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Chapter 13 - Financial Statement Analysis Assemble the financial statements prepared for the City of Monroe. These financial statements will be in the solutions to Exercises 5-C, 6-C, 7-C, and 8-C. Assume a population of 32,000 and fair value of property in the amount of $275 million. Compute the following ratios, following the guidance used for the Village of Elizabeth in this chapter: (1) Financial Position - Governmental Activities (2) Financial Position - General Fund. (3) Quick Ratio - Governmental Activities (4) Leverage - Primary Government (5) Debt Coverage - Enterprise Funds (6) Debt Service to Total Expenditures (7) Debt per Capital - Primary Government (8) Debt to Assessed Value of Property - Primary GovernmentCONTINUOUS PROBLEM - CHAPTER 13 RATIO FORMULA CALCULATIONS CITY OF MONROE 1) FINANCIAL POSITION ( GOVERNMENT- Unrestricted Net Position: 1,785,890/16,940,000 WIDE, GOVERNMENTAL ACTIVITIES) Total Expenses: Governmental Activities 2) FINANCIAL POSITION (GENERAL Unassigned Fund Balance 1,042,150/16,940,000+4,200,000 FUND) Total Expenditures + Other Financing Uses 3) QUICK RATIO ( GOVERNMENT-WIDE, Cash + Current Investments 577,900+263,000/16,045,900 GOVERNMENTAL ACTIVITIES) Current Liabilities LEVERAGE (GOVERNMENT-WIDE, Total Liabilities 16,045,900/39,298,790 PRIMARY GOVERNMENT) Total Assets 5) DEBT SERVICE COVERAGE Cash Flows from Operations 253,200/162,500+0 (ENTERPRISE FUNDS) Interest Paid + Payments of Principal 6) DEBT SERVICE TO TOTAL Principal + Interest Expenditure 800,000+514,000/16,940,000 EXPENDITURES (GOVERNMENTAL Total Expenditures: General and Debt Service Fund FUND-BASIS) 7) DEBT PER CAPITA (GOVERNMENT- Total Liabilities 16,045,900/32,000 WIDE, PRIMARY GOVERNMENT) Population 8) DEBT TO ASSESSED VALUE OF Total Liabilities 16,045,900/275,000,000 PROPERTY (GOVERNMENT-WIDE, Assessed Value of Property PRIMARY GOVERNMENT)City of Monroe Balance Sheet Governmental-type Funds As of December 31, 2020 Amounts shaded in blue came from Chapter 4 assignment Total Street and City Hall City Jail Governmental General Highway Debt Service Debt Service Funds Assets Cash $ 503,800 $ 30,900 $ 6,700 541,400 Cash with Fiscal Agent 400,000 360,000 760,000 Investments 63,000 200,000 263,000 Taxes Reveivable - (net) 457,500 457,500 Interest & Penalties Receivable - (net) 16,850 16,850 Due from State Government 380,000 177,500 557,500 Total Assets $ 1,358,150 $ 271,400 $ 400,000 $ 566,700 $ 2,596,250 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 200,300 $ 63,500 263,800 Due to Other funds 40,200 40,200 Total Liabilities 240,500 63,500 304,000 Deferred Inflows Property Taxes 17,500 17,500 Fund Balances Restricted for: Street & Highway Maintenance 207,900 207,900 Debt Service 400,000 566,700 966,700 Assigned for Encumbrances 58,000 58,000 Unassigned 1,042, 150 1,042,150 Total Fund Equity 1,100, 150 207,900 400,000 566,700 2,274,750 $ 1,358, 150 $ 271,400 $ 400.000 566,700 $ 2,596,250 Total Liabilities, Deferred Inflows and Fund Balance $City of Monroe Statement of Revenues, Expenditures and Changes in Fund Balance Governmental-type Funds For the year ended December 31, 2020 Amounts shaded in blue came from Chapter 4 assignment Total Street and City Hall City Jail City Jail Governmental General Highway Debt Service Debt Service Construction Funds Revenues Property Taxes $ 6,846,000 6,846,000 Sales Taxes 2,938,000 2,938,000 Interest & penalties 16,100 1,900 18,000 Licenses and Permits - 800,000 800,000 Intergovernmental Revenues 332,000 1,067,500 1,335,000 2, 734,500 Miscellaneous Revenues 350,000 350,000 Total Revenues 11,282, 100 1,069,400 1,335,000 13,686,500 Expenditures Current: General Government 1,649,000 1,649,000 Public Safety 3,066,900 3,066,900 Highways and Streets 1,441,400 1,040,500 2,481,900 Sanitation 591,400 591,400 Health 724, 100 724,100 Welfare 374,300 374,300 Culture and Recreation 917,300 917,300 Capital Outlay 492,800 5,328,300 5,821,100 Debt Service Principal 800,000 800,000 Interest 354,000 160,000 514,000 Total Expenditures 9,257,200 1,040,500 