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On San Diego County CAFR - Research Paper Example

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On San Diego County CAFR

The city functions under and is administrated by the State of California’s laws and its own Charter, as periodically modified since its acceptance by the electorate in 1931 (CAFR 24). The weather of San Diego County is portrayed by mild winters with most of the annual rainfall between November to March and warm and dry summers. It is known for its natural deep water harbor, long relationship with the U.S. navy, mild year-round climate, extensive beaches, and latest emergence as a biotechnology and healthcare development center. Most people who visit the county head to the wild animal park, San Diego zoo, sea world or Lego land. The national, regional and international economic condition has badly affected San Diego County’s City services and revenue. It has also exaggerated the health of the business community. In this tough economic environment, the City of San Diego has effectively balanced its annual budget and also implemented them on time i.e. by June 30 each year. This paper will provide an analysis of the Comprehensive Annual Financial Report (CAFR) of San Diego County and the city also meet the Governmental Accounting Standard Board (GASB) 34 requirements because the Comprehensive Annual Financial Report has been prepared in conformance with the standards and principles for reporting as set forth by GASB 34. Governmental Accounting Standard Board (GASB) With the implementation of the GASB 34, the financial reporting model for local and state governments has been changed. The financial statements under GASB 34 must include: Management Discussion and Analysis (MD&A); Government wide Statements involving Statement of Activities; Statement of Net Assets; Fund Statements; Notes to Financial Statements and Required Supplementary Information which includes the budgetary comparison. The CAFR of San Diego County meets the GASB 34 requirements as it is prepared in conformance with the standards and principles for reporting as required in GASB 34. The CAFR of the City also contains MD&A, Statement of Net Assets; Statement of Activities; Fund Statements; Notes to Financial Statements and Required Supplementary Information which includes the budgetary comparison of General Funds. The objective of the City’s CAFR is to provide with the financial statement which is of material misstatement. It maintains the accuracy of data; and fairness and completeness of the presentation. In addition, the City is keeping on to progress a complete internal control over the framework of financial reporting to ascertain satisfactory management of taxpayer funds (CAFR 22). According to GASB 34 and 51, in the government wide statements; all major assets are capitalized by the City of San Diego. Capital assets of both proprietary and governmental funds are utilized at the government wide level and proprietary assets are accounted at the fund level (CAFR 41). 2011 2010 With the execution of GASB 54, there was a considerable reclassification between Unrestricted and Restricted Net Assets. Restricted Net Assets resulted in an increase of $949,227 i.e. by $376,845 and Unrestricted Net Assets goes down by $394,573 (CAFR 36). The statistical section provides information as required by GASB 44. In addition to the financial sta ...Show more

Summary

Finance and Accounting Research Paper on San Diego County Introduction San Diego County was incorporated in 1850 and is situated in the United States (U.S.), state of California. In the 48 adjacent U.S. states, it is the most southwestern county. As on January 1, 2011, it was estimated that the population of the city was 1,311,882, thus making San Diego County the second most heavily populated county in California…
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