90.2K

Verified Solution

Link Copied!

Utilizing the CAFR obtained for City of Jackson in MS, reviewthe governmental fund financial statements and related data andgovernment-wide financial statements. Note particularly theseitems:

1. Statement of Activities at the Government-wide Level. What isthe most costly governmental function or program operated by thegovernment? Do any of the functions/programs have net revenue? Howmuch of the cost of governmental activities was borne by taxpayersin the form of general revenues? Did the entity increase ordecrease its governmental activities unrestricted net position thisyear? Did the entity increase or decrease its business-typeactivities unrestricted net position this year?
2. Statement of Revenues, Expenditures, and Changes in FundBalances for Governmental Funds.
   1. Revenues. What system of classification of revenues isused in the governmental fund financial statements? List the threemost important sources of General Fund revenues and the mostimportant source of revenue for each major governmental fund. Doesthe reporting entity depend on any single source for as much asone-third of its General Fund revenues? What proportion of revenuesis derived from property taxes? Do the notes clearly indicaterecognition criteria for primary revenue sources?

Are charts, graphs, or tables includedin the statistical section of the CAFR that show the changes overtime in reliance on each revenue source? What have been the trendsin revenue sources over time?

2. Expenditures. What level of classification ofexpenditures is used in the governmental fund financial statements(e.g., fund, function or program, organization unit, activity,character, object)? List the three largest categories of GeneralFund expenditures; list the largest category of expenditure of eachmajor governmental fund.

Are charts, tables, or graphspresented in the statistical section of the CAFR to show the trendof General Fund expenditures, by category, for a period of 10years? What has been the trend in expenditure categories? How doesthe trend in expenditures compare to the trend in revenues? Isexpenditure data related to nonfinancial measures such aspopulation of the government or workload statistics (e.g., tons ofsolid waste removed or number of miles of street constructed)?

2. 3. Other Financing Sources (Uses). Are other financingsources and uses reported in a separate section of the statement ofrevenues, expenditures, and changes in fund balances, below therevenues and expenditures sections? Do the line items indicate thenature of each financing source or use?
   4. Special or Extraordinary Items. Are any special orextraordinary items listed? What note disclosures are provided tohelp explain the items?
3. Budgetary Comparison Schedule or Statement. Does the governmentpresent budgetary comparisons as a basic governmental fundfinancial statement or as required supplementary information (RSI)immediately following the notes to the financial statements? Is thebudgetary comparison title a schedule rather than astatement? Does the budgetary comparison present theoriginal budget and the final amended budget? Does the budgetaryschedule present actual data using the budgetary basis ofaccounting? Has the government presented one or more variancecolumns? Does the CAFR indicate that budgetary reporting practicesdiffer from GAAP reporting practices? If so, does it explain howthe practices differ?