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Comprehensive Annual Financial Report Michigan

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Comprehensive Annual Financial Report Michigan
Michigan’s Comprehensive Annual Financial Report Governments and not-for–profit organizations prepare financial statement just as businesses making a profit. The financial reports governments and nonprofit organizations use is a comprehensive annual financial report (CAFR). Both annual reports contain similar information such as management’s discussion and analysis and financial statements. The CAFR includes varies other information concerning the governmental structure, budget, population, and major industries.
Governmental Structure
There are three levels consisting of an executive branch, judicial branch, and a legislative branch. The executive branch is made-up of the Governor and 16 major departments. Some of the departments are …show more content…
In 2009, Michigan had less personal income tax filers 4,395,979, compared to 4,511,564 in 2000. The good news is the number of filers that had adjusted gross income over $100,001 was 15% higher in 2009. The population in Michigan in 2010 was 9,878,000 versus the United States of 309,350,000. Although Michigan had almost 3.2% of the United States population, Michigan had only 2.77% of the personal income (State Of Michigan Comprehensive Annual Financial Report, 2011).
Michigan had per capita income in 2010 of just under $35,000. Unemployment rate for the population was far higher than the national average, 12.5% compared to 9.6%. The number of K-12 students is going down as the population goes down. Michigan is down to one and a half million. The number of public university and community college students is going up. The goal should be a steady growth and stop the trend of decreasing population (State Of Michigan Comprehensive Annual Financial Report, …show more content…
From this data, one can infer that retail transportation companies suffered in Michigan over the last decade. The educational and health services sectors have also changed drastically, since 2001 this sector had increased wages of $99,100. Additionally, the health care and social assistance sector increased by $80,000 from 2001-2011. The alarmingly high unemployment rate is one of many demographic indicators that show Michigan’s wounded economy. However, sectors like the educational and health services look promising because they increased wages paid by $99,100 (State Of Michigan Comprehensive Annual Financial Report,
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