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. 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...
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