What is the most costly governmental function or program operated by the government? How much of the cost of governmental activities was borne by taxpayers in the form of general revenues? Did the entity increase or decrease its governmental activities unrestricted net …
3-15 A-The most costly governmental or program operated by the government is Public Safety as it costs 480,000 dollars in expenses. The program that has net revenue in this statement is the General government at 115,864. When it comes to General revenues for the government they were able to generate $759,827 in revenue through taxes and grants. The entity with this …
Jun 04, 2014 · The Pentagon and the VA ditched a $1.1 billion project in February that the two largest departments had been working on for five years, according to federal auditors. The idea: Build an integrated ...
This problem has been solved! Utilizing the CAFR obtained for City of Jackson in MS, review the governmental fund financial statements and related data and government-wide financial statements. Note particularly these items: Statement of Activities at the Government-wide Level. What is the most costly governmental function or program operated ...
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
Government-Wide Financial Statements Governmental activities typically include financial data for all governmental funds. Internal service fund(s) are typically incorporated into governmental activities as well. F. Business-type activities typically include financial data for all enterprise funds.
Why is GASB 34 important? The goal of GASB 34 was to improve financial transparency within state and local governments fiscal reports. The GASB 34 increases governmental accountability by allowing citizens to participate in deciding operating budgets of state and local governments.
Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Which of the following is not one of the seven elements defined by the GASB concept statements? A.
Governmental Activities means the provision of all governmental services and the conduct of all activities provided in connection or otherwise associated with the Lands and/or the NG-KIH System by any Governmental Authority; Sample 2.
Accounting Responsibility - Under PD 1445, accounting responsibility for all government funds and property is entrusted, immediately and primarily, to the head of the government agency or office.
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
The basic financial statements, which include the notes to the financial statements, plus the required supplementary information (RSI), which includes Management's Discussion and Analysis, equal the general-purpose financial statements.Jan 2, 2012
GASB Statement no. 54 establishes a hierarchy of fund balance classifications based primarily on the extent to which governments are bound by constraints placed on resources.Oct 31, 2009
Governmental funds include the General, special revenue, debt service, capital projects, and permanent. 93. Level "A" GAAP for Cook County Hospital, a public hospital, would be established by the: Governmental Accounting Standards Board.
Fund accounting is the way governments track revenues with purpose restrictions against the expenditures made for those g p purposes. Fund accounting makes it easier to identify which monies are available for specific purposes. Villages generally have one checking account that is used for all funds.
Governmental funds—and the activities they pay for—are mostly tax supported. Proprietary funds account for business-like activities of the government, such as utilities. Proprietary funds are concerned with activities financed by self-generated revenues.
The NNSA is frequently featured on the GAO’s annual “high risk” report, which highlights government programs that routinely experience waste, fraud, abuse and mismanagement. Read more here…. Read More You paid a fee for 31 years that went nowhere.
Homeland Security has a ginormous problem: Its massive new headquarters is 11 years behind schedule and more than $1.5 billion over budget – and some lawmakers and federal auditors even question if it will ever be completed.
It was to be finished this year but is still almost entirely undeveloped, though it’s cost $4.5 billion so far. The new completion date is now 2026, but even that might be optimistic, according to The Washington Post.
Utilizing the CAFR obtained for City of Jackson in MS, review the governmental fund financial statements and related data and government-wide financial statements. Note particularly these items:
Comprehensive Annual Financial Report (CAFR): Comprehensive Annual Financial Report (CAFR) is the set of financial statement of U Country. It consists of the financial statements of municipal, state, view the full answer
Unless otherwise provided in the contract, contractors are responsible for providing the equipment or personnel needed to perform the services outlined in the contract. Only the contracting officer may allow the use of government property, including office space, telephones, computer equipment, and vehicles during contract performance.
Each non-personal services contract outlines the services that are to be performed by the contractor and its employees. Agency managers may not allow or request the rendition of services that are not within the scope of the particular contract. If the desired services fall outside the scope of the contract, the agency program manager must contact the contracting officer (CO) or the CO’s Technical Representative to ascertain whether or not the contract may be modified to include the services needed. Only the agency’s contracting officer may modify the contract.
If a contract does not authorize reimbursement for travel costs, the contractor cannot be requested to travel by agency program officials or reimburse the contractor if it does so . Only the contracting officer may modify a contract to provide for travel reimbursement if not already included in a contract. Contractor travel is not to be authorized using agency forms nor should payment to contractors or their employees be based on submission of agency travel vouchers.
While contractor employees may attend conferences or meetings on the agency’s behalf, the contractor may not represent or discuss policy positions that may or may not be taken by the agency. The contractor may disseminate information concerning existing agency policies or rules, and outline the rules, but may not take a position in the forum respecting what the agency should or should not do, commit the agency to a policy position, or offer a view on an issue that is under agency policy review. Agency policy-making is an inherently governmental function. If having a contractor speak or attend a conference on behalf of the agency creates the strong possibility that the contractor will be asked to interpret agency policy, the federal manager should strongly be discouraged from having the contractor, rather than a government employee attend the conference or speak for the agency at the function in question.
The agency may not provide monetary or non-monetary awards to contractors or their personnel under agency awards programs. Incentive and similar awards for superior performance or other reasons may be addressed specifically in the contract if desired. In those instances, the contractor would pay the award to its employee, and the agency would reimburse the contractor for the amount.
Contractor personnel working under these types of contracts are not subject to the supervision and control of a government manager or employee—i.e., they are not subject to controls that are usual in relationships between the Government and its employees.