Review the comprehensive Annual Financial Report (CAFR) that you have obtained.C

Question

Review the comprehensive Annual Financial Report (CAFR) that you have obtained.City of Austin

1. How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?

2. How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?

3. How are the capital projects and debt service funds reported in the government-wide statement of net position?

4. Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

a. From where did the fund receive most of its resources?

b. Did the city acquire or construct new capital assets using resources of this fund? If so, in what amount?

c. Does this fund have any long-term debts associated with it? If so, does the government maintain a debt service fund to account for the resources to service the debt?

5. Did the government issue additional long-term debt to support governmental activities during the year? Did it repay any long-term debt used to support governmental activities? Did it engage in any in-substance defeasances?

6. What amount does the city report on its governmental funds statements as special assessments receivable? What amount does the city report as revenues from special assessments? Do you think the city will have a significant problem in collecting the special assessments? Explain

Explanation / Answer

Solution 1

In this situation underlying the headline ”reporting of the significant fund of the country” associated with the analysis and management discussion division of CAFR, it is clearly described that there are thirteen fund associated with capital project held by the country. No funds that are part of these 13 funds are considered as main fund as per the CAFR. However, the funds that are defined by the GASB are considered as main fund. Thus, there are two main funds underlying capital project that comply with GASB definition are debt service fund and general fund. Therefore the details pertaining to fund associated with capital project form part and parcel of “combination and individual’s statement of funds”. The important uses pertaining to fund associated with capital project includes renovation of the facilities provided by the government such as community college, schools, libraries and parks, purchase of land etc.

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.