Sacramento CAFR

Topics: Financial statements, Generally Accepted Accounting Principles, Fiscal year Pages: 16 (3130 words) Published: May 2, 2015
Sacramento, California – For fiscal year 2013-2014
Analysis of CAFR for Acct 640M
Kory Lee
April, 2015

The city of Sacramento, California is one of the frontier towns in the state of California. Established in 1848 after the construction of a confluence and named after the river on its western front, Sacramento became one of the first major cities in California. Residents of the city enjoy a high quality of life with slightly lower than the national average level of unemployment at 7.5% and local businesses within the city have shown a nice increase of sales and per capita spending. This is helping revitalize the economy of the city. Sacramento is the capital city for the state of California. As the capital, the city is under a level of scrutiny that other cities of similar size and population do not see. In review, Sacramento has a combination of appropriate spending controls, fee and tax level adjustments, and reserves for future emergencies. Based on the CAFR, the city ended the fiscal year of 2013/2014 with a structured total assets increase of 3.6% (a dollar value of approximately $89 million) over the same fiscal time period the year previously. The accounting division of Sacramento has received multiple Certificates of Achievement for Excellence in Financial Reporting over the years, showing a high level of fiscal responsibility as well as the basis for true accountability to the people.

Part 1: CAFR Analysis
Sacramento can be seen as a full-service city. They prepare the regular, annually mandated called the Comprehensive Annual Financial Report (CAFR).   The CAFR is divided into separate, specific categories of information, joined together under the following sectional headings:   * Introductory Section

  * Financial Section
  * Statistical Section
 As the Introductory Section starts off this report, a review of it’s basic structure and how it organizes the report should be discussed and understood. This initial part of the report introduces the city and discusses how the CAFR is structured. It is written in a simple, consumer (non-accounting/financing people) friendly language contains a Letter of Transmittal, the summarized introduction to the report and the city, an Organization Chart, the graphically shows the chain of responsibility and how the different departments and systems of the city are structured, and a listing of principal officials of the city.   The information in this section is presented in an easy to understand way help the reader of the CAFR get to know the city and how it’s set up before stepping into the operations and financial reports about how the city financial history over the past fiscal year performed.   The information summarized in this introduction was complied from the Sacramento City CAFR Introductory Section.1  

The Financial Section of the CAFR has many different reports contained within it. These reports give an overview of the basis of the city’s financial and fiscal history over the last year it represents. It contains many financial statements that are similar to basic for-profit Financial Accounting reporting but contain governmental/non-for-profit categories and modified ways of reporting that differ from standard accounting. The Basic Financial Statements give a synopsis of general revenue, illustrating the Change in Net Position, a summary of how revenue and expenditures affect the city and it’s programs, the Managements Discussion and analysis of the flow of resources and how they see the changes, a mandated Required Supplementary Information portion that adds additional information that is not covered in the initial reports, statements of Combining and Individual Fund reporting, an analysis of how the funds interact with one another , and various Combing Statements of Assets for Internal Service Funds and Agency Funds.  To help the...

References: City of Sacramento, California 13/14 CAFR, pub. Dec, 2014.
City of Sacramento, California 13/14 CAFR, Introduction, pub. Dec, 2014.
City of Sacramento, California 13/14 CAFR, Financial Reporting, pub. Dec, 2014
City of Sacramento, California 13/14 CAFR, Notes to the Financial Section, pub
City of Sacramento, California 13/14 CAFR, Statement of Revenues, Expenditures and Changes in Fund Balances, page 28, pub. Dec, 2014.
City of Sacramento, California 13/14 CAFR, Changes in Net Position, page 8, pub. Dec, 2014.
City of Stockton, California 13/14 CAFR, Revenue Report, page 41. Pub Dec, 2014
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