common reporting deficfencies. improving financial reporting – transmittal letter hit all the...
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Common Reporting Common Reporting DeficfenciesDeficfencies
Improving Financial Improving Financial Reporting –Reporting –Transmittal LetterTransmittal Letter Hit all the required elementsHit all the required elements
• • Profile of the GovernmentProfile of the Government
• • The economy and outlook - The economy and outlook - Get visual!Get visual!
• • Major initiatives - Infrastructure, Major initiatives - Infrastructure, Health Health Care, Environment, Care, Environment, TechnologyTechnology
• • Awards & acknowledgementsAwards & acknowledgements
ChartsCharts and Graphs and Graphs
Average or Median Home PriceAverage or Median Home Price Population per Capita IncomePopulation per Capita Income Funded LT Liabilities – OPEB or Funded LT Liabilities – OPEB or
PensionPension Trends for Significant RevenuesTrends for Significant Revenues Look to the Statistical SectionLook to the Statistical Section
Improving Financial Improving Financial Reporting –Reporting –Transmittal LetterTransmittal Letter
Involve others outside of Finance…Involve others outside of Finance… Budget OfficeBudget Office Economic DevelopmentEconomic Development Provide helpful references for readersProvide helpful references for readers
• • Adopted Budget, Capital Planning, Adopted Budget, Capital Planning, etc…etc…
Who reviews the Transmittal Letter?Who reviews the Transmittal Letter? Dated after audit opinionDated after audit opinion On your letterheadOn your letterhead
The MD&AThe MD&A
Quantify changes but don’t forget Quantify changes but don’t forget the why?the why?
Create an analytical tool to assist Create an analytical tool to assist with MD&Awith MD&A
Challenges with large $ amount & % Challenges with large $ amount & % changechange• • Where to start, how to hone in?Where to start, how to hone in?
Don’t wait until the endDon’t wait until the end
GCGGCG 6611
The MD&AThe MD&A
Budget Analysis For The General Budget Analysis For The General Fund Should Be Comprehensive Fund Should Be Comprehensive
• Should Address Variances Between Both Should Address Variances Between Both The Original And Final Amended BudgetThe Original And Final Amended Budget
• Final Amended Budget And Actual Final Amended Budget And Actual ResultsResults
GCGGCG 7711
The MD&AThe MD&A
Data for comparative basic financial Data for comparative basic financial statements should be complete statements should be complete
– Complete means that each year must Complete means that each year must comply with the authoritative standards comply with the authoritative standards and essentially stand alone as a set of and essentially stand alone as a set of basic financial statements. basic financial statements.
– Include condensed financial data and Include condensed financial data and comparative analysis for each of the last 3 comparative analysis for each of the last 3 years years
GCGGCG 8811
The MD&AThe MD&A
Data for comparative basic financial Data for comparative basic financial statements should be complete statements should be complete
Merely presenting the numbers does not satisfy Merely presenting the numbers does not satisfy this requirement. A narrative analysis of changes this requirement. A narrative analysis of changes between both sets of years is also mandatory.between both sets of years is also mandatory.
Current year vs. previous year Current year vs. previous year Previous year vs. two years prior Previous year vs. two years prior
GCGGCG 9911
The MD&AThe MD&A
Includes a Discussion Of Capital Includes a Discussion Of Capital Assets And Long-term Debt ActivityAssets And Long-term Debt Activity
Reference To Notes Does Not Replace Reference To Notes Does Not Replace DiscussionDiscussion
The purpose of the discussion is to recap The purpose of the discussion is to recap specific capital asset and long-term debt specific capital asset and long-term debt activity that occurred during the year. activity that occurred during the year.
MD & A – Capital ActivityMD & A – Capital Activity
Don’t leave this out. Readers want to Don’t leave this out. Readers want to know!know!
• • What was purchased during the What was purchased during the year?year?
• • What’s been disposed of during the What’s been disposed of during the year?year?
Plans for the future? Capital budget Plans for the future? Capital budget plan?plan?
