Question 1 the building authority was prepared by the city

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Reference no: EM13350085

Question :

1. The Building Authority was prepared by the city and organized as a separate legal entity. The authority is governed by a five-person board appointed for 6-year terms by the mayor, subject to city council approval. The authority uses the proceeds of its tax-exempt bonds to finance the acquisition or construction of general capital assets for the city only. The bonds are secured by the lease agreement with the city and will be retired through lease payments from the city. How should the city report the financial activities of the Building Authority?

2. The board of Education (BOE) is a independently elected body that administers the public school system in the city. The BOE is not organized as a divide legal entity and does not have the power to levy taxes or issue bonds. Its budget is subject to approval by the city council to the extent that, under state law, the BOE has the discretionary authority to expend the amount appropriated to it by the city. The BOE requests a single amount to fund its operations; the city council will reject the BOE's requested budget. How could the city report the financial activities of the BOE?

3. The City of Macroville hires you as a consultant to help establish a procedure to simplify its property tax collection processing and make the process more proficient. Presently the city and six special districts receive money from a property tax. Each district and the city have its own billing, recording, and collection functions. In addition, the taxpayers are upset about paying seven dissimilar tax bills. At a recent town hall-type meeting, numerous citizens spoke and demanded that the city do something to simplify the process. As a consultant, how would you advise the city?

Reference no: EM13350085

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