12 Jul WHICH OF THE ENTITYS GOVERNMENTAL FUNCTIONS OR ACTIVITIES HAD THE GREATEST AMOUNT OF DIRECTLY IDENTIFIABLE REVENUES?
Citizen centric report/comprehensive annual financial report on the city of Glendale Arizona
Project description
You have an 8 slide minimum excluding the title page and the works cited. As an alternative you may wish to create a Citizen Centric Report (CCR).
Make sure these questions are answered.
The ppt is on the city of Glendale Arizona and the website is www.glendaleaz.com.
what are three main sections of the report?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 the financial reporting by the Government finance Officers Association? what is the significance of this award?B) What are the key issues addressed in the letter of transmittal? Review the financial section . a) which if any independent audit firm performed an audit of the CAFR?Did the entity receive an unqualified audit opinion? if not why not? Does the report contain managements discussion and analysiss (MD&A). If so what are the key issues addressed?Does the report provides a reconciliation between total governmental net position per government-wide statement of the net position and total governmental fund balance sheet? if s what are the main reconciling items? What are the major governmental funds maintained by the entity? Does the entitys fund structure conform to its organizational structure?Does the report include required supplementary information?If so what are the main ares addressed?Does the report include combining statements?If so what is the nature of these statements? does the report include other supplemental information? if so what types of information are in this section of the report? Review the statistical section. A) What is the population of the city of Glendale Arizona? Who is the entitys major employer? What types of information are included in the statistical section?
in which section of the CAFR are the buget-to-actual comparisons of the major funds?Which accounting basis did the city follow to prepare its annual operating budget?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? are the reported variances based on the original budget or the year-end amended budget? Does the CAFR include budget-to-actual comparisons of non major funds? if so in what section?Does the government encumber goods or services that have been ordered but have not yet been received? How if at all are encumber antes reflected on the governmental fund balance sheet? How if at all are they reflected on the government-wide statement of net position (assets)? Do encumber antes that remain outstanding at year-end lapse? that is do the amounts that will be expanded in the following year when the goods or services are received have to be rebudgeted in the following year? How can you tell?
What are the main sources of the government s revenues including those from both governmental and business-type activities? 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 revenues).Which of the entitys governmental functions or activities had the greatest amount of directly identifiable revenues?Does the report discuss the accounting basis for recognizing revenues?Does the governments 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? What is the governments property tax rate?At what percentage of fair market value is real property assessed?When are property taxes due? when do interest and penalties begin to accrue? By what percentage did each of the three largest sources of tax revenue increase over the last ten years?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?What is the total fund balance in he general fund?Can this amount be appropriated and spent for any purpose? explain.
how does the government classify its governmental expenditures by function or by object? Are the classifications approximately the same in both the government-wide and the fund statements?What was the citys largest expenditure for fiscal year 2011?By how much did this increase or decrease since FY 2010?Sins FY 2005 ( see statistical section)?Can you draw any inferences from this comparison as to the efficiency and effectiveness of the city in providing this service?If not what other information would you need to make such a judgment? What are the major differences in expenditures/expenses (I.e. reconciling items) as they are reported in the governmental fund and the government-wide statements?On what basis does the government account for its inventories (purchases or consumption)?Does the city maintain a fund balance non spendable amount for inventories?On what basis does it account for insurance or other prepaid items in its governmental funds?How can you tell?To and from which funds or component units have there been general fund transfers?Explain the nature of any governmental fund balance sheet classifications related to expenditures. Does the entity report depreciation as an expense in its government-wide statements?If not why not? What types of other financing sources and uses does the governmental entity report in the general fund?What effect do these items have on the net change in fund balance for the year?
how many capital projects funds does the government maintain?How can you tell? Are any of these major funds?If so for what purposes are they maintained? how many debt service funds does the government maintain? How can you tell?Are any of these major funds?If so for what types of obligations are they maintained? How are the capital projects and debt service funds reported in the government-wide statement of net position?Select one of the more recently established (and larger) capital projects funds (a major fund if there is one).a) From where did the fund receive most of its resources? did the city acquire or construct new capital assets using resources of this fund?If so in what amount?Does this fund have any long-term debts associated with it?If so does the government maintain a debt services fund to account for the resources to service the debt?Did the government issue additional long-term debt to support governmental activities?Did it engage in any in-substance defeasances?What amount does the city report on its governmental funds statements as special assessment receivable?What amount does the city report as revenues from special assessments?Do you think the city will have a significant problem in collecting the special assessments?Explain.
What are the principal clauses of capital assets associated with governmental activities that the city reports in its financial statements?What was the total amount of capital assets used in governmental activities added during the year?What was the amount retained?What is the citys threshold policy on capitalizing general capital assets and intangible assets?How much depreciation did the government charge in its government-wide statements on capital assets used in governmental activities?Did the government capitalize infrastructure assets acquired during the year?Did it capitalize such assets acquired in prior years?Did the government capitalize collections of art or historical treasures?Did it depreciate such collections?Judging from the disclosures pertaining to investments does the entity have any investments that appear to be especially risky. in your judgment to which risk (e.g. Credit risk interest rate risk foreign currency risk) is the exposure of the entity the greatest?Does the government own any unusual securities such as derivativ
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