I have a project for my Governmental and Not-for-profit accounting class. I need

Question

I have a project for my Governmental and Not-for-profit accounting class. I need help with one of the questions relating to city of Dallas, TX CAFR (Comprehensive Annual Financial Report).

Q:Review the financial statements.

a. What are the major funds? What type of funds are they and what is their purpose?

b. What is the largest revenue and expenditure/expense of these major funds?

c. Did the fund balance or net assets of these major funds increase or decrease significantly during the period? If it did, is it possible to determine from the CAFR what the primary cause of this increase or decrease was?

Link to Dallas CAFR

http://dallascityhall.com/departments/budget/financialtransparency/AuditedFinancials/cafr_fy2016.pdf

Thank you

Explanation / Answer

a. Major Funds are

1. Governmental Funds: They represent the amount that has been contributed by the citizens and various governmental organizations. Their purpose is to fund the expenses of governmental machinery.

2. Enterprise Funds: They represent the amount that has been allocated for municipal activitiers of the authority

3. Internal Service Funds: Internal service funds represents the funds that would be paid to support the other governmental functions or departments

4. Fiduciary Funds: They represent the funds held by the authority on behalf of the citizen and are to be applied only on happening of an event and are not be spent for day to day activities of the authority

5. Debt Service Funds: The funds are proposed to be utilised to fund the debt repayments of the organization.

b. largest revenue of these funds are

1. Governmental Funds: Income taxes

2. Enterprise Funds: Fees, Cess

3. Internal Service Funds: Governmental Funds

4. Fiduciary Funds: Insurance and other indirect taxes

5. Debt Service Funds: Governmental Funds

largest expenses of these funds are

1. Governmental Funds: Government machinery

2. Enterprise Funds: Municipal activities including maintainaince and upkeep

3. Internal Service Funds: Grants

4. Fiduciary Funds: Insurance and other social securities payouts

5. Debt Service Funds: Banks and financial institutions

c. The funds did increase in the reporting period but CAFR does not list the reason behind such increase or decrease.

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