Governmental Accounting What Are the Data Analysis Chapter

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The report reflects the actual figures. Variance columns are presented in comparing the actual with the revised budget. There is reconciliation between the budgetary basis and GAAP are presented on the comparison schedule. The major differences are in how they are reported. There are budgetary comparison schedules provided for reserve funds. All special reserves are included. ("Comprehensive Annual Financial Report," 2012)

3C. Look at the note that describes the basis of budgeting (usually in the Summary of Significant Accounting Policies). Is the budget prepared on the GAAP basis or some other basis? Are the differences, if any, between the budgetary basis and GAAP clearly explained? Does the note indicate that encumbrance accounting is used?

The budget is prepared on a GAAP basis. The differences between the two are clearly explained in the approaches. It is indicating that encumbrance accounting is not used. ("Comprehensive Annual Financial Report," 2012)

4A. Look at the General Fund column of the Balance Sheet for governmental funds. What are the major assets? Liabilities? What reserves have been established for fund balances? Are any designations shown? Are taxes receivable offset by Deferred Revenues? Are the amounts the same? (if so, this would indicate cash accounting for property taxes.)

The major assets are cash, investments and joint ventures. The liabilities are payroll and bonds. There are no reserves which have been established for the fund balances. There are no designations shown. The taxes are offset by deferred revenues. These amounts are not the same and will vary between the different categories. ("Comprehensive Annual Financial Report," 2012)

4B. Look at the General Fund column of the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. Prepare a schedule showing percentages of revenues by source. Prepare a schedule showing percentages of expenditures by function.

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Does your government have significant transfers in or out? Can you identify the fund that provides or receives these resources? Does your government have any other financing sources or uses? Special and/or extraordinary items?

The percentage of revenues by source include: property 8.7%, transaction privilege 29.5% and state revenue sharing of 4.3%. The percentages of expenditures by function include: public safety 44.8%, administrative services 21.7% and community / economic development 11.2%. The general fund is providing these resources. There are other sources of financing from grants that received by the state and federal government. There are no special or extraordinary items. ("Comprehensive Annual Financial Report," 2012)

4C. Does your government report any special revenue funds as major funds in the governmental fund statements? What are they? What are the major revenue sources? Expenditure functions?

No, the government does not report any special revenue funds. Instead, they are receiving grants. This helps to offset the expenditures in different areas such as public safety. ("Comprehensive Annual Financial Report," 2012)

4D. Review the notes to the financial statements to determine the measurement focus and basis of accounting used to prepare the governmental fund financial statements. Do the notes describe modified accrual accounting in a manner consistent with this book? Which revenue sources are subject to accrual? Are expenditures generally recognized when goods and services are received? Which specific modifications to accrual accounting are mentioned in the notes?

The notes are describing modified accrual that is consistent with the book. The revenue sources which are subject to this standard include property taxes and funds received from intergovernmental sources. The expenditures are recognized when goods and services are received. There are no modifications mentioned in the notes. ("Comprehensive Annual Financial Report," 2012)

4E. Look at the General Fund column.....

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