PA 581 Final Exam - Keller
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1. (TCO A) One of our lectures discusses the budget execution stage of the budget cycle. Please identify and explain each of the major steps in the budget execution process. (Points : 25)
2. (TCO D) Property taxes receive a number of complaints from some taxpayers and many politicians. Please identify at least three of these complaints, and discuss them in detail. Refer to standards such as vertical equity, horizontal equity, and regressiveness as you discuss these complaints.
3. (TCO C) Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows:
On December 31, 201X, budgetary status reports showed expenditures of $11,000,000 and encumbrances of $500,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date?
Show and label all work and state your conclusion.
As of the end of the third quarter, the Library System shows expenditures of $18,000,000 and has $4,000,000 in encumbrances. It projects that spending in the fourth quarter will be $250,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget.
Show and label all work.
4. (TCO F) Answer completely all of the following questions:
Why do state and local governments go into debt?
What is a municipal bond?
How does a municipal bond differ from a corporate bond?
What is Net Interest Cost (NIC) and how does it differ from True Interest Cost (TIC)?