GCGGCG 111111
Capital Asset Narrative Example Capital Asset Narrative Example
The major capital events during the current fiscal The major capital events during the current fiscal year were additions to infrastructure of $9.9 million, year were additions to infrastructure of $9.9 million, remodeling costs to the County’s federally qualified remodeling costs to the County’s federally qualified health center for $1.1 million and the Public Health health center for $1.1 million and the Public Health Facility for $2.6 million, and $0.7 million in Facility for $2.6 million, and $0.7 million in renovation costs for the new Public Works renovation costs for the new Public Works Customer Service Center. Customer Service Center.
Additional information on the County’s capital Additional information on the County’s capital assets can be found in Note III.C. in the Notes to assets can be found in Note III.C. in the Notes to Basic Financial Statements section of this report. Basic Financial Statements section of this report.
GCGGCG 121211
Long-term Debt Narrative Example Long-term Debt Narrative Example
Bonded debt decreased overall by $5.7 Bonded debt decreased overall by $5.7 million primarily due to ongoing debt million primarily due to ongoing debt service payments for the 1998 Wastewater service payments for the 1998 Wastewater System and the Authority’s 2002 System and the Authority’s 2002 Certificates of Participation. Additional Certificates of Participation. Additional information on long-term liabilities can be information on long-term liabilities can be found on pages 70-76 in the notes to basic found on pages 70-76 in the notes to basic financial statements. financial statements.
GCGGCG 131311
G-W Statement of Net PositionG-W Statement of Net Position Net pension/OPEB obligation are netted with Net pension/OPEB obligation are netted with
pension/OPEB assetspension/OPEB assets
Net pension/OPEB obligation not presented as Net pension/OPEB obligation not presented as long-termlong-term– Should be noncurrent in classified approachShould be noncurrent in classified approach– Should be reported as “due in more than one year” Should be reported as “due in more than one year”
under the relative order of liquidityunder the relative order of liquidity
Debt not net of related premiums and discountsDebt not net of related premiums and discounts– Should be netted to present debt carrying valueShould be netted to present debt carrying value
GCGGCG 141411
G-W Statement of Net PositionG-W Statement of Net Position
Miscalculation Of Net Investment In Miscalculation Of Net Investment In Capital AssetsCapital Assets– Unspent Proceeds Should be ExcludedUnspent Proceeds Should be Excluded– Significant Retainage Should be Significant Retainage Should be
IncludedIncluded– Significant Accounts and Contracts Significant Accounts and Contracts
Payable Should be IncludedPayable Should be Included– Bond Issuance Costs Should be Bond Issuance Costs Should be
ExcludedExcluded
GCGGCG 151511
G-W Statement of Net PositionG-W Statement of Net Position
Miscalculation Of Net Investment Miscalculation Of Net Investment In Capital AssetsIn Capital Assets– Accrued Liabilities Should be ExcludedAccrued Liabilities Should be Excluded– Intangible Assets Should be IncludedIntangible Assets Should be Included– Refunding Bonds Should be Included Refunding Bonds Should be Included
When Refunded Debt Was Capital-When Refunded Debt Was Capital-relatedrelated
GCGGCG 161611
Restricted Net PositionRestricted Net Position
Reasons for reporting a part of net position as Reasons for reporting a part of net position as restricted should be presented in detail restricted should be presented in detail
By major category By major category – Significant amounts of net assets should not be Significant amounts of net assets should not be
subdivided into generic categories such as other purposes subdivided into generic categories such as other purposes or special purposes. or special purposes.
– Restricted for use by special revenue funds is too generic. Restricted for use by special revenue funds is too generic.
