Information about Government Financial Reports
Government financial reports are an important part of democracy ( or a constitutionally limited republic) but often not widely read or discussed. Online reporting by governments makes these government financial reports more accessible but not necessarily more understood by the public.
Governmental financial reports can include not only the budget or "general fund" as often referred to but also several other types of government financial reports, financial statements, performance reports and audits. Many governmental financial reports are online and opened to critical review by constituents, taxpayer groups, bond rating firms and creditors. Ratio analysis is one of the ways to examine the financial conditions of a government from a revenue potential for generating bond ratings for instance. One online source for state and local financial reports (some called Comprehensive Annual Financial Reports or CAFR) is from the Governmental Accounting Standards Board (GASB)
One of the key elements in the financial statement is the Management Discussion and Analysis (MD&A). The MD&A is designed to provide a readable version of the technical financial statements. In June of 1999, the Governmental Accounting Standards Board adopted standard 34. Standard 34 requested all cities and states in the US to include a MD&A in their financial statement or CAFR.
CAFR vs. Budget
The CAFR shows more comprehensive accounting entries that budget reports do not, and also should not be confused with "rainy day funds" or required pension surpluss holdings that are generally included in many government budgetary reports and process.
The CAFR shows not only selectively presented budget items, but also government "enterprise operations" or "enterprise funds", investments, and the return on them (or loss). These funds include but are not limited to assets and holdings to back pension and retirment obligation reserves as required by law.
While a budget might indicate that the government or agency has financial trouble and debt, (because of excess spending within the select grouping of "general fund" accounts presented), the CAFR will normally indicate that government possesses large holdings considerably over what is shown in a budget report or "general fund" alone. Examples from recent history include, Jesse Ventura's career, punctuated by his returning some of the government surpluses to voters as govenor of Minnesota. Other rare news events have highlighted the off-the-budget holdings and "enterprise funds" of government. In one widely reported example in the late 1990s (Los Angeles) Orange County California lost $1-Billion on investments in the derivatives market.
Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
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The most general definition of an audit is an evaluation of a person, organization, system, process, project or product.
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Governmental financial reports can include not only the budget or "general fund" as often referred to but also several other types of government financial reports, financial statements, performance reports and audits. Many governmental financial reports are online and opened to critical review by constituents, taxpayer groups, bond rating firms and creditors. Ratio analysis is one of the ways to examine the financial conditions of a government from a revenue potential for generating bond ratings for instance. One online source for state and local financial reports (some called Comprehensive Annual Financial Reports or CAFR) is from the Governmental Accounting Standards Board (GASB)
One of the key elements in the financial statement is the Management Discussion and Analysis (MD&A). The MD&A is designed to provide a readable version of the technical financial statements. In June of 1999, the Governmental Accounting Standards Board adopted standard 34. Standard 34 requested all cities and states in the US to include a MD&A in their financial statement or CAFR.
CAFR vs. Budget
The CAFR shows more comprehensive accounting entries that budget reports do not, and also should not be confused with "rainy day funds" or required pension surpluss holdings that are generally included in many government budgetary reports and process.
- : A budget is for a select grouping ("general fund") of accounts showing only the more commonly known revenue income from taxes, fees, licenses, fines and a select few revenue sources. The common government budget report also includes, expenses such as salaries, police, and entitlements will be shown along with required holdings to fund pensions, insurance and bonds.
The CAFR shows not only selectively presented budget items, but also government "enterprise operations" or "enterprise funds", investments, and the return on them (or loss). These funds include but are not limited to assets and holdings to back pension and retirment obligation reserves as required by law.
Comprehensive Annual Financial Report
A "Comprehensive Annual Financial Report" or "CAFR" is a government book keeping practice which started in the post WWII economic boom and replaced what was regularly an "off-the-books" practice called the "general fixed asset account group" . The various levels of government; "general government" or the federal United States, individual state governments and government agencies each began producing a CAFR in the late 1940s to early 1950s to catalog an accurate picture of institutional funds, or financial holdings, assets and total investment incomes for those government and non-governmental entities using the report, which is above and beyond the budget process. In 1945, the Government Corporation Control Act, began the auditing of wholly owned government corporations and mixed ownership corporations,( those that government may have controlling holdings in but operate as private corporations) all of which may come under the term "enterprise funds".While a budget might indicate that the government or agency has financial trouble and debt, (because of excess spending within the select grouping of "general fund" accounts presented), the CAFR will normally indicate that government possesses large holdings considerably over what is shown in a budget report or "general fund" alone. Examples from recent history include, Jesse Ventura's career, punctuated by his returning some of the government surpluses to voters as govenor of Minnesota. Other rare news events have highlighted the off-the-budget holdings and "enterprise funds" of government. In one widely reported example in the late 1990s (Los Angeles) Orange County California lost $1-Billion on investments in the derivatives market.
