Assignment Task:
The local government that should be used to compare to the Town of Cary, NC is Winston-Salem, NC. These two are both North Carolina towns and have the same state regulations and are similar in size.
To add clarity to the assignment the following is provided:
1) Compare and contrast the 2019 CAFR for Winston-Salem, NC to the 2019 CAFR for the Town of Cary, NC and answer a, b, c, and d.
2) Answer questions 2, 3, and 4 from Chapter 2 continuing problem found on textbook pages 82-83 for the Town of Winston-Salem, NC from the 2019 CAFR.
3) Use the 2019 Winston-Salem CAFR and answer question 3.
4) Use the 2019 Winston-Salem CAFR and answer question 4 a through f.
Materials need to solve problems:
1. The city collects $3 million of taxes on behalf of the county in which it is located.
2. It spends $4 million to pave city streets, using the proceeds of a city gasoline tax dedicated for road and highway improvements.
3. It receives a contribution of $5 million. Per the stipulation of the donor, the money is to be invested in marketable securities, and the interest from the securities is to be used to maintain a city park.
4. It collects $800,000 in landing fees at the city-owned airport.
I) Review the introductory section of the CAFR.
1. Was the entity's annual report of the previous year awarded a "certificate of achievement for excellence in financial reporting" by the Government Finance Officers Association? What is the significance of this award?
2. What are the key issues addressed in the letter of transmittal?
II) Review the financial section.
1. Which, if any, independent audit firm performed an audit of the CAFR?
2. Did the entity receive an "unqualified" audit opinion? If not, why not?
3. Does the report contain management's discussion and analysis (MD&A)? If so, what are the key issues addressed?
4. Does the report provide reconciliation between total governmental net position per the government-wide statement of net position and total governmental fund balances per the governmental funds balance sheet? If so, what are the main reconciling items?
5. What are the major governmental funds maintained by the entity? Does the entity's fund structure conform to its organizational structure?
6. Does the report include "required supplementary information"? If so, what are the main areas addressed?
7. Does the report include "combining statements"? If so, what is the nature of these statements?
8. Does the report include other supplemental information? If so, what types of information are in this section of the report?
III) Review the statistical section.
1. What is the population of the entity being reported on?
2. Who is the entity's major employer?
3. What types of information are included in the statistical section?
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