Submitted by: Submitted by yg40skim
Views: 434
Words: 953
Pages: 4
Category: Business and Industry
Date Submitted: 12/04/2012 08:49 PM
City of Aubrey, Texas Annual Financial Report
Rhonda Lax
Government and Not-for-profit –ACC410
Professor Higgins
July 29, 2012
In reviewing the City of Aubrey’s fund financial statements have been reported according to the modified accrual basis of accounting. Both government-wide and government fund balance are transparent in each of the reported funds showing on the operating balance sheet. The changes in net assets are recorded in the Statement of Net Assets as required by the GASB with capital assets not used as financial resources listed on the supplemental reconciliation of the balance sheet. This statement includes both government and business type activities for the budgeted year August 2010 to September 2011. The financial statements have been audited according to the generally accepted accounting principles and recommendations were provided in accordance to the Government Auditing Standards
As required by GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, the fund balances use the non-spendable fund, restricted and unassigned classifications to identify constraints on how specific amounts can be spent (Wiley, 2010). It was interesting to see how closely the related fund balance of general fund, debt service fund and capital Project funds identified with government financial reporting being taught in this class. The City of Aubrey annual budget reports were profoundly in compliance with the modified accrual basis as it represents the activities statement that showed the net cost of each of the government’s main functions and programs. The government –wide statement shows net cost is the amount of functional or program expenses that must be covered by taxes and other general revenues as available for resources requirements accessed by GASB, statement 34 (Wiley, 2010).
The revenues and expenses are listed in column format to easily identify the appropriation of funds....