Question
Using the 2017 CAFR for the City and County of Denver, CO how do I find the disclosure of long-term debt, changes in long-term liabilities
Using the 2017 CAFR for the City and County of Denver, CO how do I find the disclosure of long-term debt, changes in long-term liabilities and debt service function, lease payments. Example:
A. General Long-Term Liabilities.
(1)Disclosure of Long-term debt. Does the report contain evidence that the government h as general long-term liabilities? If so, does the report include a list of outstanding tax-supported debt issues; lease obligations; claims, judgments, and compensated absence payments to be made in future years; and unfunded pension obligations? Has the government issued any special assessment debt? If the government is obligated in some manner, is the debt reported as a liability in the government-wide statement of net position? If the government has issued special assessment debt for which it is not obligated in any manner, do the notes discuss this debt? Refer to the enterprise funds statement of net position as well as note disclosures for long-term liabilities. Are any enterprise debt issues backed by the full faith and credit of the general government? If so, how are the primary liability and the contingent liability disclosed?
(2)Changes in long-term liabilities. How are changes in long-term liabilities during the year disclosed? Is there a disclosure schedule for long-term liabilities? If any new debt was issued by a governmental fund, are the proceeds of the debt issuance reported in the governmental fund financial statements as an "other financing source"? Are interest payments and principal payments due in future years disclosed? If so, does the report relate these future payments with resources to be made available under existing debt service laws and covenants?
B. Debt Service Funds.
(1)Debt Service function. How is the debt service function for tax-supported debt handled--by the General fund, by a special revenue fund, or by one or more debt service funds? If there is more than one debt service fund, what kinds of bond issues or other debt instruments are serviced by each fund? Is debt service for bonds to be retired from enterprise revenues reported by enterprise funds?
(3)Lease payments. If general capital assets are being acquired under lease agreements, are periodic lease payments accounted for as expenditures of a debt service fund (or by another governmental fund)? If so, does the report disclose the portion of lease payments considered as interest and the portion considered as payment on the principal?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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