Assessing General Obligation Debt Burden. This case focuses on the analysis of a city€™s general obligation debt burden. After examining the accompanying table that shows a city€™s general obligation (tax-supported) debt for the last ten fiscal years, answer the following questions.
Required
a. What is your initial assessment of the trend of the city general obligation debt burden?
b. Complete the table by calculating the ratio of Net General Bonded Debt to Assessed Value of taxable property and the ratio of Net General Bonded Debt per Capita. In addition, you learn that the average ratio of Net General Bonded Debt to Assessed Value for comparable-size cities in 2011 was 2.13 percent, and the average net general bonded debt per capita was $1,256. Based on time series analysis of the ratios you have calculated and the benchmark information provided in this paragraph, is your assessment of the city€™s general obligation still the same as it was in part a, or has it changed?Explain.

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Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita (Last Ten Fiscal Years-S000s omitted) Net General Bonded Debt Net General Bonded Gross Less: Amount Net in Debt to Assessed Value Debt per Capita Fiscal Estimated Assessed Bonded Bonded Population Valuation Debt Service Fund Debt Year $ 63,665 $101,789 2002 $1,488,391 $165,454 85,359 2003 86,935 1,552,844 164,496 100,482 64,014 186,273 86,076 2004 88,128 1,668,126 100,197 92,606 2005 90,599 1,792,747 192,151 99,545 100,690 2006 92,061 1,939,316 206,856 106,166 2007 93,524 2,057,130 212,323 106,655 105,668 2008 94,986 221,287 2,197,710 102,518 118,769 2009 96,647 261,519 117,212 2,386,169 144,307 2010 2,585,416 97,610 291,736 120,326 171,410 2011 99,208 2,843, 133 280,654 106,551 174,103