Tammy Kreiser, Week 6 writing assignment help
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THIS IS ONLY AN INTERPRETATION, FIVE SENTENCES AND A QUESTION IS ALL I NEED. TELL ME YOUR THOUGHTS, HAVE REFERENCES
A
budget is a plan for a future fiscal period, typically a year, primarily
showing how tax revenue will be allocated; a CAFR contains the actual
results of the prior year’s financial activities. I selected the
Comprehensive Annual Financial Report (CAFR) of the City of Harrisburg,
which is the capital of Pennsylvania. This CAFR is from Fiscal Year 2015
this was the newest one available. The city of Harrisburg has been
known for corrupt financials and over spending, and Mayor’s accused of
buying unnecessary items for the local museums. The CAFR consists of
three sections: Introductory, Financial and Statistical.
The introductory goes over the
report, and explains who is responsible of preparing the report. It
states who the audited the financial statements and their credentials.
The profile of the government is also detailed in this section along
with the budgeting controls and the compliance and legal provisions that
embodied in the financial statements. A description of the City’s cash
management, risk management and another category.
The financial section discusses the
analysis of all the net positions with changes, statement of activities,
balance sheets, assets, revenues, liabilities, long-term debt,
expenses, cash flows, city contributions, and a budget comparison
schedule. The amount of taxes we have to pay to live in this city and to
work here is increasing every year due to past officials who couldn’t
stick with their budget. The city’s financial analysis in the CAFR shows
only activity from 2014 & 2015 you can identify the big difference
when new officials were placed in Harrisburg. I never voted for local
elections until 2016 and this CAFR is a great tool to see what is really
being spent in this city. The new Mayor is on this new CAFR and you can
see the difference in the financial statements just form the first year
here was elected. The revenue has increased by the increase of meters
in the city and the amount of businesses that have opened up since the
new Mayor has been elected. These are important visuals for the locals
and constituents. The Budgetary Comparison Schedule was quite impressive
shows me to balance even a local budget like a City is quite difficult.
Resource: Genito, M., Back to
Basics: An Overview of Governmental Accounting and Financial Reporting,
(2013, February), Retrieved Article 7/3/2017
http://www.gfoa.org/sites/default/files/GFR_FEB_13…
Website: 2015 Comprehensive Annual
Financial Report Harrisburg City, Harrisburg City Controller, Link
Retrieved 7/3/2017:
http://harrisburgcitycontroller.com/wp-content/upl…
Thanks
Tammy
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