Austin Cafr Project

An Analysis of the Comprehensive Annual Financial Report

For the City of Austin, Texas

For the Fiscal Year Ended September 30, 2010.

Governmental and Not For Profit Accounting Class

Regis University

Spring Session 2012 8W2

Richard Sheehan, Instructor/Facilitator

Submitted April 17, 2012

D. Jeffrey Brothers

Introduction

This paper is based on the Continuing Problem listed in the textbook, Government and Not-For-Profit Accounting, Concepts and Practices, Granof/Khumawala, 5th Edition, John Wiley & Sons, Inc. starting in Chapter 2 and completing in Chapter 11. Each chapter contains questions related to the selected Comprehensive Annual Financial Report of the city of Austin, Texas, for the fiscal year ended September 30, 2010. Responses to the questions are presented below.

Chapter Two responses

1. The main sections of the report are the Introduction, Financial and Statistical sections.

2. The CAFR contained the “Certificate of Achievement for Excellence in Financial Reporting”, which denotes the city’s adherence to the standards of reporting and accounting prescribed by the Government Finance Officers Association.

The key issues in the letter of transmittal were as follows:

Under a policy statement, the city identified the values of the city’s priorities:

* Rich social and cultural communities

* Vibrant urban fabric

* Healthy, safe and family-friendly city

* Sustainable economic development and financial health

Operationally, the city has a number of projects identified that align with the policies and values above.

* Waller Creek Tunnel Project – Flood control

Comprehensive Plan – Quality of life initiative

* Accelerate Austin – Transportation infrastructure

* Affordable Housing – Housing rehabilitation and construction

* CityWorks Academy – Citizen education program regarding city government

3. a) The city received an ‘unqualified’ audit opinion.

b) The key issues in the MD...