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This project will be completed using a comprehensive annual financial report (CAFR) you will select from a city within the United States. Instructions to complete the project are listed below. You may...

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This project will be completed using a comprehensive annual financial report (CAFR) you will select from a city within the United States. Instructions to complete the project are listed below. You may also view and print the project instructions and the grading rubric by clicking on the links above. The project is valued at 100 points.Refer to your course schedule for the project due date.Basic Overview Instructions:To complete the project you will select a city within the United States of your choosing. Next, locate that city’s most recent CAFR. Please note, the CAFR must be available online.Pleasedo not printthe CAFR!There could be over 100 pages in the full report.Then, identify your chosen city/state and post a link to your city's CAFR in the Discussion Board labeled "CAFR Selection." Next, prepare a report on the list of items below as they relate to your selected CAFR. Finally, submit your written report for grading. To access the submission link, log-in to Blackboard, from the main navigationmenu, select "Assignments," then select the "CAFR Project" folder and finally"Submission Link." Detailed Instructions:First:Decide on the city you will work with for this project and go onlineto search for that city's most recent CAFR. Post the name of the city and state in the Blackboard discussion forum. To do this, go to the main navigation menu in Blackboard and select Discussion Forum. Select “Link to Discussion Board.” Next, select “CAFR Selection.” You will create a new thread. Title your thread with the name of your chosen city and state followed by your last name, then first name. Each student must select a different city– no duplications. Finally, post a link to your chosen city's CAFR in the same post.Second:Report on each question in the list of 12 items below using your selected city’s CAFR.Number your responses to match the question being addressed (1 – 12). Please write in complete sentences and remember proper grammar is always anticipated. Your report should be double spaced, at least 2 pages long but no more than 5 pages. Use 12 pt Times New Roman font. The report is expected to be neat and organized. PleaseThird:After writing your report, submit it in Blackboard. From the main navigation menu, see “Assignments” then “CAFR Project” and "CAFR Project Submission Link."Report on items 1-12 using your city's CAFR
  1. Begin by identifying your city and state and provide a short overview, such as population size, primary industries, historical significance, etc. Be sure to include the CAFR’s reporting dates.Has your city been awarded the Certificate of Excellence? Was a copy of the certificate included in the CAFR?
  2. Review the letter from the auditor. Did your city receive an unqualified opinion? If no, why not?
  3. Who signed the letter of transmittal? What is their title?
  4. What measurement focus and basis of accounting does your chosen city use to prepare the governmental fund statements? Are there any revenues that are subject to full accrual? If so, which one(s)? What measurement focus and basis of accounting does your chosen city use to prepare the government-wide financial statements?
  5. Is your city required to maintain a reserve? If so, how much and which account?
  6. Review the General Fund: What are the major asset categories? What are the major categories of liabilities? Is the Fund balance at the beginning of the year greater or lessor than at the end of the year? Can you identify any reasons why this may be the case? Do you think population size impacts these numbers?
  7. Does your city report any Special Revenue Funds as a major fund? If so, what are they? What are their main sources of revenue? What are the expenditure functions?
  8. Does your city report capital projects (assets)? If so, report on the two most expensive projects.
  9. How much long-term debt is outstanding? What is your city’s bond rating? Is it considered good rating? You may have to research your textbook or the Internet to find bond rating information.
  10. Does your CAFR have a Budgetary Comparison Schedule in Required Supplementary Information (RSI) section for the General Fund? Does the schedule include columns for original budget, revised (final) budget and actual? Are the variances between the budget and actual presented? If so, what is the largest variance reported? Is there any information listed in the Disclosure Notes to the financial statements to help you understand why this variance may have occurred?
  11. Review the Disclosure Notes and select two items of interest. Discuss them in your written report. Why did you select them and/or what makes them interesting to you? Do the notes include a description of modified accrual accounting? Do the notes disclose anything about pending legal issues? If so, report on the issue(s).
  12. Based on what you have learned about your chosen city, if the city was offering its own municipal bonds as an investment, would you invest in them? Why or why not? What influenced your decision the most?
Answered 1 days After Feb 23, 2022


Tanmoy answered on Feb 24 2022
84 Votes
Comprehensive Annual Financial Report        2
Table of Contents
Overview    3
Review Letter from Auditor    3
Letter of Transmittal    4
Measurement Focus and Basis of Accounting    4
Maintenance of Reserve    5
Review of General Fund    5
Special Revenue Funds    5
Capital Project    6
How Much Long-Term Debt Is Outstanding?    6
CAFR Have a Budgetary Comparison Schedule in RSI    7
Review of Disclosure Notes    7
City Offering Municipal Bonds as An Investment?    8
References    9
Pittsfield Charter Township was chartered in the year 1972. The town is 28 square miles with a population of 40360 people as on FY-2020. It is a town located in Berkshire County in Western Massachusetts. The community developed itself with farming and introduced industrialization in the 19th century especially in the waterpower sector. Presently, Pittsfield have a varied economy with various industries like plastics, healthcare, commercial services and insurance sectors developed in the town (Mandy Grewal & Tracy Watkins; 2020). The city of Pittsfield has the second largest tax base after the city of Ann A
or. The city has high response rate of less than 5 minutes in terms of public safety due to its active fire and police departments. Finally, there are just 17% of the residents living in Pittsfield who are more than 65 years old. The median value of the homes in the town is on an average $176500. This is almost half the cost of the houses in the state of Massachusetts (Michelle Williams; 2016). The Comprehensive Annual Financial Report date was for the year ended 31st December’2020. The city received several awards like safest city in Michigan in March 2016; best subu
s to live in Michigan in 2017; gold certification for sustainability received in the year 2017, 2018 and 2019 and presently have rated the town with an A+ rating (Pittsfield Charter Township Michigan; 2020).
Review Letter from Audito
As per the report received from the independent auditor “Rehmann”, it was found that Pittsfield township has provided all the information related to the financial statements like balance sheet, Profit and loss account and cash flow statement in a fair manner and are in harmony with the USGAAP. Further, below are the criteria based on which the financial statements are being analyzed by the auditor:
· With respect to all material aspects associated with the business
· The financial position with respect to the governmental activities
· The nature of business
· The major funds
· Separately offered component unit
· The information with respect to the aggregate fund remaining as on 31st December, 2020
Hence, the auditor’s report for Pittsfield township for the year ended 31st December’2020 was an unqualified opinion as all the materials facts and information related to the financial statement are presented appropriately in accordance with the US GAAP (Mandy Grewal & Tracy Watkins; 2020).
Letter of Transmittal
The letter of transmittal was complemented by the Management discussion and analysis. Further, the letter of transmittal needs to be read in combination with the MD&A report. The letter of transmittal consists of the na
ative introduction, overview as well as analysis which are at par with the financial statements in the form of...

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