Display on the face of the statement of net positionDisplay on the face of the statement of net position Disclosure in the notes is not a substitute for display Disclosure in the notes is not a substitute for display
(see Q&A 7.22.8) (see Q&A 7.22.8)
GCGGCG 171711
G-W Statement of ActivitiesG-W Statement of Activities
Recipients Of Shared Taxes Generally Recipients Of Shared Taxes Generally Report Them As Tax General Revenues in Report Them As Tax General Revenues in Error (i.e., cities receiving SPLOST from Error (i.e., cities receiving SPLOST from counties)counties)
– Not A Tax From Viewpoint Of RecipientNot A Tax From Viewpoint Of Recipient– Should Be Classified As Program Revenue (If Should Be Classified As Program Revenue (If
Restricted To A Function) Otherwise It Is Restricted To A Function) Otherwise It Is General RevenueGeneral Revenue
GCGGCG 181811
G-W Statement of ActivitiesG-W Statement of Activities
Includes Special Items That Are Not Includes Special Items That Are Not SignificantSignificant
– Significance Of The Special Item Is Judged Significance Of The Special Item Is Judged Based On Where It Is Reported (Q&A 7.67.2)Based On Where It Is Reported (Q&A 7.67.2)
– Item Can Be Significant In The Fund Financial Item Can Be Significant In The Fund Financial Statements But Not The Government-wide Statements But Not The Government-wide (And Vice Versa)(And Vice Versa)
GCGGCG 191911
G-W Statement of ActivitiesG-W Statement of Activities
Capital Outlay Presented As Capital Outlay Presented As A Governmental Activities A Governmental Activities Functional CategoryFunctional Category
–Detail Of Expenses Should Be Detail Of Expenses Should Be By Function Not Character By Function Not Character ClassificationClassification
GCGGCG 202011
G-W Statement of ActivitiesG-W Statement of Activities
Intergovernmental Expenses Should Intergovernmental Expenses Should Not Be Presented As A Separate Not Be Presented As A Separate FunctionFunction
Expenses Should Be By Function Expenses Should Be By Function Except For Extraordinary And Except For Extraordinary And Special ItemsSpecial Items
GCGGCG 212111
G-W Statement of ActivitiesG-W Statement of Activities
Significant “Other” Program Significant “Other” Program Revenues ReportedRevenues Reported
If Other Has Become Significant, If Other Has Become Significant, Consider a Breakout for Additional Consider a Breakout for Additional Revenue Line ItemsRevenue Line Items
GCGGCG 222211
Fund Financial Statements - Fund Financial Statements - GeneralGeneral
Funds That Meet The Threshold Of A Funds That Meet The Threshold Of A Major Fund Are Reported As NonmajorMajor Fund Are Reported As Nonmajor
– Calculation To Determine Major Calculation To Determine Major Funds Must Be Performed Each YearFunds Must Be Performed Each Year
– Classification Can Change From One Classification Can Change From One Fiscal Year To The Next Without Any Fiscal Year To The Next Without Any Consistency ConcernConsistency Concern
GCGGCG 232311
Fund Financial Statements - Fund Financial Statements - GeneralGeneral
Funds That Meet The Threshold Of A Funds That Meet The Threshold Of A Major Fund Are Reported As Major Fund Are Reported As NonmajorNonmajor
– Threshold Applies To The Final Threshold Applies To The Final Numbers Reported In The Fund Numbers Reported In The Fund Financial StatementsFinancial Statements
GCGGCG 242411
Governmental FundsGovernmental Funds
Inflows and outflows related to current and advance Inflows and outflows related to current and advance refundings should be separately presented on the refundings should be separately presented on the operating statement operating statement
– Debt issuance should be an other financing source Debt issuance should be an other financing source
– Use of the proceeds for the refunding should be Use of the proceeds for the refunding should be reported appropriately based on the type of reported appropriately based on the type of refunding :refunding :
• Current refunding = expenditure Current refunding = expenditure • Advance refunding = other financing useAdvance refunding = other financing use
GCGGCG 252511
Governmental FundsGovernmental Funds
Report liabilities that are not due and Report liabilities that are not due and payable as of the end of the fiscal yearpayable as of the end of the fiscal year
