lg Homework_-_Week_3 - Laurin Gaudinier Acct 265 Fall 2009...

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Laurin Gaudinier Acct 265 Fall 2009 Homework Week 3 2-1 a. The Maui County CAFR has the first 6 items of the MD&A that are listed in the book; it does not contain the re infrastructure assets or any known facts that would have a significant effect on the government. It has no extra sections. It appears to be a reasonably complete discussion. b. 1. The County of Maui appears to be in sound financial condition. As of June 30, 2008 assets exceeded liabi $800 million, and total net assets increased by $65.8 million over prior YE. Capital assets increased by $42M mostly to increased construction in progress. Long term debt increased due to the issuance of $34M in Gene Obligations and $6 in State Revolving Fund debt, partially offset by annual amortization of $18M. Revenues increased $25M due mostly to increased property taxes; expenses increased $47M due mostly to an increase general government expenses. 2. Revenues increased $25M (10%) over 2007 to $259.2M. Property tax revenue increased $22M (11%), ac most of the total gain. Property taxes accounted for 76% of total revenues in 2008, just slightly over the 75% o total revenues. Interest & investment earnings increased $2.6M (19%) over the year. Other taxes each increa than $1M during the year, and fuel taxes declined $0.5M during that time, likely due to declining demand in the increased prices. 3. Total expenses increased $47M (27%) during 2008, to $218.7M. The largest increase of $34M (68%) was increase in general government expenses. Culture & recreation expense increased $10M (62%) to $27M. Th partially offset by a $15M decline in sanitation expenses. Governmental activities total expenses of $225.7M w
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