ACCT 424 CAFR and CFR Reports.docx - 1 CAFR and CCR Reports CAFR and CCR Project The City of Baltimore Analysis of its CAFR and CCR Reports ACCT 424

ACCT 424 CAFR and CFR Reports.docx - 1 CAFR and CCR Reports...

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1 CAFR and CCR Reports CAFR and CCR Project The City of Baltimore Analysis of its CAFR and CCR Reports ACCT 424 6380 Advanced Accounting (2182) February 12, 2018
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2 CAFR and CCR Reports Introduction The City of Baltimore is a body corporate and politic of the State of Maryland, which is governed by an elected Mayor, Comptroller and a City Council. It became a charter form of government in1797 and had home rule powers in 1918 and is responsible for performing all local governmental functions as well as providing a full range of municipal services such as public safety, water, stormwater utilities, sanitation, health and human services and educational services which are paid for from revenue received from local, state or federal sources. (City of Baltimore, 2018). To provide a better understanding of how the City’s revenue and costs are maintained, a Comprehensive Annual Financial Report as well as a Citizen Centric Report are necessary to show an analysis of the financial activities of the City to both its users and its citizens. Review of the Sections and Users of a Comprehensive Annual Financial Report and a Citizen Centric Reports A Comprehensive Annual Financial Report (CAFR) is a complete set of financial statements which are presented in compliance with generally accepted accounting principles (GAAP), with the purpose of providing specific information to the different groups that use the financial report and are required by state law to be published within four months of the close of each year (City of Baltimore, 2018). The information needs of the users of the CAFR, who can be both internal and external, vary from one user to another and depends on the type of information that the user is looking for, especially where they are involved in the political, social and economic decisions about their states, local government and other public services. These users include citizens and taxpayers, who want to find out how the government is spending their tax dollars, equity investors and creditors who are involved in lending money to the government and want to decide where to lend money or supply resources, as well as to determine how the government generates its revenues, other governmental entities and governmental representatives, who want to use the information for decision making purposes as well as ensure and justify to its citizens that the public revenues generated are properly accounted for, and legislature and oversight bodies, who want to ensure that the government maintains its accountability of resources transferred from its citizens to the management of the governmental entity.
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  • Accounting, Generally Accepted Accounting Principles, Comprehensive annual financial report, CAFR

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