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Financial Analysis of a Local Government in South Florida - Essay Example

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Financial Analysis of a Local Government in South Florida

Financial analyses' are used by t for local governments and many of the people that make it up. This list includes "mayors, city secretaries, financial department heads and heads of other departments as well as City Council members, who
approve and adopt local government policies." (Whitt Jr.) If done properly a financial analysis will enlighten the above-mentioned parties and others, to the benefits of careful and frugal financial management. The benefits of an analysis will provide departments with improved financial management. According to Reave a financial analysis's s role in modern management of local governments is to
The following table summarizes the major features of the FKEC financial statements, including the portion of the FKEC that these statements include. As well, the rest of this overview section of management's discussion and analysis explains the structure and contents of each of the statements. (Reaves)
the findings of my financial analysis revealed that: Net assets of FKEC activities decreased 2.1 percent to $123.5 million. However, most of those net assets are either restricted as to the purposes they can be used for or they are invested in capital assets. Unrestricted net assets showed a $0.1 million surplus at the end of this year. This surplus does not mean that FKEC has significant resources available to pay its bills next year. (Monroe County 2003) Rather, it is the result of having long-term commitments that are a little less than currently available resources. The surplus balance has remained similar to the prior year. Specifically, FKEC did not include in past annual budgets the full amounts needed to finance future liabilities arising from various claims and to pay for unused employee vacation and sick days. FKEC will include these amounts in future years' budgets as they come due. (Monroe County
Although the net assets of our business-type activities increased by 3.5 percent to $85.6 million, these resources cannot be used in governmental activities. FKEC generally can only use these net assets to finance the continuing operations of its business activities such as food service.

Changes in net assets. FKEC's total revenues increased by 3.9 percent to $114.3 million. (See below)A significant portion, 49 percent of FKEC's revenue comes from taxes. (See below Twenty-five percent comes from state allocations, and most of the rest is from federal and state grants.
The total cost of all programs and services was virtually unchanged (increasing approximately $900,000 or less than 1 percent). FKEC's expenses cover a range of services. (statistics 203 EC)
separately.

(Statistics 2003 FKEC)
There are some important factors that need toe taken inconsideration for the next ear's and future ...Show more

Summary

This paper will provide a financial analysis of a local government located in South Florida. The analysis will be provided from the perspective of an outside consultant that has been commissioned by the City Council to evaluate financial conditions of the institution…
Author : ibreitenberg
Financial Analysis of a Local Government in South Florida essay example
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