...[Type the company name] | CAFR PROJECT | Review of the City of Monmouth Oregon’s CAFR | | [Type the author name] | [Pick the date] | Comprehensive Annual Financial Report (CAFR) Governmental Accounting Assignment. | Review of the City of Monmouth Oregon’s CAFR This document consists of a brief overview of the City of Monmouth Oregon’s Comprehensive Financial Report (CAFR) for year ending June 30th, 2005. CAFR Table of Contents At the beginning of Monmouth’s CAFR, after the title page, a table of contents is provided. It includes the following sections: * Introductory Section. This section contains 4 categories spanning over pages i-vi. * Financial Section. This section contains 5 subsections and 35 categories spanning over pages 1-62. * Statistical Section. This section contains 14 categories spanning over pages 63-76. * Regulatory Section. This section contains 1 category spanning over pages 77-78 Mission Statement There is no mission statement defined in this CAFR. It does, however, include a Long-term Financial Planning statement in the Introductory Section. It addresses plans to increase the General Fund, Construction to meet future needs, and is looking for a new water source in order to construct an additional well. Governmental Funds: * General Fund * Street Fund * MINET Fund – City provides sales across fiber optic network. Revenues are primarily sales. Expenditures are related to cities cost of access to...
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...CAFR ANALYSIS PRINCE GEORGE’S COUNTY I have seen many changes growing up in Prince Georges County (PG), a minority-dominated county in Maryland. The government has spent a massive amount of money to revitalize the county. This includes the $250.5 million transformation of Jack Kent Cooke Stadium (now FedEx Field) and the massive $2 billion National Harbor project in Oxon Hill, MD[i]. There are rumors the county plans to rename the crime-infested city of Landover, where I currently live, to Hyattsville, a neighboring city, predicting that this will ease the bad repetition of this area. However, these renovations and changes are only temporary solutions since they are only masking the problems that put my home county deeper in debt. Crime and drug trafficking is still on the rise. People are still losing their homes and debt is at an all-time high. The permission of choosing my CAFR allowed digging deeper into this growing problem by discovering who regulates drug and crime programs, the debt position, and other municipals relating to the well-being of my hometown. In this paper, I will address the crisis relating to a nonmajor governmental fund program designed to aid in the decline of crime and drugs and the recent trend relating to pension debt and the tax debt of the general, agency and enterprise fund. The drug and education program are vital in PG based on four fund comparisons on two statements. According to PG CAFR in the Combining Statement of Balance...
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...TO: TO WHOM IT MAY CONCERN FROM: SUBJECT: CITY OF DENVER CO, CAFR, ANALYSIS OF MD&A DATE: The following memo highlights 4 interesting aspects of the Comprehensive Annual Financial Report of the City of Seattle Washington for Calendar Year January 1st – December 31st 2009. The complete report can be found following this link: http://www.seattle.gov/cafrs/2009/default.htm 1. On page #2 (and on the relevant statements on pages 10 and 11) of the Management’s Discussion and Analysis, it is noted that the fund financial statements are broken down by governmental funds, proprietary funds, and fiduciary funds. The governmental funds are broken down into general, special revenue, debt service, capital projects and permanent funds. It is interesting to note that the city of Seattle has identified 3 major governmental funds that are presented separately in the governmental funds balance sheet and statement of revenues, expenditures, and other changes in fund balances. The major funds are the General Fund, Transportation Fund, and Low-Income Housing Fund. The general fund should always be reported as a major fund. Other individual funds should be reported as major funds if, 1) total assets, liabilities, revenues, expenditures of that fund are at least 10% of the corresponding total for all funds of that category and 2) total assets, liabilities, revenues, expenditures of that fund are at least 5% of the corresponding total for all governmental and enterprise funds combined. For...
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...Ch.1-1 The city of Sacramento, California published their Comprehensive Annual Financial Report (CAFR) in December 2014 for the fiscal year ended June 30, 2014. The CAFR breaks down and explains the financial accounting for the city during that time. Under both federal and state law, this report is in compliance with the accountability required so the voters can see how the money the city collects and receives is utilized. They cite the Article IX of the City’s Charter to prove accountability and establish a third party verification of the report. Article IX allows under Section 44 for an independent auditor to review and certify the CAFR is accurate. Under this review, they describe the charter-government functions of Sacramento. The Introduction Letter is broken down into distinct sections, each touching on various operational aspects of the city including estimated population, services the government provides to the populace, and overview of the city’s profile. This profile includes the location and general statistics of the city itself. One section of the introduction letter is how the financial funds the city uses are set and defined. There are four separate, legal entities that make up the fiscal operations of the City. In discussing the current and future plans of the city, a positive note was reported that the city, using funds collected from Measure U, a ½ cent increase of sales and use taxes, provided enough extra funding for the city to maintain general...
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...CAFR BUDGET ANALYSIS 2 CAFR Budget Analysis The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) serve similar functions for different accounting entities. The GASB maintains accountability over state and local governments, while the FASB maintains adherence to standards for not-for-profit entities. Both governments and not-for-profit organizations use an expenditure approach to accounting where budgetary needs are the first priority over financial statements. Governments however, have additional reporting items that fall within the purview of the power to summon resources. Governments and not-for-profit entities have a different business model than that of for-profit organizations, because governments and not-for-profit entities primary business goal is something other than profit. Governments differentiate themselves from not-for-profit entities by the ability to use taxes, licenses, and legislature as a means to levy revenue to pay for expenses. Not-for-profit organizations primarily use grants, investments, and contracts to earn revenue (Copley & Engstrom, 2007). Modified Accrual Method Since governments and not-for-profit organizations use a different business model than traditional businesses, a modified accrual method is used to account for assets, liabilities, and capital. The GASB and FASB allow for the creation of individual accounting entities called funds that track the funding and expenses for that entity. Each...
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...City Of San Jose CaFr & Budget Analysis Teja Gadde City of San Jose- Introduction: The city of San Jose, CA, is the self proclaimed capital of the Silicon Valley. Initially, it was the first civilian settlement in California in 1777 and was also the 1st state capital of California. Today, San Jose is the third largest city in California, following only Los Angeles and San Diego. It has an estimated population of over 950,000 people. San Jose has a very diverse population; 33.2% Hispanic, 28.7% White and 31.7% Asian. It is the home to the largest concentration of technology firms worldwide- over 6,500 technology companies are located in San Jose and surrounding areas. San Jose has large private employers such as Cisco Systems, Xilinx, IBM and EBay. San Jose is known to be the hub for technological innovation. However, San Jose was not immune to the effects of recession. The slight increases in San Jose's primary revenues was not enough to cover its expenditures, even though expenditures decreased from the previous year. San Jose provides many governmental activities services such as public transportation, libraries, parks, recreation and neighborhood services. San Jose also provides business-type activities such as the airport, wastewater treatment system, water system and parking management operation. At Fiscal year Ending June 30, 2011, San Jose had Total Net Assets of $5.648 billion, which is a decrease of $382 million from the previous period. This paper will...
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...Denver, Colorado Governmental Accounting 407 Denver, Colorado Denver was founded by William H. Larimer, Jr. on November 22, 1858 and named for James W. Denver. It is the largest city and second largest county in the state of Colorado, and it is also the capitol. “The mile-high city” is the nickname for Denver, Colorado because its official elevation is exactly one mile above sea level benchmarked from the steps of the State Capitol Building. The climate in Denver is very sunny averaging around 300 days of sunshine a year, but because of its proximity to the Rocky Mountains, it is subject to sudden weather changes. Snowfall is common in late fall, winter, and spring which make Colorado a popular ski destination. Denver has many outdoor activities, sports venues, and museums so there is always something to keep you entertained. In the metropolitan area, Denver has Sports Authority Field (Broncos), Coors Field (Rockies), Dick’s Sporting Goods Park (Rapids), and the Pepsi Center (Nuggets and Avalanche). Denver is very bicycle friendly, and one of the most walkable metropolitan areas in the nation. The economy in Denver is partially reliant on its connection to major transportation systems because of its geographic location. Denver is located between large western cities such as Los Angeles and San Diego and large Midwestern cities such as Chicago and St. Louis. Denver’s proximity to the Rocky Mountains makes it ideal for mining and energy companies. Denver resides in...
