Preview

Comprehensive Annual Financial Analysis Paper

Powerful Essays
Open Document
Open Document
1809 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
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

You May Also Find These Documents Helpful

  • Powerful Essays

    Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue—Street and Highway Fund Capital projects—City Hall Annex Construction Fund Debt service—City Hall Annex Debt Service Fund Debt service—City Hall Debt Service Fund Proprietary Funds Internal service—Stores and Services Fund Enterprise—Water and Sewer Fund Fiduciary Funds Private-purpose—Student Scholarship Fund Pension trust—Fire and Police Retirement Fund…

    • 5852 Words
    • 24 Pages
    Powerful Essays
  • Satisfactory Essays

    Jeffersonian Corporation has been in business for over 50 years. The company is looking to expand…

    • 408 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The auditor can use this form to document the performance and evaluation of ratio analysis in connection with analytical procedures performed in an audit. The form is only a guide and is not a substitute for professional judgment. The form may be modified by adding or omitting certain ratio analysis.…

    • 833 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Course Project Part Iii

    • 767 Words
    • 4 Pages

    This research paper is being submitted on March 10, 2013, for Tiffany Krogman, A340/ACG3085 Section 03, Advanced Auditing Concepts & Standards.…

    • 767 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Comprehensive Annual Financial Report (CAFR) is a report used by cities, and local governments to provide the public with their financial records each year, while adhering to government accounting standards board (GASB) guidelines. The report presents a comprehensive picture of the reporting entity’s financial condition, it provides how funds are spent and allocated throughout the year.…

    • 2247 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Capital City Budget

    • 2205 Words
    • 9 Pages

    Analysis and Review of Fiscal Year 2011-2012 Budget and Comprehensive Annual Financial Report (CAFR) of the Capital City…

    • 2205 Words
    • 9 Pages
    Powerful Essays
  • Best Essays

    The Federal Budget Process

    • 2878 Words
    • 12 Pages

    Mikesell, J.,(2011). Fiscal Administration: Analysis and Applications for the Public Sector, (8th Ed). Wadsworth, Cengage Learning…

    • 2878 Words
    • 12 Pages
    Best Essays
  • Better Essays

    City efforts at a results oriented budgeting system to date have greatly enhanced the transparency of government operations at this level though have not extended past what is termed by Joyce (2003) as “performance informed budgeting”. It is, a direct relationship between performance and budget allocation is not clear, even though information about federal government program performance is much more pervasive and readily available to budgetary decision makers internal to government as well as stakeholders external to government such as citizens and lobbyists. State and local governments across the U.S. have implemented untold varieties of performance based budgeting reforms as well (Melkers and Willoughby 1998; Poister and Streib 1999). The net effects from the implementation of such systems in these sub-national governments are mixed. Primarily, governments that have implemented performance related budgeting reforms experience enhanced communication among budgetary decision makers and stakeholders about government programs and activities, greater comfort with measurement and quantifying what government does, and clearer knowledge about the linkages between program goals and the means to attain such goals. On the other hand, not evidence exists that directly links program performance and its measurement with final appropriations. Here again, most of the…

    • 1651 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    Budget Comparison

    • 629 Words
    • 3 Pages

    In the operating expenditure, the total on 2012 is RM52 billion compared to 2013 is RM58.6 billion which distribute for emoluments. On the budget 2012, it is RM30.5 billion for supplies and services compared to 2013 is RM33.7 billion. In term of fixed chargers and grant, the budget is on 2012 is RM96.5 billion compared to 2013 is RM107.3 billion. The amount for purchase of assets is same for both years which is RM1.1 billion. The remain of sum for 2012 is total of RM 1.5 billion compared to 2013 it decreased to RM1.2 billion.…

    • 629 Words
    • 3 Pages
    Powerful Essays
  • Powerful Essays

    References: 1. Bland, R. And Rubin, I. S. 1997. Budgeting: A Guide for local governments. USA : ICMA…

    • 2457 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Financial report analysis

    • 1987 Words
    • 8 Pages

    The following report is an analysis of the consolidated accounts for Hallenstein Glasson Holdings Ltd (HLG) based on the 2013 financial statements and the ratio analysis is based on the group account figures. The terms of this report is to firstly, determine the strengths, weaknesses and prospects of HLG and secondly, to determine if the shares are favourably priced?…

    • 1987 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    According to the Global Powers of Retailing Report in 2011, Ahold now lies at the number 25 of world. It is making the plan to achieve the goal to be No.10 by acquisition Delhaize Group (DG) or WM Morrison Supermarkets Plc. (Morrisons).This report will analyze and compare these three companies by using CORE to find out their advantages and disadvantages of financial performance, then give advice to help Ahold choose the best one acquisition target company. Firstly, this report gives the general contexts about three companies, including the internal and external environment. These companies are retailers, whose headquarters lie in the Netherlands, Belgium and UK; they all get or are going to get benefits convenient shopping market. However they all have suffered from the 2008 financial crisis. Secondly, the report will analyze the overview performance of three companies by using the key figures. Ahold had a best performance in terms of profits, followed by Morrisons and DG. As for the cash flows, the abilities of Ahold and DG to generate cash from operating activities were becoming weak, while Morrison had the increasing operating cash flow. For the total debt, Ahold had a good new compared to DG and Morrison. Thirdly, the report will compare the different ratios to evaluate their financial performances. In profitability, Morrisons is good at collect operating profit but does not have competitive product price. The costs of sale is low in Ahold and DG,the difference is that this advantage of DG is become weak. In liquidity and solvency, Morrisons has the strongest ability in liquidity, while Ahold and DG is expected to be bad in the future. In working Capital, both Ahold and Morrisons are good at manager the source, while DG is less ability to do that. As for investment, Ahold and Morrisons had increasing earnings per share but DG showed opposite trend.…

    • 4482 Words
    • 18 Pages
    Powerful Essays
  • Powerful Essays

    Accrual Accounting

    • 9967 Words
    • 40 Pages

    Chan, J. L. (2003) 'Government Accounting: An Assessment of Theory, Purposes and Standards ' Public Money and Management, April…

    • 9967 Words
    • 40 Pages
    Powerful Essays
  • Good Essays

    The revenue budget pays for the normal functioning of the government and is intended to be fully financed from domestically generated sources. The fiscal year (FY--see Glossary) 1988 revenue budget was based on anticipated receipts of about US$1.6 billion, or approximately Tk48.9 billion (for value of the taka--see Glossary). Expenditures were to be US$1.5 billion, leaving a surplus of US$130 million for development. The previous year a revenue surplus of US$246 million was applied to the development budget.…

    • 481 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Budget Balance Module

    • 867 Words
    • 4 Pages

    • Recall that a positive budget balance is a budget surplus, and a negative budget balance is a…

    • 867 Words
    • 4 Pages
    Better Essays