Your company recently assigned you to a the City of Chesterton and provided you

Question

Your company recently assigned you to a the City of Chesterton and provided you with the following information for the year ended June 30, 2008:

Expenses:

Revenues:

300,000

Required: From the information given above, prepare a Statement of Activities for the City of Chesterton for the year ended June 30, 2008. Chesterton has no component units.

General government $11,000,000 Public safety 24,000,000 Public works 12,000,000 Health and sanitation 6,000,000 Culture and recreation 4,000,000 Interest on long-term debt, governmental type 600,000 Water and sewer system 12,000,000 Parking system 500,000

Explanation / Answer

CITY OF CHESTERTON Statement of Activities For the Year Ended June 30, 2008 Functions / Programs Program Revenues Net Revenue & Change in Net Assets Expenses Charges for Services Operating Grants Governmental Activities Business Type Activities Total Government Activities General Government    11,000,000.00      1,000,000.00 (10,000,000.00) (10,000,000.00) Public Safey    24,000,000.00          200,000.00        700,000.00 (23,100,000.00) (23,100,000.00) Public Works    12,000,000.00 (12,000,000.00) (12,000,000.00) Health & Sanitation      6,000,000.00                            -      1,000,000.00      (5,000,000.00)      (5,000,000.00) Culture & Recreation      4,000,000.00      2,000,000.00      (2,000,000.00)      (2,000,000.00) Interest on Long Term Debt          600,000.00         (600,000.00)         (600,000.00) Total Government Activities    57,600,000.00      3,200,000.00    1,700,000.00 (52,700,000.00) (52,700,000.00) Business Activities Water & Sewer System    12,000,000.00    13,000,000.00      1,000,000.00 Packing System          500,000.00          400,000.00        (100,000.00) Total Business Activities    12,500,000.00    13,400,000.00                         -                               -            900,000.00                             -   Total Primary Government    70,100,000.00    16,600,000.00    1,700,000.00 (52,700,000.00)          900,000.00 (52,700,000.00) General Revenues Property Taxes      29,000,000.00      29,000,000.00 Sales Taxes      21,000,000.00      21,000,000.00 Investment Earnings          300,000.00                             -   Special Item - Gain on Sales of Unused Land        1,000,000.00        1,000,000.00 Transfer from Government to Business         (700,000.00)          700,000.00         (700,000.00) Total General Revenues      50,300,000.00      1,000,000.00      51,300,000.00 Change in Net Assets      (2,400,000.00)      1,900,000.00         (500,000.00) Net Assets, Beginning      13,000,000.00    22,000,000.00      35,000,000.00 Net Assets, Ending      10,600,000.00    23,900,000.00      34,500,000.00

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