Outlays 21,348 1,234 29,919 Total Expenditures $ 203,361 7,337 $12.734 S 27,988 $ 251,420 Change in Fund Balances $ (22,592) $ (5,422) $ 3,906 $ 201 $ (23,907) Fund Balance, July 1, 2020 55,454 53,530 65,207 5,268 179,459 Fund Balance, June 30, 2021 $ 32,862 48,108 $69,113 5,469 $ 155,552 ACC4243 Not-for-Profit Accounting Critical Thinking - Ethics Assignment (100 points) You are the Chief Financial Officer for Ellison City. You have been in a meeting with the mayor who is concerned about the decrease in the general fund for the current year (see the fund financial statements on the following pages). He has a meeting with the City Council next week. The Council tends to focus on the general fund balance since they consider it to be a measure of the financial health of the city. The mayor is especially concerned because this is the second year in a row that expenditures have exceeded revenues. He wonders if you can find a way to make the change in fund balance be positive or at least closer to zero. He tells you he has been looking over the Balance Sheets and the Statements of Revenues, Expenditures, and Changes in Fund Balance for Governmental Funds and, although he is not an accountant, he has a couple of ideas. He suggests selling some of the investments in the Capital Projects Fund and the Debt Service Fund and then transferring the proceeds to the General Fund. In addition, he has noticed the deferred inflows on the Balance Sheet. He asks you to explain what that number represents and if perhaps that account balance could be used to eliminate the negative change. The mayor is really concerned. He has not been getting along well with the City Council, and he is up for reelection next year. He thinks that his chance of getting reelected will be much greater if you can help find a way to eliminate the negative change. He wants just enough of a change to cause the change in fund balance for the general fund to be slightly positive. You tell the mayor that you will look over the financial statements and get back with him. You tell the mayor that you will look over the financial statements and get back with him. Required Write a memo to the mayor explaining your conclusions. Be sure to evaluate both of his suggestions and perhaps find other alternatives. Be sure to consider each fund's balance and its classification. Your memo should describe the facts, identify the issue, state your conclusions, and explain the reasons for your conclusions. 50% of your grade will be based on content, and 50% will be based on writing skills. Use professional language and avoid slang. I recommend that you upload your memo to Grammarly for evaluation before turning it in. Submit your memo as an attachment to the assignment. Your file must be a Word file. Ellison City Balance Sheet - Governmental Funds June 30, 2021 General Capital Debt Projects Service Total Other Governmental Funds $ 16,615 31,916 $9,341 59,772 $ 9,341 5,662 $ 16,239 1,432 64,917 5,962 $ 88,550 $ 51,536 98,782 64,917 5,962 $221,197 $ 48,531 $69,113 $ 15,003 $ 20,969 $ 226 $ $ 9,534 197 $ $ 20,969 34,719 S Assets: Cash and Cash Equivalents Investments Taxes Receivable (net) Inventories Total Assets Liabilities: Vouchers Payable Retainage Payable Total Liabilities Deferred Inflows of Resources Property Taxes Total Liabilities and Deferred Inflows Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities and Fund Balances $ 9,534 $ 30,729 197 $ 30,926 34,719 $ 55,688 $ 423 $ $ 9,534 $65,645 $ 5,962 S S 48,108 69,113 5,469 53 15,732 11,115 $ 32,862 $ 88,550 $ 5,962 122,690 53 15,732 11,115 $155,552 $221,197 $ 48,108 $ 48,531 $69,113 $69,113 $ S 469 $ 15,003 Ellison City Statement of Revenues, Expenditures, and Changes in Fund Balance - Governmental Funds June 30, 2021 General Capital Debt Other Total Projects Service Governmental Funds Revenues: General Property Taxes $ 158,439 $ $13,054 $ 8,544 $ 180,037 Licenses and Permits 11 246 11,246 Intergovernmental 11,039 19,306 30,345 Charges for Services 10 10 Investment Income 35 1,915 3,586 339 5,875 Total Revenues $ 180,769 $ 1,915 $16,640 $ 28,189 | $ 227,513 Expenditures General Government $ 43,936 $ $ 43,936 Public Safety 122,372 9,722 132.094 Public Works 1,549 3,112 4,661 Parks and Recreation 8,674 15, 154 23,828 Debt Service - Principal 5,210 5,210 Payment Debt Service - Interest 272 11,500 11,772 Capital Outlays 21,348 1,234 29,919 Total Expenditures $ 203,361 7,337 $12.734 S 27,988 $ 251,420 Change in Fund Balances $ (22,592) $ (5,422) $ 3,906 $ 201 $ (23,907) Fund Balance, July 1, 2020 55,454 53,530 65,207 5,268 179,459 Fund Balance, June 30, 2021 $ 32,862 48,108 $69,113 5,469 $ 155,552