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Governmental Accounting Project

In: Business and Management

Submitted By nairb72
Words 2742
Pages 11
The City of Clovis, California
ACC 640M
[Redacted]
April 30, 2012

Introduction

Welcome to the City of Clovis. Celebrating 100 years, Clovis was founded in 1912 and is located in Fresno County; near the center of California in the heart of the agricultural-rich San Joaquin Valley. Residents of the city enjoy a lower-than-average unemployment rate of 9.1% (compared to the 2011 Fresno County average of 16% and businesses within the city are poised to take advantage of the area’s highest per-capita taxable spending.
Clovis is a full-service city and has been operating with a budget surplus for greater than ten fiscal years. Through a combination of appropriate spending controls, fee and tax level 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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