CAFR analysis project Name Institutional affiliation Professor Date Does the state of Florida have enough money to pay its bills? Based on the financial statement of Florida the company has the ability to sustain its expenses with its current revenue streams. In 2016 the total revenues were equivalent to $ 86 753 million while the total expenses for the state were equivalent to $ 80 987 million. The state has a surplus of $ 5 766 million and the ending net position as at 2016 was $ 90 934 million. The revenue in 2016 was an increment of 3.60%. The total revenues in 2015 were equal to $ 83 631 million. The expenses of the state increased by 3.84%; that shows that the expenses are increasing at a higher rate that the income of the state. The state should strive to ensure that the revenues are always more than 527.00 935 527.00 other contributions 154 861.00 154 861.00 employee time purchase 7 684.00 7 684.00 fees 2 958.00 1 580.00 4 538.00 grants 169 396.00 169 396.00 flexible benefits 426 911.00 426 911.00 fines 192.00 192.00 property remittances 469 824.00 469 824.00 assets acquired 110 930.00 110 930.00 transfer to state funds 3 386.00 682 934.00 34 559.00 720 879.00 total contributions 756 686.00 5 569 128.00 34 559.00 6 360 373.00 The employee trust funds are the largest fiduciary fund that is available with total contributions that are equal to $ 5 569 128. The smallest fund is the investment find that has a total contribution of $ 34 559. References State of Florida. (2016). Florida Comprehensive Annual Financial Report. Fiscal Year ended June 30 2016. Retrieved on 8th March 2018. From http://State%20of%20 Florida%20 CAFR%202016.pdf [...]
State of Florida CAFR 2016 Analysis Project: complete a comprehensive annual financial report (CAFR) analysis project. Requirements a. Answer the following questions: 1. Does the entity have enough money to pay its bills as they come due? 2. Does the entity have financial problems? 3. What are the entity’s revenue sources? 4. What does the entity spend its money on? 5. Other questions that you think would be relevant to the entity’s constituents. Deliverables Pretend like you are a consulting firm making a presentation to the Entity Council. You are required to turn in a short report to accompany your presentation. FAQ: 1. Length of "short" report? ANSWER: The number of pages may vary it is definitely > 1 page but most likely less than 5 pages double spaced WORD format. Report should answer the 5 specific questions and discuss all considerations (info) your answer was based on. 3. What do I look at to answer questions 1 and 2? ANSWER: There should not be any one thing that you look at but rather a variety of info presented in the CAFR that helps you answer these questions. Additionally outside sources of information can also be utilized in your analysis such as GFOA guidance: The Governmental Finance Officers Association (GFOA) in October 2009 issued a “Best Practices” memorandum entitled “Appropriate Level of Unrestricted Fund Balance in the General Fund.” The memorandum states in part “GFOA recommends, at minimum, that general-purpose governments, regardless of size, maintain unrestricted fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures (16.67%).” Citations for the CAFR Report should follow APA format, examples follow: Within text citations: According to the 2014 CAFR, the total primary government’s net position was 42.35 billion, indicating an approximate 10 percent increase in the State’s financial position from the previous year (North Carolina CAFR, 2014, p.31). Total revenues for the primary government are $45,655,176 made up of the following revenue sources presented in the chart below (North Carolina CAFR, 2014, p.32). Works cited (last page of paper): Works Cited State of North Carolina. 2014. Comprehensive Annual Financial Report. Raleigh, NC: North Carolina Office of the State Controller, 2014. Office of the State Controller. 17 February 2015. http://www.osc.nc.gov/financial/14_cafr/2014_Comprehensive_Annual_ Financial_ Report_bookmarks.pdf Government Finance Officers Association (GFOA). 2009. GFOA Best Practices Memorandum: Appropriate level of unrestricted fun balance in the general fund. October 2009.