Assume the following information was obtained from the comprehensive annual financial report of the city...
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Accounting
Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands.
Condensed General Fund balance sheet:
Debt service expenditures
Total assets
$141,494
in governmental funds
Total liabilities
$24,086
Principal
$13,851
Fund balance
$117,408
Interest
$10,882
Cash and investments
Total
$24,733
included in assets
$126,647
Debt service principal maturities
Components of General Fund fund balance:
2,020
$13,919
Nonspendable
$302
2,021
23,203
Committed
718
2,022
24,975
Assigned
27,450
2,023
32,222
Unassigned
88,938
2,024
65,940
Total
$117,408
2025-2029
134,124
Total revenues:
2030-2034
90,706
Property taxes
$144,439
2035-2044
19,319
Utility charges
40,254
2045-2054
13,829
State aid
46,920
Total
$418,237
Charges for services
51,730
Pension data:
Other
73,956
General employees:
Total
$357,299
Pension liability
$740,783
Transfers in
Plan fiduciary net position
$677,218
Recurring
$25,082
Fire and Police
Property taxes:
Pension liability
$1,925,460
Tax levy
$151,421
Plan fiduciary net position
$1,779,355
Tax collected in year of levy
$143,980
Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $53,899 thousand. Calculate the following ratios: Budgetary cushion Answer
% Debt Service Burden Answer
% % of principal paid back in 5 years Answer
% % of principal paid back in 10 years Answer
% Quick ratio Answer
Property tax collection rate Answer
% Pension benefit burdens: General Answer
% Fire and Police Answer
%
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