CAFR Discussion Post – Fund Accounting


We’ll continue using the 2020 Comprehensive Annual Financial Report (CAFR) from the City of New York for the discussions this term. You may view online without downloading as it is a bit lengthy. The link is:

Comprehensive Annual Financial Reports (Annual Report)

(Links to an external site.)

For this discussion the initial posts are due for everyone by Sunday of the first week the discussion is available. The reply posts will be due the second week.

Examine the CAFR . utilizing the CAFR obtained for exercise 1-17 in chapter 1 review the governmental fund financial statement and related date and government wide financial statements. Noe particularly these items:

a.     Statement of activities at the government wide level. What is the most costly governmental function or program operated by the government? Do any of the functions/program have net revenue? Did the entity increase or decrease its governmental activities unrestricted net position this year? Did the entity increase or decrease its business type activities unrestricted net position this year?

b.     Statement of Revenues expenditures, and changes in fund balances for governmental funds.

1.     Revenue. What system of classification of revenues is used in the governmental fund financial statements? List the three most important sources of General Fund revenues and the most important source of revenue for major governmental fund. Does the reporting entity depend on any single source for as mush as one-third of its general fund revenues? What proportion of revenues is derived from property taxes? Do the notes clearly indicate recognition criteria for primary revenue sources?

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

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

Are charts, tables or graphs presented in the statistical section of the CAFR to show the trend of General Fund expenditures, by category, for a period of 10 years? What has been the rend in expenditure categories? How does the trend in expenditure date related to nonfinancial measures such as population of the government or workload statistics (e.g., tons of solid waste removed or number of miles of street contracted)?

3.     Other Financing Sources (Uses). Are other financing sources and uses reported in a separate section of the statement of revenues, expenditures, and changes in fund balances, below the revenues and expenditures sections? Do the line items indicate the nature of each financing source or use?

4.     Special or Extraordinary Items. Are any special or extraordinary items listed? What note disclosure are provided to help explain the items?

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