City of Austin

In: Business and Management

Submitted By zmarner
Words 531
Pages 3
Week 3 Questions

1. There are three main sections of this report which are titles the introductory, financial, and statistical sections.
2. A) Their annual report for 2007 was awarded a “certificate of achievement for excellence in financial reporting by the Government Finance Officers Association. This certificate is awarded when the reports meet in the standards of accounting and reporting of the Government Finance Officers Association.
B) The key issues addressed in the letter of transmittal are; -The overview of City’s government and economic condition and economic outlook. -Major initiatives; Waller creek Tunnel Project, Zero Waste Initiative Redevelopment of Green Water Treatment Plan & Austin Climate Protection Plan. -Others; Financial Policies, Internal Controls, Budgetary Control, Cash Management, Risk Management and Pensions. -Certificate of Achievement for Excellence in Financial Reporting. -Acknowledgements 3. A) Yes, the city received an unqualified audit opinion.
B) Yes, the report contains management’s discussion and analysis. The key issues are: Financial Highlights, Overview of the Financial Statements, Financial Analysis of the Government-Wide Statements, Financial Analysis of the Government’s Fund Level Statements, and Other Information.
C) The report does provide reconciliation between total governmental net assets per the government-wide statement of net assets and total governmental fund balances per the governmental fun balance sheet. The main reconciliation items are; capital assets that are capitalized on the government-wide statements but are not reported in the funds, Other long-term assets reported on the government-wide statements but not on the funds statement, internal service fund assets and liabilities reported on the government-wide statements but not on the funds statements and long-term liabilities…...

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