Question n*4

Please use the 2018 Comprehensive Annual Financial Reports (CAFRs) of the city of New York to answer the following case questions. You may download the the CAFRs via link https://comptroller.nyc.gov/reports/comprehensive-annual-financial-reports/

(4) Using the information in Letters of Transmittal for 2018, write a brief summary of an event that are related to the city of New York and its financial condition.

Assume you are a recent graduate of a Queens College Accounting program and have been hired for a budgeting/accounting position in the Director of Administration office for the city of New York, NY. You are excited about this position for a variety of reasons. First, significant responsibility is associated with this position, and you will be a key individual in both the administration office and the mayor's staff. Your specific responsibilities include working on the development of the city's budget and financial statements, along with providing financial information to other members of the mayor's office. Like many cities in the United States, NYC has some financial challenges involving both sources of revenues and expenditures associated with city operations, including costs related to public safety (police and firefighters) and the education system. It is your first week on the job and to orient you to your new position, your supervisor has given you the following assignment. In approaching this assignment, you want to do an excellent case analysis to make a favorable first impression. REQUIREMENTS Please use the 2018 Comprehensive Annual Financial Reports (CAFRS) of the city of New York to answer the following case questions. You may download the CAFRS via link https://comptroller.nyc.gov/reports/comprehensive-annual financial-reports Background Questions/General Knowledge of Accounting for Municipalities Part I (1) Typically, which branch of the city level of government structure is responsible for managing the city's expenditures within the budget and maintaining the accounting, budget, and financial reporting systems? What financial reports does a municipality need to prepare? What standards guide the preparation of municipal financial reports? (2) Municipalities use the modified accrual basis of accounting and current measurement focus to prepare fund financial statements. How does this differ from accrual accounting and economic measurement focus? (3) In the city of New York, who is responsible for developing the budget? How is the budget voted on and implemented? (4) Using the information in Letters of Transmittal for 2018, write a brief summary of an event that are related to the city of New York and its financial condition