Are total assets larger for governmental activities or business type activities

Are total assets larger for governmental activities

This preview shows page 6 - 9 out of 9 pages.

Are total assets larger for governmental activities or business-type activities? Total assets were larger for governmental activities - $1,100,535,655 compared to $999,794,628 for business-type activities in 2015 (Miami Beach CAFR, pg. 28). Which function or program has the highest net cost? Investments in capital assets had the highest net cost. The largest portion – approximately 84% - of the City’s net position reflects investment in capital assets such as machinery, building, infrastructure, land and equipment (Miami Beach CAFR, pg. 15).
Image of page 6
CAFR Review Assignment – Fall 2016 7 What kinds of general revenues are available to cover the net cost of governmental activities? General revenues available to cover net cost of governmental activities include property taxes levied for general purpose and debt services, resort taxes, utility taxes; local business and communication service. 33% of the City’s revenue was from property taxes (Miami Beach CAFR, pg. 16). Were business-type activities “profitable”? Yes, business-type activities were still profitable for 2015, although overall business- type activities resulting in a decrease of the City’s net positon by $5 million, which accounted for a 1.9% of total decline in City’s overall net position (Miami Beach CAFR, pg. 19). That is, is the excess of revenues over expenses positive? Yes, excess was positive. a Governmental Funds Does the report state the basis of accounting used for the General Fund The City uses fund accounting to not only ensure compliance but to demonstrate compliance as well with all finance-related legal requirements (Miami Beach CAFR, pg.21). Financial statements are presented on a current financial resource and modified accrual basis of accounting (Miami Beach CAFR, pg. 42). What types of assets and liabilities are included on the governmental funds balance sheet? Assets include cash and investments, net receivables, inventories, capital assets such as land etc. Liabilities include accounts payable, accrued expenses, unearned revenue noncurrent liabilities etc. Is this reporting consistent with the basis of accounting being followed? Yes, report is consistent to the accounting basis. c. Identify Major Funds Identify which of the major funds, if applicable, are special revenue funds, debt service funds, capital projects funds, and permanent funds. The City’s major funds are resort tax special revenue fund, Miami Beach Redevelopment Agency special revenue fund and capital projects fund. Are you able to determine which funds are considered nonmajor? Non-major special revenue funds which include – community development block grant fund, state-housing initiatives partnership fund, parking impact fees fund and police confiscation and training fund and other special revenue funds. Non-major debt service funds include – pension special obligation fund, sunshine state special
Image of page 7
CAFR Review Assignment – Fall 2016 8 obligation debt service fund, general obligation debt service fund and other debt service funds (Miami Beach CAFR, pgs. 107-112).
Image of page 8
Image of page 9

You've reached the end of your free preview.

Want to read all 9 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture