ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264107919
Author: RECK
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 12, Problem 19EP
The City of Ashcroft has produced a Service Efforts and Accomplishments report for the past four years in an attempt to answer the question “How are we doing?” for its citizens. Reproduced here is an excerpt from the 2016–2020 SEA report that details library services. The report shows the efforts of library staff to offer more library programs to the increasing population and customer base in the city. Program participation has seen steady increases over the past four years, with some programs so high in demand waiting lists to participate are starting to occur.
Citizen Perceptions
The 2018 community survey reported that 86 percent of city residents rated library services as “good” or “excellent,” only marginally down from 88 percent in 2016. For the variety of materials at the library, 79 percent of citizens rated the variety as “good” or “excellent,” unchanged from 2016.
Library Budget
The owner of a house with a total assessed valuation of $200,000 paid property taxes of $67 in FY 2020 to support the library. Twenty-six percent (26%) of the library’s FY 2020 budget depends upon support from Fairview County in return for services provided to rural Polk County residents. Fairview County’s support is expected to decrease after FY 2020. Options being considered to offset the loss of county funding include allocation of General Fund monies and/or reduction in library services.
Source: SEA reports issued by the City of Ankeny, Iowa.
Required
- a. Which of the performance measures best represents inputs, outputs, and outcomes?
- b. How does the city demonstrate that its financial resources are used efficiently?
- c. How would you address a citizen who feels he or she is not getting his or her money’s worth?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
5. What will be the total average number of residents expected to use the facility each day?
At its final meeting of the fiscal year, the Muscat Municipality will be making plans to allocate funds remaining in this year’s budget. Nine projects have been under consideration throughout the entire year. To gauge community support for the various projects, questionnaires were randomly mailed to voters throughout the city asking them to rank the projects (9 = highest priority, 1 = lowest priority). The Municipality tallied the scores from the 500 responses it received. Although the Municipality has maintained that it will not be bound by the results of questionnaire, it plans to use this information while taking into account other concerns when making the budget allocations.
The estimated cost of each project, the estimated number of permanent new jobs each would create, and the questionnaire point tallies are summarised in the table given below.
Project
Cost (£1000)
New Jobs
Points
X1 Hire seven new police officers
X2 Modernise police…
One of the major activities of the City Art Museum (CAM) is a Neighborhood Outreach Program, which was developed both as a public
service and to market the museum and Its other programs. One of the Outreach offerings, which is popular with both city and
suburban residents, is the weekly Evening Lecture Series. The Series provides lectures on local art and history in various locations
throughout the greater metropolitan area.
A new museum director has been hired with the goal to make the museum more self-sustaining and less reliant on donations and
government grants. One of the director's first actions was to ask the museum staff to put together detailed financial Information on the
Individual activities. The result, shown in the accompanying table, indicates that the series operates at a loss.
CITY ART MUSEUM
Neighborhood Outreach: Evening Lecture Series
For the Year Ending June 30
Sales revenue
Costs
Advertising
Lecturer fees and expenses
Operating costs (staff)
Space rental
Food and…
Chapter 12 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Officials for the City of Artichoke, West Virginia, have recently formed a transit authority to create a public transportation system for the community. These same Officials are now preparing the city's CAFR for the most recent year. The transit authority has already lost a considerable amount of money and the officials have become interested in its reporting and whether it qualifies as a component unit of the city. Following are several articles written about the reporting of component units by a state or local government: "Changes in Component Units," Government Finance Review, February 2011. "GASB Issues Guidance on Financial Reporting Entity, Component Units," Accounting Policy & Practice Report, January 7, 2011. "Financial Reporting for Affiliated Organizations," The Journal of Government Financial Management, Winter 2003. "How to Implement GASB Statement No. 34," The Journal of Accountancy, November 2001. "GASB Issues Guidance on Blending Certain Component Units into…arrow_forwardOne of the major activities of the City Art Museum ( CAM) is a Neighborhood Outreach Program, which was developed both as a public service and to market the museum and its other programs. One of the Outreach offerings, which is popular with both city and suburban residents, is the weekly Evening Lecture Series. The Series provides lectures on local art and history in various locations throughout the greater metropolitan area. A new museum director has been hired with the goal to make the museum more self-sustaining and less reliant on donations and government grants. One of the director's first actions was to ask the museum staff to put together detailed financial information on the individual activities. The result, shown in the accompanying table, indicates that the series operates at a loss. CITY ART MUSEUM Neighborhood Outreach: Evening Lecture Series For the Year Ending June 30 Sales revenue $ 388, 200 Costs Advertising $ 16,100 Lecturer fees and expenses 206, 000 Operating costs…arrow_forwardWashington City created an Information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city’s operations. The fund was designed to be self-supporting; that is, all costs are to be recovered through user fees, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the IT department as of last year, is shown below. Debits Credits (in thousands) Cash $ 14,600 Due from Other Funds 4,730 Materials and Supplies Inventory 410 Machinery and Equipment 54,700 Accumulated Depreciation $ 31,000 Accounts Payable 2,690 Due to Federal Government 2,740 Due to Other Funds 1,210 Net Position—Net Investment in Capital Assets 23,700…arrow_forward
- The lead consultant in your firm has asked you to conduct this review. The following were found during your review:•The main source of funds for the Council are the grants received from the central government and levies from local businesses operating in the parish.•The Council maintains financial records and prepares financial statements annually which are subject to audit by the Office of the Auditor General.•The Council received a grant of US$25 million for the construction of ten community centers, one each in the ten communities under the control of the Council. This is part of a grant from a donor received by the Ministry. The Council as a sub- recipient signed an agreement in which it committed to adhering to the grant conditions.•The principal grant conditions were:-the maximum amount to be spent on each center is US$2 million-all ten community Centres should be completed .-Contracts to be awarded must be through competitive bidding.-The project should be completed in four…arrow_forwardThe City of Bayamon maintains its books and records in a way that facilitates the preparation of the financial statements of the funds. Prepare all the journal entries necessary to record the city's revenue from the following transactions for the year ended December 31, 20X7. On January 15, the city received notification that it had been awarded a $300,000 federal grant to assist in the operation of its Meals on Wheels program. The federal government expects to send the cash in about three months. This is not a rebate-type grant and all eligibility requirements have been met. In February, the city spent $31,000 on Meals on Wheels. $1,800 parking tickets were issued in March. Payment must be made within 30 days, when the city has an enforceable legal claim to the amounts. In April, the city received the $300,000 grant from the federal government. In April, the city received $1,200 in cash for parking tickets issued in March. Additionally, $100 in fines were contested and court dates…arrow_forwardLilly County, faced with the prospect of declining revenues, decides it can save money by doingall printing in-house. The county creates the Lilly Printing Fund (an Internal Service Fund),directs departments to fulfill their bulk printing needs through that Fund, and directs departmentsto pay the Fund promptly to minimize its operating cash flow needs.The Fund had the following transactions and events during 2021:1. Received a $12,000 loan on January 2 from the county’s General Fund to be repaid in fourequal annual installments of $3,000, starting December 31, 2021, with interest at the rateof 1 percent per annum on the outstanding balance. The specified purpose of the loan is toallow the Lilly Printing Fund to purchase equipment for $9,600 and to use the balance of $2,400to meet operating cash flow needs.2. Purchased reproduction equipment for $9,600 on January 2, using cash provided.The equipment has an estimated useful life of 4 years.3. Purchased paper and supplies for $9,000 on…arrow_forward
- Government officials of Hampstead County ordered a computer near the end of the current fiscal year for $6,400 for the police department. It did not arrive prior to the end of the year. At its final meeting of the year, the city council (the highest decision-making authority for the government) agreed to pay for the computer when it arrived in the subsequent year. In producing a set of government-wide financial statements and a set of fund financial statements for the current year, how will this purchase order be reported?arrow_forward2. The City of Katerah maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the city’s revenues from the following transactions for the year ended December 31, 2017. a.) On January 15, the city received notification that it had been awarded a $300,000 federal grant to assist in the operation of its “Meals on Wheels” program. The federal government expects to send the cash in about three months. This is not a reimbursement type grant and all eligibility requirements have been met. b.) In February the city spent $31,000 on “Meals on Wheels.” c.) In March, fines of $1,800 were issued for parking tickets. Payment must be made within 30 days, when the city has an enforceable legal claim to the amounts. d.) In April, the city received the $300,000 grant from the federal government. e.) In April, the city received $1,200 cash in payment of parking tickets issued in March. In addition, $100 of…arrow_forwardUse the following information for Problems 53–59: Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city’s general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $600,000. Parks reported net expenses of $100,000. Art museum reported net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city’s net position of $150,000. The fund financial statements indicated the following for the entire year: The general fund reported a $30,000 increase in its fund balance. The capital projects fund reported a $40,000 increase in its fund balance. The enterprise fund reported a $60,000…arrow_forward
- Use the following information for Problems 53–59: Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city’s general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $600,000. Parks reported net expenses of $100,000. Art museum reported net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city’s net position of $150,000. The fund financial statements indicated the following for the entire year: The general fund reported a $30,000 increase in its fund balance. The capital projects fund reported a $40,000 increase in its fund balance. The enterprise fund reported a $60,000…arrow_forwardUse the following information for Problems 53–59: Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city’s general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $600,000. Parks reported net expenses of $100,000 Art museum reported net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city’s net position of $150,000. The fund financial statements indicated the following for the entire year: The general fund reported a $30,000 increase in its fund balance. The capital projects fund reported a $40,000 increase in its fund balance. The enterprise fund reported a $60,000 increase…arrow_forwardHarland County is in a financially distressed area of Missouri. In hopes of enticing business to this county, the state legislature appropriated $3 million to start an industrial development commission. The federal government provided an additional $1 million. The state appointed 15 individuals to a board to oversee the operations of this commission, and Harland County offi-cials named five additional members. The commission began operations by raising funds from local citizens and businesses. Over the past 12 months, it received $700,000 in donations and pledges. The county provided clerical assistance and allowed the commission to use one wing of a county office building for its headquarters. The Harland County government must approve the commission’s annual operating budget. The county will also cover any deficits that might occur.During the current period, the commission spent $2.4 million and achieved notable success. Several large manufacturing companies recently began to explore…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license