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City of Scottsdale -reconciliation between the governmental fund

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Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
//www.scottsdaleaz.gov/finance/cafr

A. Find the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund Balance Sheet or in a separate schedule in the basic financial statements. List the major differences. What is the amount shown for capital assets? How much is due to the incorporation of internal service funds? Was an adjustment made for deferred property taxes or any other revenue? What is the adjustment due to the inclusion of long-term liabilities? What other adjustments are made?

B. Find the reconciliation between the governmental fund changes in fund balances and the governmental-type activites changes in net assets. This might be on the governmental Statement of Revenues, Expenditures, and Changes in Fund Balances or in a separate schedule. List the major differences. How much is due to the difference between depreciation reported on the Statement of Activities and the reported expenditures for capital outlays on the Statement of Revenues, Expenditures, and Changes in Fund Balances? How much is due too differences in reporting expenditures versus expenses for debt service? How much is due to differences in reporting proceeds versus gains on sale of capital assets? How much is due to additional revenue accruals? How much is due to additional expense accruals? What other items are listed?

D. Look at the Statement of Activities. List the net expenses (revenues) for governmental activities, business-type activities, and component units. List the change in net assets for governmental activities, business-type activities, and component units. Attempt to find from the notes the component units that are discretely presented.

E. Look throughout the annual report for disclosures related to capital assets. This would include the notes to the financial statements, any schedules, and information in the Management's Discussion and Analysis (MD&A). Summarize what is included. What depreciation method is used? Are lives of major classes of capital assets disclosed?

F. Look throughout the annual report for disclosures related to long-term debt. This would include the notes to the financial statements, any schedules in the financial and statistical sections, and the MD&A. Summarize what is included. Are the schedules listed in this chapter included? What is the debt limit and margin? What is the direct debt per capita? The direct and overlapping debt per capita?

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A summary of financials for City of Scottsdale is provided.

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City of Scottsdale, AZ

1) Find the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund Balance Sheet or in a separate schedule in the basic financial statements.

a. List the major differences.
i. Capital assets used in governmental activities are not financial resources and are not reported in the funds
ii. Bond issuance costs are not financial resources and are not reported in the funds.
iii. Long-term liabilities are not due and payable in the current period so are not reported in the funds. This includes bonds payable.
iv. Due to the fact that the focus of governmental funds is on short-term financing, some assets will not available to pay for the current period of expenditures. Those assets ate offset by differed revenue in the funds.
v. Internal service funds are used by management to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service funds are included in the governmental activities in the statement of net assets.

b. What is the amount shown for capital assets? $3,577,729

c. How much is due to the incorporation of internal service funds? $52,954

d. Was an adjustment made for deferred property taxes or any other revenue? $37,022

e. What is the adjustment due to the inclusion of long-term liabilities? ($905,254)

f. What other adjustments are made? Bond issuance - $4,636

2) Find the reconciliation between the governmental fund changes in fund balances and the governmental-type activites changes in net assets. This might be on the governmental Statement of Revenues, Expenditures, and Changes in Fund Balances or in a separate schedule.

a. List the major differences.
i. Governmental funds report capital outlays as expenditures; however, in the statement of activities the cost of those assets is allocated over their estimated useful lives and ...

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