Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa,
Question:
Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands.
Condensed General Fund balance sheet: | Debt service expenditures | |||||
Total assets | $141,494 | in governmental funds | ||||
Total liabilities | $24,086 | Principal | $13,851 | |||
Fund balance | $117,408 | Interest | $10,882 | |||
Cash and investments | Total | $24,733 | ||||
included in assets | $126,647 | Debt service principal maturities | ||||
Components of General Fund fund balance: | 2,020 | $13,919 | ||||
Nonspendable | $302 | 2,021 | 23,203 | |||
Committed | 718 | 2,022 | 24,975 | |||
Assigned | 27,450 | 2,023 | 32,222 | |||
Unassigned | 88,938 | 2,024 | 65,940 | |||
Total | $117,408 | 2025-2029 | 134,124 | |||
Total revenues: | 2030-2034 | 90,706 | ||||
Property taxes | $144,439 | 2035-2044 | 19,319 | |||
Utility charges | 40,254 | 2045-2054 | 13,829 | |||
State aid | 46,920 | Total | $418,237 | |||
Charges for services | 51,730 | Pension data: | ||||
Other | 73,956 | General employees: | ||||
Total | $357,299 | Pension liability | $740,783 | |||
Transfers in | Plan fiduciary net position | $677,218 | ||||
Recurring | $25,082 | Fire and Police | ||||
Property taxes: | Pension liability | $1,925,460 | ||||
Tax levy | $151,421 | Plan fiduciary net position | $1,779,355 | |||
Tax collected in year of levy | $143,980 |
Other information:
1. All liabilities are current.
2. Assigned funds are all for intended uses, but no formal action taken to commit.
3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees.
4. Governmental activities debt services include notes payable of $53,899 thousand.
Calculate the following ratios:
Budgetary cushion Answer
%
Debt Service Burden Answer
%
% of principal paid back in 5 years Answer
%
% of principal paid back in 10 years Answer
%
Quick ratio Answer
Property tax collection rate Answer
%
Pension benefit burdens:
General Answer
%
Fire and Police Answer
%
How do Tampa's ratios compare to norms?
Budgetary cushion
Debt Service Burden
% of the principal paid back in 5 years
% of the principal paid back in 10 years
Quick ratio
Property tax collection rate
Pension benefit burdens
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi