Cafr Project

Topics: Generally Accepted Accounting Principles, Balance sheet, Liability Pages: 15 (3327 words) Published: October 24, 2010
CAFR Project of Washington State, Fiscal Year 2008.

The CAFR Project which I am assigned is Washington State.
The most recent fiscal year is 2008; the last date of the fiscal year is June 30, 2008. The governor is Christine Gregoire.

A. The date on the letter is December17, 2008.
B. This letter addressed to Governor Mrs. Christine Gregoire, Members of the legislature and Citizens of the state. C. This letter is written by Mr. Victor A. Moore Director of office of Financial Management. D. In the letter of Transmittal, Mr. Moore briefly introduces the Economy and revenues outlook of Washington State. First of all, Mr. Moore uses hard date to let readers know the employment conditions of different sectors in the state. Such as the annual Unemployment rate is 4.7 percent. Mr. Moore also mentioned the employment structure changes thorough the state. The aerospace employment maintain its hiring pace in fiscal year 2008, this sector created 6400 jobs, and increase of 8.3 percent of employment. While the manufacturing employment decreased.  Secondly, Mr. Moore gives readers more detail information regarding to the Economic Condition in Fiscal Year 2008. Including non-farm payroll employment grew by 2.1 percent in fiscal year 2008, much better than the 0.7 percent increase in U.S nonfarm payroll employment. But on the other hand, manufacturing employment and durable manufacturing employment, other than aerospace, was considerably declined, 0.8% and 0.4% separately. However, it is still better than nation-wide decline rate. Because the manufacturing industries in Washington State are mainly focus on lumber, wood products and heavy trucks. Both of them are impacted by the shrink of housing market in Washington State and national markets and by soaring fuel cost. Mr. Moore also highlights the Economic outlook for Fiscal Year 2009. 1. The personal income is expected to grow by 2.9 percent in fiscal year 2009, while the nation-wide rate is 3.1 percent. 2. Manufacturing employment including all sectors of non-durable manufactures will also decline in fiscal year 2009. 3. In the non-manufacturing sectors. The strongest employment growth in fiscal year 2009 is predicted to occur in software publish (7.9 percent) and education and health services (3.4 percent). Thirdly, Mr. Moore introduced the Major Initiatives of Washington State, including education, health care, economic development and housing, environment, human services, public safety & Disaster response, transportation and government efficiency sectors which report to Office of the Governor. The general conclusions for these sectors can write in one sentence, all things are becoming better under the rule of Governor Mrs. Christine Gregoire. E. Yes. Like every sates in the United States, there are 3 branches, Legislative branch, Executive Branch and Judicial Branch. Senate and House of Representatives are the two parts of Legislative branch. Commissioner of Public Lands, Insurance Commissioner, Treasurer, Lieutenant Governor, Governor, Attorney General, and Superintendent of public instruction, auditor and Secretary of State are the components of Executive Branch. Supreme Court is the only component of Judicial Branch.

F. There are so many component units under Legislative branch, Executive Branch and Judicial Branch. For Legislative branch, there are 7 components.
For Executive Branch, there are 52 agencies under different divisions which report to Executive Branch. For Judicial Branch, there are 10 agencies in it.
G. Yes.
The State of Washington enacts budgets for a two-year cycle, beginning on July 1 of each odd-numbered year. According to the law, the Governor mush propose a biennial budget in December, the month before the Legislature convenes in regular session. And the budget can be modified at any legislative session through changes to the original appropriations. In state of Washington, Operating appropriations are generally...
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