ACC639CAFR

ACC639CAFR - Comprehensive Annual Financial Report: North...

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Comprehensive Annual Financial Report: North Carolina 1. Identify the state you are examining? Provide the exact URL of the web page in order to retrieve the CAFR. What is the most recent fiscal year (and indicate the last date of the fiscal year)? When the CAFR was published, who is the Chief Executive Officer of the state (who is the governor)? The state which is being examined is North Carolina, and the CAFR was found at the web address: http://www.ncosc.net/financial/09_cafr/2009CAFRNoCover.pdf . The most recent fiscal year for which a CAFR is available is 2009, where the fiscal year ended June 30, 2009. At the time the CAFR was published Beverly E. Perdue was, and continues to be, the Governor of North Carolina. 2. In the Introductory Section, there is a Letter of Transmittal . Briefly explain in your words what the purpose of the Letter of Transmittal is, and identify and explain the following: The purpose of the Letter of Transmittal is to identify the purpose of the report, the audience it was written for who authorized it and which guidelines it adhered to. It explains the purpose of the report and what the report is about in a much easier to read format than the report itself. it provides an overview of the State's financial activities and is meant to compliment the Management Discussion and Analysis Section. a. What is the date on the letter? December 8, 2009 b. Who is the Letter addressed to? The Honorable Beverly E. Perdue, Governor; Members of the North Carolina General Assembly; and Citizens of north Carolina c. From whom is the Letter ? David T McCoy, State Controller from the Office of the State Controller d. What are some of the highlights were mentioned for the most recent fiscal year? The projections for North Carolina's economy for the fiscal year 2009-10 show improvements in every area with the exception of retail sales and nonagricultural employment. The biggest improvement is projected to come from existing single-family home sales with e jump from -30.6% for fiscal year 2008-09 to 15.4% for the following year, with another 9.3% growth the year after. The letter also states that the worst effects will be over by the end of 2009, and once the nation's recovery is on solid footing North Carolina's economy is expected to grow at a faster pace than the nation. e. Was the state organizational government chart provided? Briefly explain how the state is organized.
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f. Were there any component units? If so, how many? Six. See chart above. g. Does the Letter contain any discussion on the budget and appropriations? Briefly explain in a paragraph the state’s budgetary policies (including appropriations). The letter explains how the state maintains its budgetary control; and that the objective of maintaining budgetary control is to comply with the appropriated budget approved by the General Assembly. It explains that the activities of the General Fund, departmental and special revenue funds, and permanent funds are included in these appropriated amounts. The letter discusses the
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This note was uploaded on 03/31/2011 for the course ACC 639 taught by Professor Bensil during the Spring '11 term at St. John's.

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ACC639CAFR - Comprehensive Annual Financial Report: North...

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