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     29.     (Analyzing a governmental entity's financial statements)

The following data comes from the 2008 financial statements of the Village of Pacifico. Although presented in summarized format, the balance sheet debits and credits are equal and the operating statement information is complete.

General Fund - Balance Sheet Elements
          Cash               $1,200,000
          Short-term investments          405,000
          Property taxes receivable - delinquent          282,000
          Due from other funds          58,000
          Accounts payable and other accrued liabilities          900,000
          Fund balance reserved for encumbrances          90,000
          Unreserved fund balance          935,000

General Fund - Operating Statement Elements
          Revenues, including property taxes of $6,125,000          $8,350,000
          Expenditures (total)          7,510,000
          Transfer to Debt Service Fund           400,000
          Excess of revenues and other sources over expenditures
               and other uses          440,000

Debt Service Fund - Balance Sheet Elements
          Cash and cash equivalents          230,000
          Fund balance reserved for debt service          230,000

Debt Service Fund - Operating Statement Elements
          Debt service expenditures:
               Principal          100,000
               Interest          200,000
          Operating transfer from General Fund          400,000
          Excess of revenues and other sources over
               expenditures and other uses          100,000

Required: Calculate the following ratios for the Village of Pacifico:
          a.     Current ratio - General Fund
          b.     Quick ratio - General Fund
          c.     Property tax delinquency rate
          d.     Unreserved fund balance as a percentage of revenues - General Fund
          e.     Debt service expenditures as a percentage of revenues
          f.     Excess of revenues and other sources over expenditures and other uses, as a percentage of revenues and transfers in - Combined, General Fund and Debt Service Fund (Hint: The transfers out and in cancel each other. Therefore, use the revenues for the denominator.)

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