Comprehensive Annual Financial Analysis

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Comprehensive Annual Financial Report Briefing ACC/548 July 30, 2012 Michael Teneyck Comprehensive Annual Financial Report Briefing This brief will provide an overview of government accounting for the newly elected board members of the City of Houston. More specifically it will provide a comparison of government accounting versus for-profit financial accounting, give a description of the City of Houston reporting entity, and evaluate the Management Discussion and Analysis section within the Comprehensive Annual Financial Report (CAFR). This brief will reference the finding from the CAFR for the fiscal year ended June 30, 2011. Government versus For-Profit Accounting There are several differences that exist between governmental accounting…show more content…
The primary reporting entity is the City of Houston, Texas, were the mayor serves as the Chief Executive Office of the City. The City Controller is the second-highest elected official with the city government and serves as the city’s Chief Financial Officer. The legislative body of the city is the City Council, which consists of the mayor, nine district members and five at-large members (Green, 2010). The primary government is responsible for providing services for the citizen of the city of Houston, which include public safety (police and fire department), health (emergency medical services and human services), pretrial detention services, traffic courts, municipal courts, public works (water production and distribution, solid waste collection, sanitary code enforcement, wastewater treatment), parks and recreation, and libraries (Green,…show more content…
As previously noted, assets exceeded liabilities by $3.583 billion at the close of the fiscal year, which is $94 million less than in fiscal year ending 2009. The largest portion of the city’s net asset is investment in capital assets. Governmental activities decreased net assets by $253 million primarily because of a 7.5% decrease in sales tax revenue, and $33 million increase in housing and community development. Business-type activities decreased net assets by $118 million primarily because of an operating expense increase of 8.2% and a 5.40% decrease in revenue for the airport system, and an increase 1.9% in operating expenses and a 2.9% decrease in revenue for convention and entertainment (Green,

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