Question

Exploring Vero Beach’s financial report Refer to the financial statements of the City of Vero Beach that are included.
1. Per the government-wide statement of activities, how much did the city incur in expense for public safety? Of this amount, how much had to be covered from general tax and other unrestricted revenues?
2. Per the governmental funds statement of revenues, expenditures, and changes in fund balances, how much did the city incur in expenditures for public safety? How do you account for the difference between this amount and your response to question 1?
3. Per the government-wide statement of activities, what was the ending balance in net assets associated with governmental activities? Is this consistent with the government-wide statement of net assets?
4. How much was transferred (net) from business-type to governmental activities during the year?
5. How much in taxes did the city direct to the support of business-type activities?
6. Vero Beach’s statements include a schedule (Table 3-6) that reconciles its statement of revenues, expenditures, and changes in fund balances of governmental funds to the government-wide statement of activities. However, the city’s statements do not include a corresponding reconciliation of the statement of revenues, expenses, and changes in fund net assets of proprietary funds to the government-wide statement of activities. Why not?
7. As noted in the text, government-wide statements are on a full accrual basis, so the statement of activities includes charges for depreciation. How much did Vero Beach charge for depreciation on capital assets used during the year for governmental activities?
8. How much of the city’s governmental activities assets are classified as capital? How much of the city’s governmental activities liabilities were used to finance those capital assets?
9. Almost 90% of the total amount of capital assets reported in the government-wide statement of net assets are devoted to business-type activities. What is the most likely explanation of why the proportion of assets directed to business-type activities is so much greater than that devoted to governmental activities?


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  • CreatedApril 29, 2015
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