Question

In: Accounting

Based on the data from the general fund presented below, assess (as best you can) the...

Based on the data from the general fund presented below, assess (as best you can) the financial/fiscal condition of Karla city. As much as possible, justify your answer with quantitative data.

Population (increasing slowly) 86
Appraised value of taxable property $120,000
Total general fund revenues $ 25,000
General fund property tax revenue $ 11,000
Intergovernmental revenues $ 4,000
Miscellaneous revenues $ 8,000
Total general fund expenditures
(including debt service) $ 20,000
Current expenditures $ 21,300
Capital outlay $ 1,600
Debt service expenditures $ 100
Operating transfer-in $ 600
Operating transfer-out $ (4,600)
Unassigned fund balance $ 13,000
Cash and investments $ 15,000
Current liabilities $ 1,400

Solutions

Expert Solution

  • As it can be seen the appraised value of taxable property is $120,000 and the property tax revenue earned $11,000 is relatively lower. The Action can be taken by property tax revnue department for collecting more taxation revenue.
  • The increase of Population which shows 86 but Increasing slowly is a good indication for Government department as that much lower burden of maintaining polulation be managed. Demand of the necessity is relatively much lower.
  • The Expenditure in compare to Revenue is relatively higher than the revenue but the funds available with department can manage such expenditure. But the departments shall take necessary steps for increasing general fund revenue by making more investments, proper tax collections, by repaying debts in a proper time.
  • Current liabilities is relatively lower than assets like investments.
  • It can be seen that the financial contion of Kerala city is stable.
  • The fiscal condition of kerala city is relatively in a stable stage but it shall be improved by taking necessary actions by department.

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