Examine the Wilmar Schools documents in your readings, and answer the following questions:
• Looking at the audit report, what were the total assets and total liabilities in 2012?
• How would you describe the enrollment trends for Willmar between 2008 and 2012? What might be some of the reasons for this trend? (Hint: See audited financial statements.)
• Looking at the figures for 2012, what is the breakdown in revenue source contributions from state, local property taxes, federal, and other?
• Looking at expenditures for 2012, what percentage was allocated to salaries and benefits?
• As noted in the audited financial statements, the District of Willmar has three kinds of funds – governmental, proprietary, and fiduciary. What are these three types, and how do they differ?
• Looking at the General Fund, please list the sources of income and the sources of expenditure.
Sample Solution
