Week 1 week 3 CAFR Homework questions its referring to in the assignment syllabus. If this isnt helpful please reference the Comprehensive Financial Report That is attached Week 1 Questions & Answers Review the Comprehensive Annual Financial Report (CAFR) that you obtained. What are three main sections of the report? Introduction section, financial section, statistical section 2. Review the introductory section of the CAFR. a. Was the entitys annual report of the previous year awarded a certificate of achievement for excellence in financial reporting
View complete question Week 1 week 3 CAFR Homework questions its referring to in the assignment syllabus. If this isnt helpful please reference the Comprehensive Financial Report That is attached Week 1 Questions & Answers Review the Comprehensive Annual Financial Report (CAFR) that you obtained. What are three main sections of the report? Introduction section, financial section, statistical section 2. Review the introductory section of the CAFR. a. Was the entitys annual report of the previous year awarded a certificate of achievement for excellence in financial reporting by the Government Finance Officers Association? What is the significance of this award? Yes, it was rewarded a certificate of achievement for excellence in financial reporting for the previous year. The significance of this award is for its comprehensive financial report for the year 2018. b. What are the key issues addressed in the letter of transmittal? The key issues addressed in the letter of transmittal is the city is currently a defendant in several lawsuits claiming of refunds of taxes previously paid to the city, and interest on those claims refunds. A total adverse ruling in these cases could have a material impact on the citys financial condition. Review the financial section. Which, if any, independent audit firm performed an audit of the CAFR? Carr, Riggs, and Ingram LLC. Did the entity receive an unqualified audit opinion? If not, why not? No, they did not. They did not receive unqualified because the financial statements are presented fairly according to the auditors opinion. c. Does the report contain managements discussion and analysis (MD&A)? If so, what are the key issues addressed? Yes it contains a managements discussion and analysis the key issues are in conjunction with the letter of transmittal. d. Does the report provide a reconciliation between total governmental net position per the government-wide statement of net position and total governmental fund balances per the governmental funds balance sheet? If so, what are the main reconciling items? Yes, governmental funds, proprietary funds, fiduciary funds, governmental funds. e. What are the major governmental funds maintained by the entity? Does the entitys fund structure conform to its organizational structure? General Fund, Birmingham Fund, Debt Reserve Fund, Grants Fund. Yes it conforms to its organizational structure. f. Does the report include required supplementary information? If so, what are the main areas addressed? Yes retirement and relief system, health department employees, firemans and policemen supplemental pension system, and unclassified employees pension & relief system. g. Does the report include combining statements? If so, what is the nature of these statements? Yes, it is to provide an overview of changes in fiduciary net positions. h. Does the report include other supplemental information? If so, what types of information are in this section of the report? Yes, its financial statements on non-major governmental funds. 4. Review the statistical section. a. What is the population of the entity being reported on? 209,880 b. Who is the entitys major employer? University of Alabama at Birmingham What types of information are included in the statistical section? Statistical data about the region and its overall financial well-being. Week 2 Homework Questions & Answers Review the Comprehensive Annual Financial Report (CAFR) that you obtained. 1.In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds? Financial section/supplementary information section. Which accounting basis did the City follow to prepare its annual operating budget? Budgetary basis Are the actual amounts on a GAAP or a budgetary basis? Do the statements include a reconciliation of any differences between GAAP and budgetary amounts? If so, what are the largest reconciled items? The amounts are on a budget-to-GAAP budgetary basis. The largest reconciled amounts are general fund and special revenue amounts. Are the reported variances based on the original budget or the year-end amended budget? Year-end budget 2. Does the CAFR include budget-to-actual comparisons of nonmajor funds? If so, in what section? Yes; financial section/ other supplementary information 3. Does the government encumber goods or services that have been ordered but have not yet been received? How, if at all, are encumbrances rejected on the governmental fund balance sheet? How, if at all, are they rejected on the government-wide statement of net position? Yes; the government encumbers goods or services that have been ordered but not yet received. These encumbrances are reflected on the governmental fund balance sheet as reserves under general fund. They are not reflected on the government-wide statement of net position. 4. Do encumbrances that remain outstanding at year-end lapse? That is, do the amounts that will be expended in the following year, when the goods or services are received, have to be rebudgeted in the following year? How can you tell? Yes, encumbrances that remains outstanding at year-end lapse. Yes, the amounts have to be re-budgeted in the following year. This can be said because the prior year encumbrances got re-appropriated on the balance sheet as a prior year expense. Week 3 Homework Questions & Answers Review the Comprehensive Annual Financial Report (CAFR) that you obtained. What are the main sources of the government's revenues, including those from both governmental and business_type activities? a)Tax:This is the tax that the government collects in the form of corporation tax, personal income tax, etc. It is compulsory contribution to the government b)Fees:Fee is a payment to Provide money to pay cost of each recurring service undertaken by the government. c)License Fee:A license fee is payment to the government authority paid to confer a permission or a privilege. d)Gifts and grants:Gifts are voluntary contribution by general public donors to the government specific fund such as relief fund, defense fund etc. e)Borrowings:Borrowing from general public is another source of revenue for government such as loans in form deposits, bonds etc. How are revenues from property taxes accounted for, i.e., as a single amount, or in multiple categories? Identify the various categories and indicate the percentage breakdown (e.g., residential property taxes are 50 percent of the total property tax revenues). Revenues from property taxes accounted in multiple categories – As the government receives revenue under property tax in various heads such as, Taxes on Vacant property, Taxes on Residential property, Taxes on Commercial property, Taxes on Industrial property, Taxes on Agricultural property, Taxes on Personal property, Taxes on State assessed property. percentage break down Residential property – Comprises approximate 42% of total property tax revenue Commercial property – Comprises approximate 44% of total property tax revenue Personal property – Comprises approximate 5% of total property tax revenue State assessed property – Comprises approximate 6% of total property tax revenue Which of the entity's governmental functions or activities had the greatest amount of directly identifiable revenues? Entity's governmental functions or activities had the greatest amount of directly identifiable revenues – Sales and use Tax – Comprises approximate 52% of total revenue and Public Safety – Comprises approximate 24% of total revenue. Does the report discuss the accounting basis for recognizing revenues? Revenue and expenses should be recognized when they are earned or incurred, regardless of when cash actually is deposited or received and expenses are only recorded when incurred. Since CAFR follow USGAAP and as per USGAAP basis for recognizing revenues is Accrual Basis of Accounting. Does the government's government_wide statement of net position or governmental_fund balance sheet report deferred revenue (or deferred inflows of resources)? If so, what is the most likely reason this amount has been deferred? There is a statement of deferred inflows of resources and this is most likely due to property taxes not being paid in the current fiscal year but as an overflow into the following year. What is the government's property tax rate? 0.656% At what percentage of fair market value is real property assessed? 7% When are property taxes due? When do interest and penalties begin to accrue? October 1 and delinquent December 31 By what percentage did each of the three largest sources of tax revenue increase over the last ten years? By 3% Did the government generate revenue from traffic fines? As best you can tell, are these revenues reported in the government_wide statements as program revenues (e.g., associated with police or public safety) or as general revenues? Yes; government-wide statements What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain. $680, 984, no only for governmental related activities. Were there any tax abatements disclosed for the year? If so, provide a brief description and the gross amount of taxes that were reduced during the reporting period. No
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