This case focuses on the general fund of a governmental unit.

Required

Using the Comprehensive Annual Financial Report (CAFR) for a governmental entity chosen by your instructor, answer the following questions that relate to the overall government and the governmental funds:

a. Find the budgetary comparison schedules for the general fund. Using these schedules, what were the estimated revenues and appropriations for the most recent fiscal year?

b. Using the same information as in question (a), list the amounts of any transfers in and transfers out that were budgeted for the most recent year.

c. Based on the notes following the financial statements, what is the policy of the general fund with respect to outstanding encumbrances at the end of the fiscal year?

d. On the balance sheet of the general fund at the end of the most recent fiscal year, what is the total amount reported for assets and for fund balance? Of the total amount reported for fund balance, how much is unassigned?

e. On the balance sheet of the general fund at the end of the most recent fiscal year, what is the amount reported for inventories? If inventories are reported, does the government use the purchase method or the consumption method?

f. Based on the notes following the financial statements, what is the government's revenue recognition policy with respect to property taxes in the general fund? What percentage of the property tax levy is estimated to be uncollectible?

g. Read the section of the CAFR that contains management's discussion and analysis. What reasons were given for the increase or decrease in general fund revenues for the most recent year?

h. Examine the statement of revenues, expenditures, and changes in fund balance for the most recent year. Compare the change in fund balance for the general fund with the amount of change in fund balance that was budgeted for the year. Were the government's general fund actual results better or worse than expected?

i. After revenue from taxes, what was the next most significant source of revenue for the general fund for the most recent year?

j. Has the general fund engaged in any interfund loans and advances? If yes, show the amounts that are owed to or by the general fund as of the end of the most recent year.