From the first initial of your last name select the appropriate CAFR. For example, if your last name is Smith then select Peekskill from the P-S group below

QUESTION

From the first initial of your last name select the appropriate CAFR. For example, if your last name is Smith then select Peekskill from the P-S group below. All CAFRs can be assessed through the internet. If you are not sure which CAFR to use or cannot locate it, please see me. If you use the wrong CAFR you will receive half credit for your paper. Last Name CAFR A-C Buffalo, NY 6/30/19 D-K Rochester, NY 6/30/19 L-O New Rochelle, NY 12/31/18 P-S Peekskill, NY 12/31/18 T-Z Yonkers, NY 6/30/19 II: From material contained in your city’s CAFR, including the Statement of Net Position and General Fund’s Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances, prepare a typed eight (8) page, double spaced report containing the following:

Profile of the city: Economic Condition: Comparison to Budget Revenue Sources Debt Capacity: Pension Obligation In addition from material in the Financial Section, utilize data from the Introductory and Statistical sections. Please ensure that you use your own words. Plagiarism will result in an F!

III: Comparison to White Plains –Based on your knowledge of White Plains gathered through the semester, in two or three paragraphs, give your opinion on how your city compares with it relative to its overall financial condition. Items to mention might include financial ratios, debt margin, revenue sources, etc.

IV: Value – Your writing assignment paper is worth five (5) points towards your final grade. V: Due Date- Friday, December 4, 2020. All papers must be submitted to me via the Assignment section of Blackboard on or before the due date. Under no circumstances will papers will be accepted and reviewed after that date.

VI: QC Writing Center- If you need assistance in improving your writing skills an excellent resource is the Queens College Writing Center located in Kiely Hall, Room 229 (Telephone, 718-

ANSWER

Profile of the City

Peekskill is a city in Westchester County, New York, United States. As of the 2020 census, the population was 25,049. The city is located on the east bank of the Hudson River, 25 miles (40 km) north of New York City.

Peekskill’s economy is based on a mix of businesses, including manufacturing, retail, and healthcare. The city is also home to a number of cultural institutions, including the Peekskill Performing Arts Center and the Hudson River Museum.

Economic Condition

Peekskill’s economic condition is generally strong. The unemployment rate is below the national average, and the city has a growing population. However, the city is facing some challenges, including a rising cost of living and a shortage of affordable housing.

Comparison to Budget

Peekskill’s budget is balanced, and the city has a healthy reserve fund. The city’s revenues are derived from a variety of sources, including property taxes, sales taxes, and state aid.

Revenue Sources

Peekskill’s primary revenue sources are property taxes, sales taxes, and state aid. The city also receives revenue from a variety of other sources, including fines and fees, investments, and grants.

Debt Capacity

Peekskill’s debt capacity is strong. The city has a low debt-to-equity ratio, and its debt is well-managed.

Pension Obligation

Peekskill’s pension obligation is a significant liability. The city’s pension fund is underfunded, and the city is facing increasing costs to meet its pension obligations.

Comparison to White Plains

White Plains is a larger city than Peekskill, with a population of over 55,000. White Plains’ economy is more diversified than Peekskill’s, and the city has a higher median income. However, White Plains’ cost of living is also higher than Peekskill’s.

In terms of financial condition, White Plains is in a stronger position than Peekskill. White Plains has a higher credit rating, and its debt is better managed. However, White Plains’ pension obligation is also a significant liability.

Overall, Peekskill is a financially sound city with a strong economy. However, the city is facing some challenges, including a rising cost of living and a shortage of affordable housing. Peekskill’s financial condition is comparable to that of White Plains, but White Plains is in a stronger position overall.