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...Chapter 2 1. The three main sections of this report are the introductory section, the financial section and the statistical section. 2. A) The entity’s annual report for 2007 was awarded a “certificate of achievement for excellence in financial reporting by the Government Finance Officers Association. This certificate is awarded when the reports meet in the standards of accounting and reporting of the Government Finance Officers Association. B) The key issues addressed in the letter of transmittal are; * The overview of City’s government and economic condition and economic outlook. * Major initiatives; Waller creek Tunnel Project, Zero Waste Initiative Redevelopment of Green Water Treatment Plan & Austin Climate Protection Plan. * Others; Financial Policies, Internal Controls, Budgetary Control, Cash Management, Risk Management and Pensions. * Certificate of Achievement for Excellence in Financial Reporting. * Acknowledgements 3. A) Yes, the city received an unqualified audit opinion. B) Yes, the report contains management’s discussion and analysis. The key issues are: Financial Highlights, Overview of the Financial Statements, Financial Analysis of the Government-Wide Statements, Financial Analysis of the Government’s Fund Level Statements, and Other Information. C) The report does provide reconciliation between total governmental net assets per the government-wide statement of net assets and total governmental fund balances per the...
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...Transmittal letters often accompany reports and inform readers of a report's context. Typically, the letter includes information not found in the report. For example, the letter contains information about the particular project and/or due dates. A Transmittal Letter is a business letter and should be formatted accordingly; that is, you should include the recipient's address, your address, a salutation and closing. Depending on the project, you may also need to include contact information. Always check with your instructor to determine whether or not you should attach a transmittal letter to your report. In Finance, a Letter of Transmittal is a document used by a security holder to accompany certificates surrendered in an exchange or other corporate action. A Letter of Transmittal may also be a distribution list with the recipients of a memo, report or contract. A transmittal letter accompanies a document and explains what the document is, why it should receive the reader's consideration, and what the reader should do with it. A transmittal or cover letter accompanies a larger item, usually a document. The transmittal letter provides the recipient with a specific context in which to place the larger document and simultaneously gives the sender a permanent record of having sent the material. Transmittal letters are usually brief. The first paragraph describes what is being sent and the purpose for sending it. A longer transmittal letter may summarize key elements...
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...CAFR Budget Analysis CAFR Budget Analysis At a government’s year-end, a Comprehensive Annual Financial Report (CAFR) must be completed. A CAFR consists of three parts: introduction, financial, and statistical sections and is a very detailed report of the government’s financial condition and reports on the states’ activities and funds for the past year. The state of California completed and published its CAFR for year-ending June 30, 2013 in April 2014. From this CAFR, we were able to glean a significant amount of information in regards to the state’s population, governmental structure, size of the state’s budget, how the budget interrelates to the CAFR, major industries, and other pertinent demographic information. Population In order to interpret a government’s CAFR, the reader must have knowledge about the jurisdiction the issuing government serves. Part of understanding the jurisdiction is to have knowledge about the jurisdiction’s population. For this reason, a CAFR must present basic information about population. With more than 37 million residents, the state of California is the most populous state in the United States (US) (as of Census 2010). California’s population has grown steadily at a rate of just under 1% per year since 2005. This trend is similar to that of the US overall, albeit a bit slower (Chiang, n.d.). Residents of California consistently have higher per capita income as compared to the US overall with $46,477 yearly income for...
