Exploring Vero Beach’s Financial Report Refer to the financial statements of the City of Vero Beach in Chapter 3 and in Table 9-1.
1. What kinds of business-type activities does Vero Beach engage in? Are these activities accounted for in major or non-major enterprise funds?
2. Which of the business-type activities covered all or most of its operating expenses through charges for services? Did these activities increase their net assets during the year? What appears to be the principal reason?
3. Which business-type activity appears to have the oldest stock of capital assets? Which has the newest? Explain.
4. Answer the following questions about the Electric System:
a. What was the total reported amount of equity in pooled cash and investments? How much of that amount was in cash or cash equivalents?
b. What was the principal cash inflow? What was the principal cash outflow?
c. Which of the four categories of cash flows required by GASB Statement No. 9 resulted in net cash inflows? Which resulted in net cash outflows?
d. What was total operating income? What was total net cash provided by operating activities? What accounts for the largest difference between these two amounts?
5. Based on the information reported in the proprietary fund financial statements, what kinds of activities does Vero Beach account for in internal service funds?