Question
Answer the following questions according to CAFR 2019 for Portland, Oregon: 1.Are there any major Capital Projects Funds reported on the Governmental Funds Balance Sheet
Answer the following questions according to CAFR 2019 for Portland, Oregon:
1.Are there any major Capital Projects Funds reported on the Governmental Funds Balance Sheet in the Fund Financial Statements? If so, list them.
2.Are combining statements presented for nonmajor governmental funds?
a. If so, are any Capital Projects Funds reported?
b. If so, identify the Capital Projects Funds included in the statements and the total
assets of each.
BALANCE SHEET
3.Does the statement reflect any restricted assets? If so, what type(s)? If so, how are they classified (current or noncurrent)?
4.Does the statement report significant "Due To . . . ," "Due From . . . ," "Advance To . . . ," or "Advance From . . ." accounts? If so, what type(s)?
5.GASBStatement No. 54uses up to five (5) classifications of Fund Balance.
a. Which of the five classifications of Fund Balance does your government report?
b. Are any of the classifications have subclassifications presented on the face of the
financial statements?
c. Does your government report "Supplies" or "Prepaids" in the asset section of the
Balance Sheet? If so, is there a corresponding Nonspendable fund balance
reported on the face of the statements or in the notes to the financial statements?
d. Does your government report an "Advance To" in the asset section of the
Balance Sheet? If so, is there a corresponding Nonspendable fund balance
reported on the face of the statements or in the notes to the financial statements?
e. Does your government report a negative amount in any classification of Fund
Balance? If so, what classification?
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
6.What are the three major sources of revenues or other financing sources reported in the statement?
7.Does the statement report any prior period adjustments? If so, for what purpose were they made?
NOTES TO THE FINANCIAL STATEMENTS
8. Review the notes for your CAFR (included with the BFS). Are there any notes specifically addressing Capital Projects Funds and what types of information is disclosed in these notes? For example, does the note address projects that have started, were completed, or are continuing during the current accounting period?
Debt Service Fund(s)
9.Are there any major Debt Service Funds reported on the Governmental Funds Balance Sheet in the Fund Financial Statements? If so, list them.
10.Are combining statements presented for nonmajor governmental funds?
a. If so, are any Debt Service Funds reported?
b. If so, identify the Debt Service Funds included in the statements and the total assets
of each.
11.From the notes to the financial statements, what types of debt (serial, term, or others) does the government have?
12.Do the notes reflect any defeased debt? If so, what types and in what amounts?
13.Did the governmental unit pay any bond principal in the last fiscal year from the DSF? If so, how much?
BALANCE SHEET
14.Does the statement reflect any "Cash with Fiscal Agents"? If so, does this amount correspond with any other amounts on the Balance Sheet?
15.GASBStatement No. 54uses up to five (5) classifications of Fund Balance.
a. Which of the five classifications of Fund Balance does your government report? b. Do any of the classifications have subclassifications presented on the face of the
financial statements?
c. Does your government report a negative amount in any classification of Fund
Balance? If so, what classification?
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
16. Identify the two major revenues or other financing sources reported in the statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started