See also
- Single Audit
- Government Accountability Office,
- Working Group on Financial Markets
- Revenue (bottom line vs. "top line")
- Government-owned corporation
- Budget theory
- Comprehensive income
- Permanent fund
- Public company
- Crony capitalism
- Government Accountability Office investigations of the Department of Defense
- Federal Accountability Act(Canada)
External links
- GAO History Government Accounting Office
- PDF - Capital Asset Accounting System (Permission to quote granted in the document)
For the rental car company, see .
Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
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Financial statements (or financial reports) are formal records of a business' financial activities. These statements provide an overview of a business' profitability and financial condition in both short and long term.
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Government performance reports are designed to show nonfinancial aspects of government operations. For example, a government financial report might include the number of arrests, number of convictions by crime category as well as the change (i.e.
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worldwide view of the subject.
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The most general definition of an audit is an evaluation of a person, organization, system, process, project or product.
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These taxpayer groups can be formal nonprofit organizations or informal groups. They are generally seen as “watch dog” groups. As such they try to keep taxes and borrowing down as well as spending. Many US cities have these taxpayer groups.
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A Nationally Recognized Statistical Rating Organization (or "NRSRO") is a credit rating agency which issues credit ratings that the U.S. Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes.
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A creditor is a party (e.g. person, organization, company, or government) that has a claim to the services of a second party. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second
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The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America.
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Jesse Ventura (born James George Janos on July 15, 1951), also known as "The Body", "The Star", and "The Governing Body", is an American politician, retired professional wrestler, Navy UDT veteran, actor, and former radio and television talk show host.
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State of Minnesota
Flag of Minnesota Seal
Nickname(s): North Star State,
The Land of 10,000 Lakes, The Gopher State
Motto(s): L'Étoile du Nord (French: The Star of the North)
Capital Saint Paul
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Flag of Minnesota Seal
Nickname(s): North Star State,
The Land of 10,000 Lakes, The Gopher State
Motto(s): L'Étoile du Nord (French: The Star of the North)
Capital Saint Paul
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In English, derivative primarily refers to anything derived from a source - not primitive or original.
Derivative may also specifically refer to:
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Derivative may also specifically refer to:
- Derivative, in mathematics, the instantaneous rate of change of a function
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The Single Audit, also known as the OMB A-133 audit, is a rigorous, organization-wide audit or examination of an entity who expends $500,000 or more of United States Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its
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Government Accountability Office
Agency overview
Formed July 11921
Headquarters 441 G St., NW
Washington, D.C.
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Agency overview
Formed July 11921
Headquarters 441 G St., NW
Washington, D.C.
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The Working Group on Financial Markets (also, President's Working Group on Financial Markets or the Working Group) was created by Executive Order 12631,[1] signed on March 18, 1988 by United States President Ronald Reagan.
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Revenue is a business term for the amount of money that a company receives from its activities in a given period, mostly from sales of products and/or services to customers.
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A government corporation, government-owned corporation or government business enterprise is a legal entity created by a government to exercise some of the powers of the government.
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Budget theory is the academic study of political and social motivations behind government and civil society budgeting. Classic theorists include Henry Adams, William F. Willoughby, V. O. Key, Jr., and, more recently, Aaron Wildavsky.
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Accounting
Comprehensive income is defined by the Financial Accounting Standards Board, or FASB,[1] as “the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from nonowner sources...... Click the link for more information.
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A public company usually refers to a company that is permitted to offer its securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange.
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Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businessmen and government officials.
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The Federal Accountability Act (full title: "An Act providing for conflict of interest rules, restrictions on election financing and measures respecting administrative transparency, oversight and accountability
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