Need help ASAP! CAFR Mini-Project Goal To research and analyze the Comprehensive

Question

Need help ASAP! CAFR Mini-Project Goal To research and analyze the Comprehensive Annual Financial Report of a US city with a population of at least 100,000. Choose your City Download the most recent CAFR of a city with at a population of at least 100,000. Most cities publish CAFR’s online in .pdf form and a simple Google search (i.e. a search for “Seattle CAFR” or “Boise CAFR”) will usually find them. CAFR Research – Answer the following (all should be included somewhere in the CAFR): • What is the population of the city? • Who is the city’s major employer? • Was the city’s annual report from the previous year awarded a “certificate of achievement for excellence in financial reporting” by the Government Finance Officers Association? • Did the entity receive an “unqualified” audit opinion? If not, why not? • What are the major governmental funds maintained by the city? Does the city’s fund structure conform to its organizational structure? • Does the CAFR include budget-to-actual comparisons of major funds? Of nonmajor funds? • 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? • What are the main sources of the city’s revenues, including those from both governmental and business-type activities? • Does the city’s government-wide statement of net assets of governmental-fund balance sheet report “deferred income?” If so, what is the most likely reason this income has been deferred? • What is the government’s property tax rate? • At what percentage of fair-market-value is real property assessed? • How does the city classify its governmental expenditures, by function or by “object”? Are the classification approximately the same in both the government-wide and the fund statements? Submit your completed project to the appropriate dropbox in Canvas by midnight on Sunday of Week 10. You do not need to attach a full version of your city’s CAFR, but please include the internet link to the CAFR somewhere in your final project. Thank you!!!

Explanation / Answer

Part A :-

The Comptroller, Scott M. Stringer, in the CAFR introductory section included

Comptroller's letter of Transmittal
Certificate of achievement for Excellence in Financial Reporting
The Government of The City of New York
Principal Officials of The City of New York

Yes, it includes the items identified in the section of the text titled " Comprehensive Annual Financial Report".

Part B:-

1. The financial statements provided in the report have been audited by an independent auditor. The city has received unmodified audit report.

2. Yes. The CAFR contains both Government wide financial statements and fund statements. 2 financial statements have been included as part of the basic financial statements section i.e., Government wide financial statements and fund financial statements.

3. Five.   

Summary of significant accounting policies.
Reconciliation of Govt. wide and fund financial statements
Stewardship, Compliance and Accountability
Detailed notes on all funds
Other information

No. There is no phrase at the bottom of the basic financial statements indicating that the notes are an integral part of the financial statements.

4. The CAFR provides supplementary information combining financial information and other financial information.

5. The CAFR provides management 's discussion and analysis . It is located just below the Independent auditors report. It contains,

Overview of financial statements
Govt. wide financial statements
Fund financial statements
Government funds
Fiduciary funds
Notes to financial statements
Financial reporting entity
Blended Component units
Discretely presented component units etc.,

Part C:-

In this section CAFR includes,

Schedules of financial Trends information
Schedules of revenue capacity information
Schedules of Debt capacity information
Schedules of Demographic and Economic information
Schedules of Operating information

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