Review the Comprehensive Annual Financial Report (CAFR) that you obtained.
- What are the main sources of the government’s revenues, including those from both governmental and business-type activities?
- How are revenues from property taxes accounted for, i.e., as a single amount, or in multiple categories? Identify the various categories and indicate the percentage breakdown (e.g., residential property taxes are 50 percent of the total property tax revenues).
- Which of the entity’s governmental functions or activities had the greatest amount of directly identifiable revenues?
- Does the report discuss the accounting basis for recognizing revenues?
- Does the government’s government-wide statement of net position or governmental-fund balance sheet report “deferred revenue” (or deferred inflows of resources)? If so, what is the most likely reason this amount has been deferred?
- What is the government’s property tax rate?
- At what percentage of fair market value is real property assessed?
- When are property taxes due? When do interest and penalties begin to accrue?
- By what percentage did each of the three largest sources of tax revenue increase over the last ten years?
- Did the government generate revenue from traffic fines? As best you can tell, are these revenues reported in the government-wide statements as program revenues (e.g., associated with police or public safety) or as general revenues?
- What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain.