https://s3.amazonaws.com/gfoa/PAFR/2015/PittsburghPA.pdf

Answers should based on this report (link).

I already answered 10 questions

Using your selected CAFR, please answer the following questions (due the end of Week 6 in the assignments folder): 1. What type of information is presented in the Introductory Section of the CAFR? Provide a brief summary of each type. Letter of Transmittal: It's a letter to the Governor of that state, it briefs the various achievements of the year. Statewide elected officials: It's a list of the elected officials of the state. State Organization Chart: It has the organization chart, which specifies the Legislative branch, executive branch and judicial branch. It also shows the agencies that are managed by state elected officials. 2. What are the key issues addressed in the letter contained in the Introductory Section? The key issues addressed are the types of service provided, profile of the state, government budget cycle, government structure, state economy and revenue outlook, major initiatives. 3. What type of information is presented in the Financial Section of the CAFR? Provide a brief summary of each type. Independent auditor's report Management's discussion and analysis Basic financial statement Governmental funds Notes to the financial statements Proprietary Funds Individual Fund Schedules Notes to the financial Statements Fiduciary Funds Components Units 4. What type of audit opinion did the entity receive, and were there any matters of emphasis? 5. What are the key issues/items addressed in the Management's Discussion & Analysis? Provide a brief summary. Details of government and business activities Financial highlights Financial Analysis of state funds Expected Future impact Capital assets net of depreciation and debt administration 6. What kind of information is presented in the Government-wide Financial Statements? It provides the statement of net position and includes deferred outflows of resources, state assets, liabilities, and deferred inflows of resources with the difference reported as net position. 7. What kind of information is presented in the Fund Financial Statements, and what are the major funds presented? A fund is set of related accounts, which is used to keep control over resources that are isolated for particular activities. The funds of the state can be divided into 3 classification proprietary funds, governmental funds, and fiduciary funds. 8. What type of information is presented in the Statistical Section of the CAFR? Revenue Capacity, debt capacity, financial trends, operating information and demographic information 9. Where is the budget-to-actual comparisons of the major funds located, and what are the largest reconciling items? The budget to actual comparisons of the major funds is located in the financial section. The largest reconciling items are other expenditure, transfers in and out, general city responsibilities and proceeds form sales of capital assets. 10. How can you tell if the government encumbers goods and services and if so, are they reflected on the Government-Wide financial statements and the Fund financial statements? Yes, they will be in the notes section. 11. How can you tell if encumbrances (amounts obligated by the government for future expenditures) will be expended in the following year or if those amounts have to be "rebudgeted" in the following year? 12. Describe the main sources of revenue for (1) the governmental activities and (2) the business-type activities of the government entity. Where in the CAFR can this information be located? 13. What is the accounting basis for recognizing revenues? How can the reader determine this basis? 14. Does the government entity report deferred or unearned revenues, deferred outflows of resources, or deferred inflows of resources? What are they? 15. Does the government collect revenue from property taxes? What is the property tax rate, when are property taxes due, and when do penalties and interest accrue? 16. What are the ending fund balances by category for each of the major funds presented? 17. Does the government classify expenditures by function or object, and does it differ significantly in the government-wide financial statements versus the government funds financial statements? 18. Where is depreciation expense reported? 19. What are the Other Financing Sources and Uses the government entity reported in the governmental funds financial statements? 20. What capital projects funds did the government report (hint: also look in the schedules following the notes)? Are any of these funds reported as major funds, and how can you tell? 21. Select the largest capital project fund reported, and identify the significant resources reported that were or will be used to finance construction expenditures. 22. What debt service funds did the government report (hint: also look in the schedules following the notes)? Are any of these funds reported as major funds, and how can you tell? 23. What long-term debt is being reported in the government-wide financial statements and notes? 24. Did the government entity increase or decrease its long-term debt borrowings during the year, and what was the total effect on total long-term liabilities at year end? 25. What is the total long-term debt obligation for both governmental and business-type activities, and do these amounts reconcile with the amounts report on the governmentwide Statement of Net Position? 26. Were any of the government's enterprise funds profitable during the year? Was there an operating profit or were additional resources required (nonoperating revenues) included? What does the government do with the earnings (i.e. retain, spend, transfer to the general fund, etc.)? 27. Does the government have revenue bonds or pledged revenues associated with business-type activities? Please explain. 28. Do the financial statements include a Statement of Cash Flows? What are the categories presented and were there net inflows or outflows in each of these categories? What was the net change in cash during the year? 29. Has the government entered into Service Concession Arrangements? If so, please explain the nature of this arrangement. 30. Other than bonds, what other long-term debt, such as compensated absences, was reported on the financial statements or in the notes? 31. What are the main classes of capital assets presented in the government's Statement of Net Position and in the notes to the financial statements? 32. What is/are the government's threshold(s) for capitalizing general and intangible capital assets? 33. What are the amounts of depreciation charged to governmental activities in the government-wide financial statements? 34. What are the government's policies regarding accounting for infrastructure assets (roads, bridges, etc.)? 35. Does the government appear to have any investments that are considered risky? Explain. 36. What are the types of internal service funds reported and did any of the internal service funds report a significant operating surplus or deficit for the year? 37. Were any of the government's enterprise funds profitable for the year and if so, what are the government's policies regarding the use of net income or net earnings? 38. Does the government have pledged revenues or revenue bonds that are related to any of the enterprise funds? 39. Which categories of the Statement of Cash Flows resulted in net cash inflows? Which categories resulted in net cash outflows