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Scottsdale Arizona CAFR: find disclosures in 2012 report

Please answer the following questions by using the city of Scottsdale Arizona's CAFR ending June 30, 2012.

A. Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major sources of funding, such as bond sales, intergovernmental grants, and transfers from other funds? Were the projects completed during the year?
B. Again looking at the governmental fund financial statements, are any major debt service funds included? If so, list them. What are the sources of funding for these debt service payments?
C. Does your report include supplemental information including combining statements for nonmajor funds? If so, are any capital projects and debt service funds included? If so, list them. Indicate the major revenue and other financing source categories for the funds.
E. Look at the notes to the financial statements, specifically the note (in the summary of significant accounting policies) regarding the definition of modified accrual accounting. Does the note specifically indicate that modified accrual accounting is used for capital projects and debt service funds? Does the note indicate that debt service payments, both principal and interest, are recorded as an expenditure when due?
F. Does your government report capital leases payable in the government wide Statement of Net Assets? If so, can you determine if new capital leases were initiated during the year? Can you trace the payments related to capital leases?
G. Does your government report any permanent funds, either major or nonmajor? If so, list them. What are the amounts of the permanent resources available for governmental purposes? What is/are the governmental purpose(s)?

Solution Preview

Please look at the attached document to see the cut and paste sections.

Scottsdale Arizona CAFR

Please answer the following questions by using the city of Scottsdale Arizona's CAFR ending June 30, 2012.

Find the file at
http://www.scottsdaleaz.gov/finance/cafr

A. Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them.

As you see below (cut and paste from CAFR with capital funds circled), they have a "General CIP Construction Capital Projects" fund and a "Preserve Privilege Tax Capital Projects" fund.

Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major sources of funding, such as bond sales, intergovernmental grants, and transfers from other funds? Were the projects completed during the year?

As you see from page 37 (cut and paste with amount circled), the major source of revenues for the General Capital Fund is intergovernmental state grants.

"The Preserve Privilege Tax Capital Projects Fund accounts for the resources used to acquire and improve land within the McDowell Sonoran Preserve. Significant transactions in fiscal year 2011/12 include ...

Solution Summary

Your discussion is 737 words and includes a link to the full report as well as cut and paste of the relevant pages with amounts circled in red for easy location. Page references are given for your further investigation and reading.

$2.19