Question: A city funds the construction of a golf course by
A city funds the construction of a golf course by issuing $50 million in general obligation bonds. However, it accounts for the golf course in an enterprise fund, and it intend store pay the debt from green fees. Should the city, in its government-wide statement of net position, report the debt as a governmental activity and the golf course as a business-type activity? Alternatively, should it report both the debt and the golf course in the same category of activity? If so, then which one?
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