Governmental Accounting Made Easy

Governmental Accounting Made Easy

Description

Use the attached document to answer all questions! Your answers should be organized, concise, and detailed.

6. Using the sample financial statements for the City & County of Denver, CO. provide the following information:

a. Where is financial information on Public Safety operations reported? General Government, Business-type activities or other?

b. What amount was expended for public safety activities by the City of Denver in 2013?

c. How much of the amount expended above was offset by revenues from “Charges for Services”?

d. Did the City of Denver receive any grant funding for “Public Safety” activities? If so what amount(s)?

e. Can you speculate on what types of “Charges for Services” the Public Safety Function would have generated? Hint: What user fees would Public Safety charge or receive?

f. Was the City of Denver’s Public Safety function self-supporting? In other words did Charges for Services and Grant Funds completely cover the cost of these services? If not what amount had to be covered by general government revenues?

7. In the City of Denver financial statements find where “Public Safety” expenses are reported in both sets of Financial Statements-Statement of Activities, and Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds. What are these amounts?
Can you identify why these amounts are different?

8. What is the difference(s) in the balance sheets for the City of Denver? What is included/omitted from the Statement of Net Assets and the Balance Sheet? Remember these statements are prepared using different measurement basis-accrual vs modified accrual. Hint: Look at the items on the Reconciliation schedule presented on page 45 of the City of Denver financial statements.