The City of New York, New York, reported the following liabilities, among others, at June 30 of the years indicated. The amounts in the table are stated in thousands of dollars.

Transcribed Image Text:

Liability for Judgments and claims. Vacation and sick leave Pensions.. .... Other postemployment benefits (OPEB).. a. 20X5-20X6 Payments for Judgments and claims Vacation and sick leave Pensions Other postemployment benefits (OPEB).. Year 20X5 $ 4,810,471 2,593,691 806,200 50,000,000 53,507,451 1,400,000 None of these liabilities were due and payable at the indicated dates. The amounts that the city paid during the 20X5-20X6 fiscal year for each of these categories are presented in the following table. 1. Judgments and claims 2. Vacation and sick leave 20X6 $ 5,018,908 2,840,213 764,000 Scheduled Reduction by June 30, 20X7 $1,360,426 247,937 $ 516,801 247,937 4,015,000 2,182,871 Calculate the amount of General Fund expenditures that the City of New York must Required report for the fiscal year ended June 30, 20X6, assuming that all the amounts shown relate to General Fund departments and activities, for: 3. Pensions 4. b. How would your answers differ if 10% of each of the liability balances presented in the first schedule were due and payable at the end of 20X5 and the end of 20X6, respectively? (Adapted from a recent City of New York, New York Comprehensive Annual Financial Report.)