Compensated absences (determination Compensated absences (determination made based on whether the employee made based on whether the employee separated from service on or before separated from service on or before fiscal year end)fiscal year end)
Claims and judgmentsClaims and judgments
GCGGCG 262611
Governmental FundsGovernmental Funds
Other financing sources/uses reported for items Other financing sources/uses reported for items not identified in GAAP. Other financing sources not identified in GAAP. Other financing sources are:are:
The issuance of long-term debtThe issuance of long-term debt Bond premiums Bond premiums Material sales of capital assets (unless they Material sales of capital assets (unless they
qualify as a special item) qualify as a special item) Proceeds from insurance recoveriesProceeds from insurance recoveries Interfund transfers in Interfund transfers in
GCGGCG 272711
Governmental FundsGovernmental Funds
Other financing uses are:Other financing uses are:
Original issue discounts on the issuance of debt, Original issue discounts on the issuance of debt, The application of the proceeds of the refunding The application of the proceeds of the refunding
bonds to refund the existing debtbonds to refund the existing debt Interfund transfers out, Interfund transfers out,
GCGGCG
The New Fund BalanceThe New Fund Balance
Special revenue funds Special revenue funds – Should not have significant Should not have significant
expenditures for capital outlays expenditures for capital outlays – Must be supported by specific revenues Must be supported by specific revenues
that comprise a substantial amount of that comprise a substantial amount of the inflows into the fund. the inflows into the fund.
Substantial ≠ majority Substantial ≠ majority
GCGGCG 292911
The New Fund BalanceThe New Fund Balance
Restricted, committed, assigned, and Restricted, committed, assigned, and unassigned unassigned
– Negative restricted or committed fund Negative restricted or committed fund balance is inappropriate balance is inappropriate
– Only the General Fund can have positive Only the General Fund can have positive unassigned fund balanceunassigned fund balance
– Assignment of fund balance only Assignment of fund balance only appropriate if there is available unassigned appropriate if there is available unassigned fund balance to assignfund balance to assign
GCGGCG 303011
The ReconcilationsThe Reconcilations
• Reconciliations to government-Reconciliations to government-wide financial statements have wide financial statements have inadequate detailinadequate detail
• Detail should be provided for Detail should be provided for combined or net reconciling itemscombined or net reconciling items
• If not displayed the detail should If not displayed the detail should be in the notes to the financial be in the notes to the financial statementsstatements
GCGGCG 313111
Proprietary FundsProprietary Funds
Reasons for reporting a part of net Reasons for reporting a part of net position as restricted should be presented position as restricted should be presented in detailin detail
– By major categoryBy major category
• Significant amounts of net position should not be Significant amounts of net position should not be
subdivided into generic categories such as other subdivided into generic categories such as other purposes or special purposes. purposes or special purposes.
GCGGCG 323211
Proprietary FundsProprietary Funds Capital Contributions Should Be Capital Contributions Should Be
Consistently Reported Between The Consistently Reported Between The Proprietary Fund And Government-wide Proprietary Fund And Government-wide Financial StatementsFinancial Statements
– No Difference In Measurement Focus No Difference In Measurement Focus Between These Statements So The Between These Statements So The Amounts Should Be IdenticalAmounts Should Be Identical
– ““Negative capital contributions” should Negative capital contributions” should not be reported not be reported
GCGGCG 333311
Proprietary FundsProprietary Funds
Miscellaneous Or Other Cash Flows Are Miscellaneous Or Other Cash Flows Are Included In An Inappropriate Category Included In An Inappropriate Category (E.G., Noncapital Financing)(E.G., Noncapital Financing)
