Government and Not for Profit Accounting The 2014 CAFR (City of Austin) can be f
ID: 2568492 • Letter: G
Question
Government and Not for Profit Accounting
The 2014 CAFR (City of Austin) can be found at https://assets.austintexas.gov/financeonline/downloads/cafr/cafr2014.pdf
1. Does the government maintain any permanent funds? If so, are they major or nonmajor funds and for what purposes?
2. Does the government maintain any fiduciary funds? If so, for what purposes?
3. Does the government contribute to one or more pension plans? Are they defined benefit or defined contribution plans? If they are defined benefit plans, are they single employer (maintained by the government itself) or multiple-employer plans?
Explanation / Answer
1. Yes, the government maintains the permanent funds. They are non major funds
2. Fiduciary funds are used to account for resources held for the benefit of parties outside city government. Since the resources of fiduciary funds are not available to support the city's own programs, they are not reflected in the government wide financial statements.
3.
Yes the government contributed to pension funds though the nature of these funds was not evident.
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