Task:
CAFR of State of Washington for Fiscal Year Ended June 30, 2015
Comprehensive Annual financial Report (CFAR) starts with introduction section consisting of letter of transmittal which discusses profile of Washington State. It discloses the governmental structure, organizational chart, budget cycle, demographics, awards and achievements of the state. It is followed by the financial section. It is the main section of the report. It starts with internal auditor's report of financial statements followed by management's discussion and analysis. The basic financial statements contain Government-wide Financial Statements, Governmental Fund Financial Statements, Proprietary Fund Financial Statements, Fiduciary Fund Financial Statements, Component Unit Financial Statements and Notes to the Financial Statements. Finance section also consists of required supplementary information which discusses about Budgetary Comparison Schedules and Information, Pension Plan Information, Volunteer Fire Fighters' and Reserve Officers' Relief and Pension Fund and Other Postemployment Benefits Information. Other supplementary information provided in the finance section consists of Governmental funds, Proprietary Funds, Fiduciary Funds and Component Unit.
The last section of the report is Statistical Section. It consists of 31 schedules that discusses about Financial Trends, Revenue Capacity, Debt Capacity, Demographic Information and Operating Information.
Most Interesting Information:
The most important information that the report depicts is the increase in access to healthcare in Washington. The passage of Federal Patient Protection and Affordable Care Act (ACA), in 2010, gave an opportunity to the residents of Washington to unprecedented opportunity to choose affordable, high-quality health insurance coverage. More than 170,000 people enrolled for private insurance through the Washington Healthplanfinder. The state, under its Medicaid program provided coverage to more than 534,000 newly eligible adults. As a result of it, he resident without health insurance fell from 16% to 6%.
Most Useful Statistical Information
The most important statistical information is the information pertaining to demographic information covered under schedule 13- 24. It shows ten year comparison of Washington State per capita rate as 107% of United States per capita rate. Schedule 14 focuses on population and components change with a comparison of Washington State and United States. Schedule 15 discloses the Annual Average Civilian Labor Force Unemployment Rates of Washington State at 101.6% of United States. Schedule 18 shows Fortune 500 Companies Headquartered in Washington. Schedule 20 discusses international trade facts pertaining to Exports, Imports and Trade Balance. Schedule 23 gives information about Property Value and Construction.
No, the information given in statistical section does not provide a better understanding of the financial status of the governmental entity. It provides information pertaining to revenue capacity, debt capacity, financial trends, demographic information and operating information. But the management discussion and analysis provided in financial section and other supplementary information provided in financial section provides a better understanding of financial status of the governmental entity.
References:
https://www.ofm.wa.gov/cafr/2015/CAFR15.pdf
The questions:
1- This is especially interesting about the affordable healthcare package and it sounds like a lot of residents were able to benefit from this. That also sounds like it would be very costly. Did the government have to cover some of this and if so, where did those funds come from?
2- Do you think implementing a program like this should go to the vote of the citizens?
3-overall, how do you feel that this state is doing to other states? Did you see any areas you would suggest for improvement?