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...COUNTY OF VENTURA CAFR ANALYSIS PA615 – Public Financial Management Instructor, All Holliman California State University, San Bernardino Carrie Harmon, Scott Perkins, Dana Cano, Veronica Pinkett-Veal, Lydia Khalil, Holly Benton June 10, 2010 Contents Executive Summary 2 Cover, Table of Contents and Formatting 3 Introduction 3 Independent Auditor’s Report 5 Management’s Discussion and Analysis 6 Basic Financial Statements 6 Government-wide Financial Statements 7 Fund Financial Statements 8 Government, Proprietary, and Fiduciary Funds – Financial Statements 10 Summary of Significant Accounting Policies (SSAP) 14 Note Disclosure (other than SSAP and pension-related disclores) 19 Required Supplementary Information (RSI) 19 Combining and Individual Fund Information and Other Supplementary Information 21 Statistical Section 22 Other Considerations 23 Executive Summary The purpose of this report is to conduct a comprehensive analysis of the County of Ventura’s Comprehensive Annual Financial Report otherwise known as the CAFR. This analysis afforded the group members an opportunity to apply concepts and theories acquired through a graduate level governmental accounting course and provided the group members with a more intimate view of local government finances. The County of Ventura was selected for three primary reasons: 1) the county is located in Southern California and can easily be compared to the County of Riverside; 2) Ventura County...
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...Annual Financial Report (CAFR) for the City of San Francisco, CA are 2010-11. The independent auditor for San Francisco’s CAFR is Macia Gini & O’Connell LLP (MGO) located at 505 14th Street in Oakland, California. The auditor states that their audit was in accordance with auditing standards generally accepted in the United States of America. Those statements require the planning and performing of the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The auditor did express unqualified opinions based on the audit and the reports of other auditors, on the respective financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information. However, the financial statements of the San Francisco International Airport, San Francisco Water Enterprise, Hetch Hetchy Water and Power, San Francisco Municipal Transportation Agency, San Francisco Wastewater Enterprise, San Francisco Market Corporation, and the Health Service System were not audited. The City of San Francisco’s organization chart contains several levels: the citizens elect a mayor and the city administrator is appointed. Also elected is the assessor/recorder, Board of Supervisors, City Attorney, District Attorney, Public Defender, Sherriff, Superior Court, and the Treasurer/Tax Collector. Furthermore, the CAFR contains a list of principal...
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...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...
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...The County of San Diego CAFR Analysis Introduction The first recorded history of San Diego started when San Diego Bay was first discovered by the Europeans in the present state of California. Native Americans tribe which is named “Kumeyaay” had been living in San Diego area for as long as 12,000 years before the Portuguese explorers discovered this area in 1542. After about 200 years, Father Junipero Serra established the first permanent European settlements in California, so that San Diego is also considered the “birthplace” of California. In 1848, San Diego became a part of the U.S. and was named San Diego County on February 18, 1850. San Diego remained a small town for decades, due to the development and establishment of Military bases, it expanded quickly after 1880. During and after World War II, the economy of San Diego grew rapidly based on the military, defense industries, tourism, international trade, and manufacturing. San Diego County is the most southwestern county in the United State, which located in the southwestern corner of the States of California. Its county seat and largest city is San Diego and it is now the 8th largest city in the United States. According to the estimation by U.S. Census Bureau, San Diego County's estimated population for January 1, 2014 was 3,194,362 people and household population is 1,076,483 (State & County Quick Facts, 2014). An increase of approximately 1.4 % comparing with the estimated 3,150,178 people in January...
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...adjustments, and reserves for future emergencies, the city ended 2011 with total assets of $900M (up 2% over the prior year) and total liabilities of $253M (down 3% over the prior year). The accounting department within the City of Clovis has received annual recognition via a Certificate of Achievement for Excellence in Financial Reporting for the preceding twenty three years. Additionally, for the July 1, 2011 budget document, the city received the Government Finance Officers Association Distinguished Budget Presentation award for proficiency in: Policy Document Inclusion, Financial Plan competence, City Operations guides, Governmental Communications. Part 1: CAFR Analysis As is the case with all full-service cities, the City of Clovis prepares an annual Comprehensive Annual Financial Report (CAFR). The CAFR is divided into major sections, as follows: * Introductory Section * Financial Section * Statistical Section * Single Audit Section The Introductory Section contains information such as the Letter of Transmittal, city Organization Chart, and the listing of principal officials. The information in this section is presented contextually...
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