Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: City of Tallahassee General Fund City of Tallahassee General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance Balance Sheet (in thousands) Assets: Cash and cash equivalents $2,480 Due from other governments All other assets 11,848 Total assets $14,328 Liabilities: Total current liabilities $11,287 Fund balance: Nonspendable 1,500 Committed 0 Assigned 0 Unassigned 1,541 Total fund balance 3,041 Total liabilities and fund balance $14,328 (in thousands) Total revenues $109,901 Total expenditures 164,473 Excess of revenues over (under) expenditures 54,572 Other financing sources (uses): Transfers in 49,597 Transfers out -21,522 Proceeds from sale of capital assets 430 Total other financing sources (uses) 28,505 Net change in fund balance -26,067 Fund balance, October 1, 2019 Fund balance, September 30, 2019 29,108 $3,041 a) Calculate the city of Tallahassee's operating margin ratio. 0,22 * % Assume all transfers in are recurring. Round percentage to two decimals. b) Included in expenditures is $28 million in costs related to Hurricane Michael. Calculate the operating margin ratio assuming those costs were not incurred. 0.22 * % Assume all transfers in are recurring. Round percentage to two decimals.
Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: City of Tallahassee General Fund City of Tallahassee General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance Balance Sheet (in thousands) Assets: Cash and cash equivalents $2,480 Due from other governments All other assets 11,848 Total assets $14,328 Liabilities: Total current liabilities $11,287 Fund balance: Nonspendable 1,500 Committed 0 Assigned 0 Unassigned 1,541 Total fund balance 3,041 Total liabilities and fund balance $14,328 (in thousands) Total revenues $109,901 Total expenditures 164,473 Excess of revenues over (under) expenditures 54,572 Other financing sources (uses): Transfers in 49,597 Transfers out -21,522 Proceeds from sale of capital assets 430 Total other financing sources (uses) 28,505 Net change in fund balance -26,067 Fund balance, October 1, 2019 Fund balance, September 30, 2019 29,108 $3,041 a) Calculate the city of Tallahassee's operating margin ratio. 0,22 * % Assume all transfers in are recurring. Round percentage to two decimals. b) Included in expenditures is $28 million in costs related to Hurricane Michael. Calculate the operating margin ratio assuming those costs were not incurred. 0.22 * % Assume all transfers in are recurring. Round percentage to two decimals.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assume the following information was derived from the fund financial statements prepared by the city of
Tallahassee, Florida for the fiscal year ended September 30, 2019:
City of Tallahassee
General Fund
City of Tallahassee
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance
Balance Sheet
(in thousands)
Assets:
Cash and cash equivalents
$2,480
Due from other governments
All other assets
11,848
Total assets
$14,328
Liabilities:
Total current liabilities
$11,287
Fund balance:
Nonspendable
1,500
Committed
0
Assigned
0
Unassigned
1,541
Total fund balance
3,041
Total liabilities and fund balance $14,328
(in thousands)
Total revenues
$109,901
Total expenditures
164,473
Excess of revenues over (under) expenditures
54,572
Other financing sources (uses):
Transfers in
49,597
Transfers out
-21,522
Proceeds from sale of capital assets
430
Total other financing sources (uses)
28,505
Net change in fund balance
-26,067
Fund balance, October 1, 2019
Fund balance, September 30, 2019
29,108
$3,041
a) Calculate the city of Tallahassee's operating margin ratio. 0,22
* %
Assume all transfers in are recurring. Round percentage to two decimals.
b) Included in expenditures is $28 million in costs related to Hurricane
Michael. Calculate the operating margin ratio assuming those costs were not
incurred. 0.22
* %
Assume all transfers in are recurring. Round percentage to two decimals.
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