Budget planners for a certain community have determined that $9,235,400 will be required to provide all government services next year. The total assessed property value in the community is $122,500,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 and round to the nearest hundredth)

Budget planners for a certain community have determined that $9,235,400 will be required to provide all government services next year. The total assessed property value in the community is $122,500,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 and round to the nearest hundredth)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter22: Budgeting

Section: Chapter Questions

Problem 3TIF: Communication The city of Milton has an annual budget cycle that begins on July 1 and ends on June...

See similar textbooks

Similar questions

Budget planners for a certain community have determined that $6,391,000 will be required to provide all government services next year. The total assessed property value in the community is $110,000,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 to two decimal places rounded up.) ______
The total assessed property value in Belletown is $108,000,000. Budget planners have determined that $8,305,200 will be required to provide all government services next year. What tax rate is required to meet the budgetary demands? (Round to the nearest hundredth).
Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? Round to the nearest ten thousandth.
The finance director of the Bethandy Independent School District is making preliminary estimates of the budget outlook for the General Fund for the 20x8 fiscal year. These estimates will permit the superintendent to advise the department heads properly when budget instructions and forms are distributed. She has assembled the following information: Estimated 20X7 Expected Change- 20X8 1. Revenues Property Taxes............................................................................ $2,000,000 +6% State aid....................................................................................... 1,000,000 +3% Federal grants.............................................................................. 500,000 -$40,000 Other............................................................................................ 300,000 +$10,000 $3,800,000 2. Expenditures Salaries and…
The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $8,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $8,000,000 Estimated uncollectible property taxes $50,250 Total assessed value of property at beginning of 2013 $95,000,000 Expected reduction in assessed value from appeals $200,000 Assessed value of City property, not subject to tax $1,200,000 Adjustments to assessed values for senior citizen exemptions $1,000,000 Required: Compute the gross amount of property taxes required to be levied. Compute the tax rate per $100 of net assessed valuation. Determine the amount of property…
For the fiscal year 20X7 budget, the Town of Purplesburg anticipates the following inflows in its General Fund budget Property taxes, licenses, and fees $7,000,000 Proceeds of borrowings 3,000,000 Transfers from discontinued funds 2,000,000 In the budgetary entry, what amount should the town record for Estimated Revenues? a. $7,000,000 b. $10,000,000 c. $12,000,000 d. $3,000,000
Problem #2. The budget planners for Mountain View have determined that $3,724,000 will be needed to provide government services for next year. The total assessed property value in Mountain View is $72,700,000. As the tax assessor, you have been asked by the city council to determine what tax rate will need to be imposed to meet these budgetary demands. Express your answer in each of the four ways: (a) percent; (b) tax rate per $100;
If the total annual income is $145,000, what amount is budgeted for housing 26% and insurance 11% combined?
Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. In recording this budget, appropriations should be credited initially for $380,000.b. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund.e. The reporting of the budget is reflected in the…
The City of South River budget for the fiscal year ended June 30, 2020, included an appropriation for the police department in the amount of $8,900,000. During the month of July 2020, the following transactions occurred (in summary):Purchase orders were issued in the amount of $520,000.Of the $520,000 in purchase orders, $480,000 were filled, with invoices amounting to $478,000.Salaries, not encumbered, amounted to $302,000.A budget appropriations reduction in the amount of $50,000 was approved by the city council.Prepare an appropriations, expenditures, and encumbrances ledger for the police department for the month of July. (Credit amounts should be indicated by a minus sign.)
South Hampton University is preparing its budget for the upcoming academic year. This is a specializedprivate university that charges fees for all degree courses. Currently, 30,000 students are enrolled oncampus. However, the university is forecasting a 5 percent growth in student numbers in the comingyear, despite an increase in fees to $3,000 per subject. The following additional information has beengathered from an examination of university records and conversations with university managers: South Hampton is planning to award scholarships to 200 students, which will cover their fees. The average class has 80 students, and the typical student takes 4 subjects per semester. SouthHampton operates 2 semesters per year. The average academic staff salary is $120,000 per annum including on-costs. South Hampton’s academic staff are evaluated on the basis of teaching, research, administration, and professional/community service. Each of the academic staff teaches the equivalent of…
Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why. In recording this budget, appropriations should be credited initially for $380,000. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund. The reporting of the budget is reflected in the…