Major Elements of The Annual Report
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Major Elements of The Annual Report
The government department selected is Los Angeles Controller from the city of Los Angeles. The annual report of the department is taken for the year 2018. The major elements of the annual report are as follows:
- The information about the revenues and expenditures in the form of a report
- Detailed and comprehensive information about the pension funds, retiree funds and contributions
- The balances of the funds
- Information about debt and balances of debt
- Relative information in the form of graphs and matrices
- The information about tax as directed by the Accounting standards
The controller is eligible for all types of affairs of a county. These affairs include collection of taxes, implementing the amount of taxes, public health, maintenance of jails and all the other affairs relevant to public welfare and law enforcement. It is an institution that is eligible for providing its services in these respects that are mentioned above. In Los Angeles the department is also providing some other valuable services like providing the facility of libraries, parks, recreational activities, entertainment facilities and provision of other social and recreational activities. The department is providing its valuable services all around the county efficiently.
The said financial statement is for the year ended 2018. It comprises the dates that start from 1st January 2018 and ends with 31st December 2018. The date that is mentioned on the financial statement is January 1st, 2019. The independent auditor for the auditing purpose of the government is selected Macias and Gini and O’ Connell LLP. The complete address for the auditor is Macias and Gini O’ Connell LLP, 700 South Flower St. Suite 800, Los Angeles, CA 90017. The report is qualified because it includes all the necessary information that is required to carry out the auditing process. All the accounting standards are followed and all the rules, regulations, process and procedures are also followed. The Generally Accepted Accounting Principles that are followed in America are followed by the auditor during the audit work.
The major units of the activities of the government are as follows:
The major funds of the government are as under:
These funds are major funds and these can be shown as under:
Assets 7.9% Net Position 7% Additional 8.5% Pensions 9% LACERS 9.2% DWB Funds 7.3%
Summary of Financial Condition
The management has disclosed that the total assets of the government are exceeding the total liabilities of the government. At the same time the outflows of the government are also exceeding the inflows and this changes account for $20.1 billion. There is a decrease of almost $0.9 billion. Out of this $ billion was occurred due to the change in the net position of the company. The Fund balance is $929.2 million and the total amount of note payable is $28.5 million.
The financial ratios are as follows:
Revenues are $7.8 billion. There is an increase of 0.3%.
Expenses are $ 7.1 billion. There is a decrease of 0.7%.
Analysis of Reserves
General funds are increased by 27.5% and Public works have an increase of 3.8%
Annual Report 2018, https://lacontroller.org/wpcontent/uploads/2019/02/FY18_CAFR_Final_1.31.19_v3.pdf
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