AC450 Unit9 Discussion - Topic Comprehensive Annual...

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Topic: Comprehensive Annual Financial Report (CAFR) State and local governments are accountable to much more than private investors. They are accountable to the community as a whole. Communities are required to publish a comprehensive annual financial report (CAFR). Please locate a state or local government’s comprehensive annual financial report (CAFR) and answer the following questions: How does the CAFR compare to a traditional for-profit business? In a traditional model, for-profit companies strive to maximize returns for investors, while nonprofit organizations serve the public good. What are the major sources of revenue? The major sources of revenue for Illinois in 2014 were Income Taxes, Operating Grants and Contributions, and lastly Sales Taxes. What are the major expenditures?
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Unformatted text preview: The major expenditures were Health and Social Services, Education, and Intergovernmental. Do you feel that this entity is healthy? Ha! No, Illinois is far from healthy. According to George Mason University Illinois is ranked 50 th in terms of financial standing (2015). What are some areas of improvement? The state as a whole needs improvement. This would more than likely mean raising sales taxes, but who really wants that? Mertcus CenTer. (2015). Ranking The STaTes by Fiscal Conditon. ReTrieved from h±p://mercaTus.org/sTaTe²scalrankings Munger, Leslie. (2014). Comprehensive Annual Financial ReporT. ReTrieved from h±p://ledger.illinoiscompTroller.com/index.cfm/²nd-one-of-The-compTrollers-reporTs/comprehensive-annual-²nancial-reporT-cafr/...
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