1,154,000 160,000 5,328,300 6,940,000 Excess (Deficiency) of Revenues Over Expenditure: 2,024,900 28,900 (1, 154,000) (160,000) (3,993,300) (3,253,500) Other Financing Sources (Uses) Proceeds of Bonds 4,000,000 4,000,000 Premium on Bonds Sold 200,000 200,000 Transfers In 1, 142,000 726,700 1,868,700 Transfers Out (1,662,000) 206,700) (1,868,700) Total Other Financing Sources (Uses) (1,662,000) 1,142,000 726, 700 3,993,300 4,200,000 Net Change in Fund Balance 362,900 28,900 (12,000) 566, 700 946,500 Fund Balance, January 1 737,250 179,000 #REF! #REF! Fund Balance, December 31 $ 1,100,150 $ 207,900 #REF! $ 566,700 $ #REF!City of Monroe Statement of Net Position Fiduciary-type Funds As of December 31, 2020 Police Pensions Private Purpose Trust Fund Trust Fund Assets Cash 191,100 59,500 Accrued Interest Receivable 81,000 7,500 Investments at Fair Value: Bonds 5,307,750 752,100 Common Stocks 3,433,800 199,000 Total Investments 8,741,550 951,100 Total Assets 9,013,650 1,018,100 Liabilities Accounts Payable 27,200 Total Liabilities 27,200 Net Position Resources Held in Trust for Pension Benefits and Other Purposes $ 8,986,450 $ 1,018,100City of Monroe Statement of Changes in Fiduciary Net Position Fiduciary-type Funds For the year ended December 31, 2020 Police Pension Private Purpose Trust Fund Trust Fund Additions Contributions: Plan Members 403,000 Employer 403,000 Individuals 211,000 Total Contributions 806,000 211,000 Investment Income Interest 218,000 47,000 Dividends 125,000 2,000 Net Increase in Fair Value of Investments 8,350 1,100 Total Investment Income 351,350 50,100 Total Additions 1,157,350 261,100 Deductions Annuity Benefits 325,400 Disability Benefits 79,900 Refunds to Terminated Employees 40,600 Distribution of Scholarships 51,000 Total Deductions 445,900 51,000 Change in Fiduciary Net Position 711,450 210,100 Net Position, January 1 8,275,000 808,000 Net Position, December 31 $ 8,986,450 $ 1,018, 100City of Monroe Reconciliation of fund basis to government-wide statements CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2020 Fund balances reported in governmental funds Balance Sheet $ 2,274,750 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). 36,591,100 The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position. 129,540 Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position. 17,500 Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. (328,000) Bonds payable, not due and payable in the current period are not reported in the funds. (15,390,000) Compensated absences, not due and payable in the current period are not reported in the funds. (42,000) Net Position of Governmental Activities $ 23,252,890 CITY OF MONROE Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2020 Net change in fund balances - Governmental funds $ 946,500 Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets 5,821,100 Governmental funds do not report depreciation expense (5,130,000) The net revenue of internal service funds is not reported with the governmental funds 1,040 Property taxes due more than 60 days after year end is not accrued in the governmental funds. (3,500) Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements. (4,200,000) Repayment of bonds is reported as an expenditure in the governmental funds 800,000 Interest is not accrued at year end in the governmental funds. (138,000) Increases in compensated absences, not due and payable in the current period are not reported in the funds. (42,000) Change in Net Position of Governmental Activities $ (1,944,860)CITY OF MONROE Statement of Net Position As of December 31, 2020 Governmental Business-Type Activities Activities Total Assets Cash EA 577,900 83,400 $ 661,300 Cash with Fiscal Agents 760,000 760,000 Investments 263,000 263,000 Accounts Receivable (Net) 111,000 111,000 Taxes Receivable (Net) 457,500 457,500 Interest Receivable 16,850 16,850 Internal Balances Current (29,000) 29,000 Due from Other Governments 557,500 557,500 Inventories 42,540 84,000 126,540 Internal Balances Long-Term (15,000) 15,000 Restricted Assets 142,000 142,000 Capital