50.1K

Verified Solution

Link Copied!

Review the Annual Comprehensive Financial Report $($ACFR$)$ that you obtained. $($Austin$,$ TX $2020)$

$1.$ What are the main sources of the government's revenues, including those from both governmental and business$$type activities?

$2.$ 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$).$

$3.$ Which of the entity's governmental functions or activities had the greatest amount of directly identifiable revenues?

$4.$ Does the report discuss the accounting basis for recognizing revenues?

$5.$ Does the government's government$$wide statement of net position or governmental$$fund balance sheet report deferred inflows of resources? If so$,$ what is the most likely reason this amount has been deferred?

$6.$ What is the government's property tax rate?

$7.$ At what percentage of fair value is real property assessed?

$8.$ When are property taxes due? When do interest and penalties begin to accrue?

$9.$ By what percentage did each of the three largest sources of tax revenue increase over the last $10$ years?

$10.$ 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?

$11.$ What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain.

$12.$ 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.

$13.$ Did the government receive any funding for SNAP or any other Federal programs? Explain with details.

Answer & Explanation Solved by verified expert

See Answer