Exploring Vero Beach€™s Financial Report Refer to the financial statements of the City of Vero Beach in Chapter 3 and to Table 8€“1.

1. What amount did Vero Beach report in its government-wide statements for long-term liabilities associated with governmental activities?
2. What did the long-term liabilities consist of?
3. Did the city increase or decrease its long-term borrowings during the year? What was the effect on total long-term liabilities at year-end? Explain.

Transcribed Image Text:

TABLE 8 1 City of Vero Beach, Florida Schedule of Long-term Liabilities (Governmental Activities only) September 30, 2008 Long-term liability activity for the year ended September 30, 2008 was as follows (in thousands) Beginning Balance Ending Balance Balance Due within One Year Additions Reductions Sunshine state loans Revenue notes Claims payable Compensated absences Net OPEB obligation 7,097 9,320 4,198 2,521 12,116 6,412 461 977 S (7,097) (5,365) (6,752) (126) 16,071 3,858 2,856 977 1,048 1,318 150 Total governmental activities $23,136 S19966 S(19,340) $23,762 S2,516