Assets, Net of Accumulated Depreciation 36,667,500 3,035,300 39,702,800 Total Assets $ 39,298,790 $ 3,499,700 $ 42,798,490 Liabilities Accounts Payable 285,900 25,500 311,400 Payroll Taxes Payable 3,300 3,300 Accrued Interest Payable 328,000 328,000 Revenue Bonds Payable 2,500,000 2,500,000 General Obligation Bonds Payable 15,200,000 15,200,000 Premium on Bonds Sold 190,000 190,000 Compensated Absences Payable 42,000 42,000 Total Liabilities 16,045,900 2,528,800 18,574,700 Net Position Net Investment in Capital Assets 21,262,500 535,300 21,797,800 Restricted 204,500 142,000 346,500 Unrestricted 1,785,890 293,600 2,079,490 Total Net Position $ 23,252,890 $ 970,900 $ 24,223,790City of Monroe Statement of Cash Flows Proprietary-type Funds For the year ended December 31, 2020 Business-Type Governmental Activities Activities Enterprise Funds Internal Service Water and Sewer Funds Cash Flows from Operating Activities Cash Received from Customers and Departments $ 983,000 $ 387,000 Cash Paid to Suppliers and Employees (729,800) (367,500) Net Cash Provided by Operating Activities 253,200 19,500 Cash Flows from Capital Related Financing Activities Acquisition of Capital Assets (99,300) Interest Paid on Long-term Debt (162,500) Partial Repayment of Advance from Enterprise Fund (15,000) Net Cash Used in Capital Related Financing Activities (261,800) (15,000) Cash Flows from Investing Activities Partial Receipt of Advance to Internal Service Fund 15,000 Net Cash Provided from Investing Activities 15,000 Net Increase (Decrease) in Cash 6,400 4,500 Cash and Restricted Cash, January 1 219,000 32,000 Cash and Restricted Cash, December 31 $ 225,400 $ 36,500 Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating Income $ 174,400 $ 1,040 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Actitities Depreciation 267,000 14,600 (Increase) Decrease in Customer Accounts Receivable (35,500) (Increase)Decrease in Interfund Receivables (37,000) 15,800 (Increase) Decrease in Inventories (56,000) (15,040) Increase (Decrease) in Accounts Payable (71,000) 3,100 Increase (Decrease) in Payroll Taxes Payable 3,300 Increase (Decrease) in Interfund Liabilities 8,000 Net Cash Provided by Operating Activities $ 253,200 $ 19,500 Non-cash investing, capital, and financing activities:City of Monroe Statement of Net Position Proprietary-type Funds As of December 31, 2020 Business-Type Activities Governmental Enterprise Funds Activities Internal Water and Sewer Service Funds Assets Current Assets Cash $ 83,400 EA 36,500 Customer Accounts Receivable (Net) 111,000 Due from Other Funds 37,000 11,200 Inventories 84,000 42,540 Total Current Assets 315,400 90,240 Noncurrent Assets Advance to Stores and Services Fund 15,000 Restricted Assets (Cash) 142,000 Capital Assets, Net of Accumulated Depreciation 3,035,300 76,400 Total Noncurrent Assets 3,192,300 76,400 Total Assets 3,507,700 166,640 Liabilities Current Liabilities Accounts Payable 25,500 22,100 Payroll Taxes Payable 3,300 Due to Internal Service Fund 8,000 Total Current Liabilities 36,800 22,100 Noncurrent Liabilities Revenue Bonds Payable 2,500,000 Advance from Water Utility Fund 15,000 Total Noncurrent Liabilities 2,500,000 15,000 Total Liabilities 2,536,800 37,100 Net Position Net Investment in Capital Assets 535,300 61,400 Restricted 142,000 Unrestricted 293,600 68,140 Total Net Position $ 970,900 $ 129,540City of Monroe Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary-type Funds For the year ended December 31, 2020 Business-Type Governmental Activities Activities Enterprise Funds Internal Service Water and Sewer Funds Operating Revenues Charges for Services EA EA 1,055,500 371,200 Total Current Assets 1,055,500 371,200 Operating Expenses Cost of Sales and Services 445,800 347,560 Selling 58,900 Administration 109,400 8,000 Depreciation 267,000 14,600 Total Operating Expenses 881,100 370,160 Operting Income (loss) 174,400 1,040 Nonoperating Expenses Interest Expense 162,500 Change in Net Position 11,900 1,040 Net Position, January 1 959,000 128,500 Net Position, December 31 $ 970,900 $ 129,540