Lakeland has a pension plan for city employees.  In FY 2023, the actuarially-determined amount that Lakeland should deposit into its pension plan was $395,200, but cash was tight and Lakeland deposited only $250,000 into the pension fund, saying it will make up the difference in an unspecified, future year when revenues are more abundant (which is why several U.S. cities and counties file bankruptcy--- "later" never arrives).  

What is the amount of pension expenditure that Lakeland should recognize in its General Fund financial statements for FY 2023?

Answer rating: 100% (QA)

In the fiscal year 2023 the financial accounts for Lakelands General Fund should reflect an expenditure for pensions in the full amount of 395200 dollars as indicated by actuarial calculations Accordi... View the full answer