Chapter 9 Examine the CAFR Assignment

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Complete the following in Exercise 9-15:

Ch. 10 Exercise: Comparative Ratios

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Ch. 9 Exercise: Examine the CAFR Utilize the CAFR obtained for 4-15 in Week 2. Complete the following in Exercise 9-15: A. Analysis of Introductory Section. Does the report contain all of the introductory material recommended by the GASB? Is the introductory material presented in such a manner that it communicates significant information effectively—do you understand what the government is telling you? On the basis of your study of the entire report, do you think the introductory material presents the information fairly? Comment on any information in the introductory section you feel is unnecessary, and explain why. Analysis of Financial Statements. B.(1)Do the statements, notes, and schedules in the financial section present the information required by the GASB? Are Total columns provided in the basic financial statements and schedules for the primary government and the reporting entity? If so, are the Total columns for the current year compared with Total columns for the prior year? C. Analysis of Statistical Section. Does the statistical section present information in the five categories defined by the GASB? What tables and schedules are presented for each category? Does the information provided in each category appear to meet the purpose of the category? Explain your response. Ch. 10 Exercise: Comparative Ratios 10-20 Comparative Ratios. The government-wide financial statements for the City of Arborland for a three-year period are presented on the following pages. • Additional information follows: o Population: Year 2017: 30,420, Year 2016: 28,291, Year 2015: 26,374. o Debt limit remained at $20,000,000 for each of the three years. Net cash from operations is generally 80 percent of total revenues each year. Required a. Which of the financial performance measures in Illustration 10-4 can be calculated for the City of Arborland based on the information that is provided? b. Calculate those ratios identified in part a for FY 2017. Show your computations. Ch. 9 Exercise: Examine the CAFR Utilize the CAFR obtained for 4-15 in Week 2. Complete the following in Exercise 9-15: A. Analysis of Introductory Section. Does the report contain all of the introductory material recommended by the GASB? Is the introductory material presented in such a manner that it communicates significant information effectively—do you understand what the government is telling you? On the basis of your study of the entire report, do you think the introductory material presents the information fairly? Comment on any information in the introductory section you feel is unnecessary, and explain why. Analysis of Financial Statements. B.(1)Do the statements, notes, and schedules in the financial section present the information required by the GASB? Are Total columns provided in the basic financial statements and schedules for the primary government and the reporting entity? If so, are the Total columns for the current year compared with Total columns for the prior year? C. Analysis of Statistical Section. Does the statistical section present information in the five categories defined by the GASB? What tables and schedules are presented for each category? Does the information provided in each category appear to meet the purpose of the category? Explain your response. Ch. 10 Exercise: Comparative Ratios 10-20 Comparative Ratios. The government-wide financial statements for the City of Arborland for a three-year period are presented on the following pages. • Additional information follows: o Population: Year 2017: 30,420, Year 2016: 28,291, Year 2015: 26,374. o Debt limit remained at $20,000,000 for each of the three years. Net cash from operations is generally 80 percent of total revenues each year. Required a. Which of the financial performance measures in Illustration 10-4 can be calculated for the City of Arborland based on the information that is provided? b. Calculate those ratios identified in part a for FY 2017. Show your computations. THE CITY OF NEW YORK NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE COMPTROLLER FOR THE FISCAL YEAR ENDED JUNE 30, 2018 SCOTT M. STRINGER Comptroller Compliments of S C OTT M. STRINGER Comptroller The City of New York Comprehensive Annual Financial Report of the Comptroller for the Fiscal Year Ended June 30, 2018 SCOTT M. STRINGER Comptroller JACQUELINE THOMPSON, CFE, CIA Deputy Comptroller for Accountancy SCOTT M. STRINGER Comptroller Comprehensive Annual Financial Report of the Comptroller of The City of New York for the Fiscal Year Ended June 30, 2018 ________________ Table of Contents PART I INTRODUCTORY SECTION Comptroller’s Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certificate of Achievement for Excellence in Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Government of The City of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Principal Officials of The City of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii xxxv xxxvi xxxviii PART II FINANCIAL SECTION Report of Independent Certified Public Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management’s Discussion and Analysis (UNAUDITED) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9 PART II-A BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements: Statement of Net Position—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Net Position—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Activities—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Activities—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fund Financial Statements: Governmental Funds—Balance Sheet—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governmental Funds—Balance Sheet—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position— June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position— June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governmental Funds—Statement of Revenues, Expenditures, and Changes in Fund Balances— for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governmental Funds—Statement of Revenues, Expenditures, and Changes in Fund Balances— for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . General Fund—Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General Fund—Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Net Position—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Net Position—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Revenues, Expenses and Change in Net Position— for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Revenues, Expenses and Change in Net Position— for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Cash Flow—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . Proprietary Funds—Statement of Cash Flow—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . Fiduciary Funds—Statement of Fiduciary Net Position—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 60 62 Fiduciary Funds—Statement of Fiduciary Net Position—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fiduciary Funds—Statement of Changes in Fiduciary Net Position—for the year ended June 30, 2018 . . . . . . . Fiduciary Funds—Statement of Changes in Fiduciary Net Position—for the year ended June 30, 2017 . . . . . . . Component Units—Statement of Net Position—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Component Units—Statement of Net Position—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Component Units—Statement of Activities—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . Component Units—Statement of Activities—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . Notes to Financial Statements: A. Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Reporting Entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Basis of Presentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Basis of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Cash and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Restricted Cash and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Vacation and Sick Leave . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. Judgments and Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Long-Term Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. Derivative Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. Real Estate Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. Other Taxes and Other Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. Federal, State, and Other Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. Bond Discounts, Premiums and Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. Intra-Entity Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. Subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. Deferred Outflows and Inflows of Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20. Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21. Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22. Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23. Estimates and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Reconciliation of Government-Wide and Fund Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Stewardship, Compliance and Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Budgets and Financial Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Deficit Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D. Detailed Notes on All Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Deposits and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Service Concession Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Long-Term Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Interfund Receivables, Payables and Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Tax Abatements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Audit Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Subsequent Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Other Employee Benefit Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi 63 64 65 66 67 68 69 70 70 76 78 78 79 79 79 79 79 80 80 80 82 83 83 83 83 84 84 84 86 86 86 87 87 87 87 88 88 94 97 98 99 108 110 116 116 116 117 117 127 PART II-B REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) A. Schedule of Changes in the City’s Net Pension Liability and Related Ratios for Single-Employer Pension Plans at June 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Schedule of the City’s Proportionate Share of the Net Pension Liabilities of Cost-Sharing Multiple-Employer Pension Plans at June 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Schedule of City Contributions for All Pension Plans for the Fiscal Years ended June 30, . . . . . . . . . . . . . . D. Schedule of the Net OPEB Liability at June 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 144 145 149 PART II-C SUPPLEMENTARY INFORMATION COMBINING FINANCIAL INFORMATION—GOVERNMENTAL FUNDS Nonmajor Governmental Funds—Combining Balance Sheet—June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonmajor Governmental Funds—Combining Balance Sheet—June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonmajor Governmental Funds—Combining Statement of Revenues, Expenditures, and Changes in Fund Balances—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonmajor Governmental Funds—Combining Statement of Revenues, Expenditures, and Changes in Fund Balances—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule NGF1—Nonmajor Capital Projects Funds—Combining Balance Sheet Schedule—June 30, 2018 . . . . . Schedule NGF2—Nonmajor Capital Projects Funds—Combining Balance Sheet Schedule—June 30, 2017 . . . . . Schedule NGF3—Nonmajor Capital Projects Funds—Combining Schedule of Revenues, Expenditures and Changes in Fund Balances—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule NGF4—Nonmajor Capital Projects Funds—Combining Schedule of Revenues, Expenditures and Changes in Fund Balances—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule NGF5—Nonmajor Debt Service Funds—Combining Balance Sheet Schedule—June 30, 2018 . . . . . . . . Schedule NGF6—Nonmajor Debt Service Funds—Combining Balance Sheet Schedule—June 30, 2017 . . . . . . . . Schedule NGF7—Nonmajor Debt Service Funds—Combining Schedule of Revenues, Expenditures and Changes in Fund Balances—for the year ended June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule NGF8—Nonmajor Debt Service Funds—Combining Schedule of Revenues, Expenditures and Changes in Fund Balances—for the year ended June 30, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule NGF9—Non ...
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Tutor Answer

Super_Teach12
School: University of Virginia

Hi, I am back :). Here is your assignment :)

1

Ch. 10 Exercise: Comparative Ratios
Name
University
April 14, 2019

2

A. The financial performance measures in Illustration 10-4
The performance measures that are shown in the illustration are using data from the basic
financial statements. This includes the government wide financial statements as well as the fund
financial statements. The measures that can be calculated from the government wide financial
statements are:

1. Unrestricted net position
2. Capital asset condition
3. Debt to assets
4. Current ratio
5. Quick ratio
6. Change in net position
7. Inter-period equity
8. Business type activities self sufficiency
9. Revenue dispersion

3

B. Calculation of ratios identified in part a for FY 2017

City of Arborland
Government-wide Financial Performance Measures

2017 Calculations

2017

2016

2015

($ or % or number of times)
1.

unrestricted net
position

Governmental activities:
4,597

17%

14%

13%

68%

51%

85%

40%

44%

50%

23%

40%

50%

20,302+3,860+1,886+495
Business-type activities:
3,546
5,218+7

2.

Capital asset

Governmental activities:

condition (% of

15,039

useful life left in

(37,183+37,600)/2

depreciable
capital assets)

Business-type activities:
3...

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