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City of Poway

In: Business and Management

Submitted By jopepe
Words 3726
Pages 15
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Table of Contents

Introduction…………….…………………………………….…………………3

City of Poway- Overview………..……………………………………………...4

Part 1- Budget Analysis…………..………………………………………….....5

Budget Analysis-General Fund...………………………………………….……8

Budget Analysis- Community Services Department……..………….………...10

Part 2- CAFR Analysis……………………………………………………........13

CAFR & Budget Comparison………………………………………………….16

Conclusion……………………………………………………………………..20

References……………………………………………………………………..21

Introduction

In a season of major economic crisis, the municipal sector is facing financial pressures similar to that of large corporations. Many cash-strapped cities have fallen victim to the raging economic downturn. As a result, an instinctive recourse has become one of survival. As budgetary spending is put to the knife, the priority becomes: safeguard cash, cut spending, and minimize costs as much as possible. The municipal sector will collectively face a $56 billion to $83 billion budget gap through 2012, due to declining tax revenues, cuts in state services, and increased service demands, according to the National League of Cities [this is a great intro, putting the city in context; would be good to have a citation here and include the source in the references]. State and local governments face serious trouble because of the recession. A renewed focus will need to be placed towards value optimization even in the face of budgetary restrictions. The city should ask,” How best can we deliver value to our communities now that our budget has been cut.” With this major concern in focus, the following pages will examine and analyze the Fiscal Year 2008-09 Comprehensive Annual Financial Report (CAFR) and Budget for the City of Poway. The current state of the economy brings a heightened need for...

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