Comprehensive Annual Financial Analysis Paper
Government of Guam
Comprehensive Annual Financial Report Analysis For the Fiscal Year Ended September 30,2012
Ria Ricardo
National University
ACC640
Dr. Raouf R. Moussa
Introduction Guam makes history as the first U.S. territory to ever submit the federally-mandated Comprehensive Annual Financial Report also known as the CAFR. A CAFR is a standardize report that tells the federal government how the local government collected and spent money, and what’s going on with the local economy and community. The CAFR serves a number of purposes for citizens, investors, and anyone keen on monitoring how the local government is progressing. The purpose of this paper is to provide …show more content…
Actual amounts in the accompanying budgetary comparison statements are presented on a budgetary basis, which includes outstanding encumbrances as a budgetary expenditure. Encumbrance accounting is used to account for governmental funds. In the fiscal year ended September 30, 2012, actual revenues collected of $604.2 million (including operating transfers in) exceeded the budgeted amounts of $595 million primarily because of better business privilege tax collections and federal income tax collections. The budget for Executive Branch operations had a $34.3 million increase in appropriations between the original and final amended budget, which was primarily attributable to an increase in appropriations authorized by Public Law 31-76 funded by proceeds from the issuance of business privilege tax …show more content…
Governmental funds report most of GovGuam’s basic services which focus on the inflow and outflow of those funds and the balances left at the year that are available for spending. These funds are reported using modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. For the fiscal year 2012, the General Fund reported expenditures (including transfers out) of $684.5 million, a decrease of $24.2 million or 3.4% from fiscal year 2011 expenditures and transfers out. At September 30, 2012, the General Fund reported a cumulative fund balance of $30.1 million, which is an increase of $333.3 from the prior year fund deficit of $303.1 million. The decrease in the total fund deficit is primarily attributable to proceeds from bonds issuance of $358.2
Comprehensive Annual Financial Report Analysis For the Fiscal Year Ended September 30,2012
Ria Ricardo
National University
ACC640
Dr. Raouf R. Moussa
Introduction Guam makes history as the first U.S. territory to ever submit the federally-mandated Comprehensive Annual Financial Report also known as the CAFR. A CAFR is a standardize report that tells the federal government how the local government collected and spent money, and what’s going on with the local economy and community. The CAFR serves a number of purposes for citizens, investors, and anyone keen on monitoring how the local government is progressing. The purpose of this paper is to provide …show more content…
Actual amounts in the accompanying budgetary comparison statements are presented on a budgetary basis, which includes outstanding encumbrances as a budgetary expenditure. Encumbrance accounting is used to account for governmental funds. In the fiscal year ended September 30, 2012, actual revenues collected of $604.2 million (including operating transfers in) exceeded the budgeted amounts of $595 million primarily because of better business privilege tax collections and federal income tax collections. The budget for Executive Branch operations had a $34.3 million increase in appropriations between the original and final amended budget, which was primarily attributable to an increase in appropriations authorized by Public Law 31-76 funded by proceeds from the issuance of business privilege tax …show more content…
Governmental funds report most of GovGuam’s basic services which focus on the inflow and outflow of those funds and the balances left at the year that are available for spending. These funds are reported using modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. For the fiscal year 2012, the General Fund reported expenditures (including transfers out) of $684.5 million, a decrease of $24.2 million or 3.4% from fiscal year 2011 expenditures and transfers out. At September 30, 2012, the General Fund reported a cumulative fund balance of $30.1 million, which is an increase of $333.3 from the prior year fund deficit of $303.1 million. The decrease in the total fund deficit is primarily attributable to proceeds from bonds issuance of $358.2