Abstract
The City of Troy’s Comprehensive Annual Financial Report for 2011 is analyzed. It is content the evaluation of efficiency and effectiveness of the CAFR, comparison of the current year result and performance with the prior result and performance, assess of financial condition, assess of financial operations, compliance with the budget, and overview of Management Discussion and Analysis. Also discussed in this analysis, the auditor’s comments and recommendation about independence, scope, and opinion; and also my recommendation. At the end of this analysis, included the City of Troy’s last 2 year’s performance analysis.
Evaluation of Efficiency and Effectiveness
At the end of 2011, The City of Troy had $330.4 million invested in a broad range of capital assets including land. Building, police and fire equipment, water and sewer lines, roads, sidewalks, and other infrastructure, net of debt. The increase in capital assets during the year was attributing to the excess of additional in streets, drains and water/sewer systems over the recognition of depreciation. The City of Tory’s debt rating is excellent. The City maintains a AAA rating on unlimited tax general obligation bonds by Standard and Poor’s. The City of Troy’s bond indebtedness totaled $42.8 million at June 30, 2011 a decrease of $4.4 million from the prior year resulting from debt retirement payments.
The General Fund receives all City of Troy revenues not designated for special uses by statutes or the City Charter and accounts for most of the services provided to residents. Overall General Fund revenues decreased by $4.9 million or 8.9% from the prior year. Property taxes in the General Fund decreased by $3.8 million or 10.5%. State sources remained level from the prior year at approximately $5.8 million. State shared revenue is the major source of revenue, which is a return to local governments