2013 Broward County Comprehensive Annual Financial Report (CAFR) Assignment 2

2013 Broward County Comprehensive Annual Financial Report (CAFR)

Assignment #2

General Instructions

For this assignment, you will be reading portions of the 2013 Comprehensive Annual Financial Report (CAFR) issued by Broward County.You will be asked selected questions from the CAFR and provide interpretation/comment.

Please submit ONE WORD document containing a “signed copy” of the Huizenga School cover page and your responses to the specific requirements listed below. Please note: I print the submissions to a printer used by several people; consequently, if you submit more than one file, your submissions may get separated during printing and you may not get credit for all your work.

www.broward.org/Accounting/.../2013CAFR.pdf

This is an individual assignment. Do not collaborate with anyone else as you work on this assignment.

Specific Requirements

1) From the Statement of Net Assets and related information, please answer the following questions: (30 points)

a. What assets are included in Governmental Activities- Not-depreciable Capital Assets? Provide a breakdown by type of asset and amount.

-Constructions in Progress for an amount of 158,304,000

-Land for an amount of 408,720,000

b. What is the largest asset included in the Business-type Activities Depreciable Capital Assets? Identify the particular asset and the amount included for that asset.

-Utility Plant in Service for an amount of 1,102,690,000

-Less the Accumulated Depreciation of (431,392,000)

-Equals Net Book Value of 671,298,000

c. What percentage of Governmental Activities Net Assets are unrestricted? What percentage of Business Activities Net Assets are unrestricted? What can you learn from these percentages?

d. From the Management, Discussion and Analysis, pick 3 accounts that from the Statement of Net Assets that have changed significantly from 2010 to 2011. Identify the changes, significance (% change, etc.), and discuss contributing factors identified in the report. Hint: use MD&A plus notes.

e. Explain what is and why there is separate reporting for the component unit.

2. From the Statement of Activities, please answer the following questions: (20 points)

a. Based on Net Expense, which three Governmental Activities had the highest net expense? Identify the activities and the amounts.

b. Which Business-type Activities had Net Expense (i.e., Expenses higher than Program Revenues)? Identify the activities and the amounts.

c. What were the five largest General Revenues? Identify the revenue items and the amounts.

d. What was the amount of the Change in Net Assets for Governmental Activities?

e. From the Management, Discussion and Analysis, pick 3 accounts that from the Statement of Activitiesthat have changed significantly from 2010 to 2011. Identify the changes, significance (% change, etc.), and discuss contributing factors identified in the report. Hint: use MD&A plus notes.

3. Review the information reported in the Governmental Funds Balance Sheet and answer the following questions: (10 points)

a. What are the names of the major government funds?

b. What is accounted for in eachof the major governmental funds

c. Identify the purposes for which the General Fund fund balance is reserved and the amounts that are reserved for each purpose.

4. Review the information reported in the Reconciliation schedule and answer the following questions: (10 points)

a. What is being reconciled in this schedule and why is this reconciliation needed? Hint: to answer this question adequately, you need to discuss how the Governmental Funds Balance Sheetdiffers from theStatement of Net Assets.

b. In your own words, explain the two largest reconciling items (differences) on the Reconciliation.

5) Describe the nature and impact of the prior period adjustment? (10 points)

6) Review the information reported in the Governmental Funds Statement of Revenue, Expenditures, and Changes in Fund Balances , and answer the following questions: (10 points)

a. What are the three largest sources of revenues in the General Fund, and how much was reported for each source?

b. How much did the County expend during the year ended September 30, 2011 for Debt Service? What was the breakdown for these expenditures (e.g., how much for principal)?

7. Revenue the comparison of budgeted and actual revenue, expenditures, and changes in fund balance for the General Fund, and answer the following questions: (10 points)

a. Was actual revenue higher or lower than budgeted? What were the two largest variances (positive or negative), and what was the amount of each variance?

b. Were actual expenditures higher or lower than budgeted? What were the two largest variances (positive or negative), and what were the amounts of the variances?