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ACC 665 Final Project Submission.docx - 1 Final Project...

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1Final Project SubmissionI. Governmental OrganizationA. Financial ReportsHome to over 95,00 residents, the City of Erie is the fourth largest city in Pennsylvaniaand sits on the southern shore of Lake Erie. The City of Erie is a Mayoral-Council form ofgovernment, with elected mayors serving four-year terms in an executive capacity and a seven-member council elected by the City serving in a legislative capacity. The City Controller andCity Treasurer are additional elected positions. The Controller primarily “examines the City’ssystem of accounts and assures the validity of financial activity” while the Treasurer deals with“proper receipt and accounting of all funds owed to the City” [ CITATION The191 \l 1033 ].The most recently available Comprehensive Annual Financial Report (CAFR) for 2019 iscomprised of a letter from the mayor, an organizational chart, the independent auditor’s report,management’s discussion and analysis, and fourteen financial statements categorized bygovernment-wide financial statements and fund financial statements. Government-wide financialstatements include the statement of net position, a reconciliation of the balance sheet to thestatement of net position, and a statement of activities. Fund financial statements have theremaining eleven statements. For government funds, there is a balance sheet, statement ofrevenues, expenditures, and changes in fund balances, and a reconciliation of that statement tothe statement of activities. For proprietary funds, there is a statement of net position, statement ofrevenues, expenses, and changes in net position, and a statement of cash flows. These arefollowed by a statement of fiduciary net position and a statement of changes in fiduciary netposition. Similarly, component units have a statement of net position, statement of activities, and
2statement of cash flows. Notes to the financial statements are followed by required and othersupplementary information, such as schedules of changes and contributions, and combiningfinancial statements. The report finishes with statistical information regarding financialinformation and demographic information like population, education level, median income, andmedian age.
3B. StandardsGASB requires that a government’s accounting structure allows for fair presentation andfull disclosure of government activities and funds pursuant to GAAP, and the full compliancewith legal and contractual provisions as they relate to finance.Under GASB 1200.102, thecodification allows for comparability among federal and local governments through compliancewith GAAP. Standards are set for CAFRs, management discussion and analysis, and otherrequired supplementary information. GASB 2200.102 states the minimum financial reportingrequirements: “Management's discussion and analysis, basic financial statements aregovernment-wide financial statements with separate columns for the governmental and business-type activities of the primary government as well as for its component units, fund financial

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Term
Summer
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles, Comprehensive annual financial report, ASPCA

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