At the end of the fiscal year, Palm City was trying to determine which of its fu

ID: 2339374 • Letter: A

Question

At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select Yes" If the funds should be classified as major or "No" otherwise PALM CITY As of fiscal year end Total 10% Total Assets Criterion Criterion Liabilities Criterion Criterior 10% Total 10% Expenditures e10% l Expenses Total Criterion Criterion Revenues Criterion Criterion 5% Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course $462.2 110.7 220.5 70.8 52.8 11.9 20.9 $915.9 118.8 28.4 132.4 $992.8 125.1 16.6 134.7 639.4 5.419.5 48.9 97.5 5,017.3 8.6 104.1 616.7 19.6 115.9 661.6 18.1

Explanation / Answer

Particulars

Amount ($)

Total assets (462.20+110.70+220.5+70.8+639.4+5419.5+48.9)

6,972.00

Total liabilities (52.8+11.9+20.9+6.1+97.5+5017.3+8.6)

5,215.10

Total expenditures (915.9+118.8+28.4+132.4+104.1+616.7+19.6)

1,935.90

Total revenues (992.8+125.1+16.6+134.7+115.9+661.6+18.1)

2,064.80

% of total assets

% total liabilities

% total expenditures

% total revenues

General fund

6.63

1.01

47.31

48.08

Health and human resource fund

1.59

0.23

6.14

6.06

Community development fund

3.16

0.40

1.47

0.80

Debt service fund

1.02

0.12

6.84

6.52

Utility fund

9.17

1.87

5.38

5.61

City airport

77.73

96.21

31.86

32.04

Golf course

0.70

0.16

1.01

0.88

The major funds are those that have at-least 10% of at-least one of the following:

Taking into consideration the above criterions the following funds are major funds:

Hence, general fund and city airport funds are the only two funds that are major funds for the city.