Assignment Task: Detroit: The Case of Bankruptcy of a City Government
Problem 1: Describe and discuss five major factors that have led to the city's bankruptcy.
Problem 2: How are the problems specifically related to our class contents?
Problem 3: How much total liability did the city have before and after the bankruptcy? What are the major types of liabilities?
Problem 4: Both the governmental funds and enterprise funds have deficits (the difference between assets and liabilities is negative). How can you explain this, and what has the city done to improve these cumulative deficits?
Problem 5: Did Detroit show any internal service funds and were they accounted for in the general or governmental funds? Did any of the internal service funds report significant operating surpluses or deficits for the year?
Problem 6: Are there other observations and comments for the city that you would like to present?
Submit a 525-word summary of the findings.
References:
1. City of Detroit - Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014.
2. City of Detroit - Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012.
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