Assignment
Part 1
Review the Comprehensive Annual Financial Report (CAFR) that you obtained in the attachments.
1. What are three main sections of the report?
2. Review the introductory section of the CAFR.
1. Was the entity's annual report of the previous year awarded a "certificate of achievement for excellence in financial reporting" by the Government Finance Officers Association? What is the significance of this award?
2. What are the key issues addressed in the letter of transmittal?
3. Review the financial section.
1. Which, if any, independent audit firm performed an audit of the CAFR?
2. Did the entity receive an "unqualified" audit opinion? If not, why not?
3. Does the report contain management's discussion and analysis (MD&A)? If so, what are the key issues addressed?
4. Does the report provide a reconciliation between total governmental net position per the government-wide statement of net position and total governmental fund balances per the governmental funds balance sheet? If so, what are the main reconciling items?
5. What are the major governmental funds maintained by the entity? Does the entity's fund structure conform to its organizational structure?
6. Does the report include "required supplementary information"? If so, what are the main areas addressed?
7. Does the report include "combining statements"? If so, what is the nature of these statements?
8. Does the report include other supplemental information? If so, what types of information are in this section of the report?
4. Review the statistical section.
1. What is the population of the entity being reported on?
2. Who is the entity's major employer?
3. What types of information are included in the statistical section?
Part 2
1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds?
1. Which accounting basis did the City follow to prepare its annual operating budget?
2. Are the actual amounts on a GAAP or a budgetary basis? Do the statements include a reconciliation of any differences between GAAP and budgetary amounts? If so, what are the largest reconciled items?
3. Are the reported variances based on the original budget or the year-end amended budget?
2. Does the CAFR include budget-to-actual comparisons of nonmajor funds? If so, in what section?
3. Does the government encumber goods or services that have been ordered but have not yet been received? How, if at all, are encumbrances reflected on the governmental fund balance sheet? How, if at all, are they reflected on the government-wide statement of net position?
4. Do encumbrances that remain outstanding at year-end lapse? That is, do the amounts that will be expended in the following year, when the goods or services are received, have to be rebudgeted in the following year? How can you tell?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.