Homework - Homework: 1-6: In preparing its budget...

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Homework: 1-6: In preparing its budget proposals, a city’s budget committee initially estimated that total revenues would be $120 million and total expenditures would be $123 million. In light of the balanced budget requirements that the city has to meet, the committee proposed several measures to either increase revenues or decrease expenditures. They included the following: 1. Delay the payment of $0.4 million of city bills from the last week of the fiscal year covered by the budget to the first week of the next fiscal year. 2. Change the way property taxes are accounted for in the budget. Currently, property taxes are counted as revenues only if they are expected to be collected during the budget year. New budgetary principles would permit the city to include as revenues all taxes expected to be collected within sixty days of the following fiscal year in addition to those collected during the year. The committee estimates that the change would have a net impact of $1.2 million. 3.
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Homework - Homework: 1-6: In preparing its budget...

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