If The Definition Of Any Of The Four If The Definition Of Any Of The Four Categories Is Not Met The Cash Flow Is Categories Is Not Met The Cash Flow Is Reported In Operating Activities As The Reported In Operating Activities As The Residual CategoryResidual Category
GCGGCG 343411
Transfer of Capital AssetsTransfer of Capital Assets
Governmental activities to Business-type Governmental activities to Business-type Activities Activities – Capital contribution reported Capital contribution reported
Business-type activities to Governmental Business-type activities to Governmental Activities Activities – Nonoperating expense reported (no longer Nonoperating expense reported (no longer
considered an interfund activity) considered an interfund activity)
GCGGCG 353511
Fiduciary FundsFiduciary Funds
Pension plans and OPEB plans should Pension plans and OPEB plans should be reported in one pension and other be reported in one pension and other postemployment benefit trust “column” postemployment benefit trust “column” in the basic financial statementsin the basic financial statements
The principal subdivisions of The principal subdivisions of investments should be reported as investments should be reported as separate line-items separate line-items
GCGGCG 363611
Note DisclosuresNote Disclosures
Generic Description Of The Criteria Generic Description Of The Criteria Used To Include Component UnitsUsed To Include Component Units
– Criteria Needs To Be Specific To The Criteria Needs To Be Specific To The Component Unit Whether It’s Blended Component Unit Whether It’s Blended Or Discretely PresentedOr Discretely Presented
GCGGCG 373711
Note DisclosuresNote Disclosures Relevant Investment Policies For Various Relevant Investment Policies For Various
Applicable Risks Are Not Disclosed (Credit Applicable Risks Are Not Disclosed (Credit Risk, Concentration Risk, Interest Rate Risk, Risk, Concentration Risk, Interest Rate Risk, Foreign Currency Risk)Foreign Currency Risk)
Needs To Be An Adopted Policy Not A Needs To Be An Adopted Policy Not A Description Of PracticeDescription Of Practice
If No Such Policy, Disclose That Fact If No Such Policy, Disclose That Fact
GCGGCG 383811
Note DisclosuresNote Disclosures
Changes In Long-term Liabilities Changes In Long-term Liabilities NettedNetted
– Increases And Decreases Should Be Increases And Decreases Should Be Separately DisplayedSeparately Displayed
GCGGCG 393911
Note DisclosuresNote Disclosures
Long-term liabilities note disclosure Long-term liabilities note disclosure – It is recommended that the purpose of It is recommended that the purpose of
each debt issuance be disclosed each debt issuance be disclosed
GCGGCG 404011
Note DisclosuresNote Disclosures
Long-term liabilities note disclosure Long-term liabilities note disclosure It is required that the notes disclose It is required that the notes disclose
which funds liquidate each long-term which funds liquidate each long-term liability other than debt liability other than debt • compensated absencecompensated absence• claims and judgmentsclaims and judgments• termination benefits termination benefits • pension and OPEB liabilities pension and OPEB liabilities
GCGGCG 414111
Note DisclosuresNote Disclosures
Disclosures For Future Revenues Pledged Disclosures For Future Revenues Pledged To Support Debt Should Include:To Support Debt Should Include:
Specific Revenue Source And Approximate Specific Revenue Source And Approximate AmountAmount
Secured Debt And Its PurposeSecured Debt And Its PurposePeriod Of CommitmentPeriod Of CommitmentProportion Of Revenue Stream PledgesProportion Of Revenue Stream PledgesComparison Of Pledged Revenue To Debt Comparison Of Pledged Revenue To Debt
ServiceService
GCGGCG 424211
RSIRSIBudgetary Comparisons Should Budgetary Comparisons Should
Note Go Beyond The Allowed ScopeNote Go Beyond The Allowed Scope– May Only Include General Fund And Major May Only Include General Fund And Major
Special Revenue Fund Budgetary Special Revenue Fund Budgetary Comparisons In RSIComparisons In RSI
– May Not Include Other Governmental Fund May Not Include Other Governmental Fund Types Or Nonmajor Special Revenue Types Or Nonmajor Special Revenue FundsFunds• In A CAFR These Are Other Supplementary InformationIn A CAFR These Are Other Supplementary Information
GCGGCG 434311
RSIRSI
Budgetary Disclosures Must be Budgetary Disclosures Must be Presented In The Appropriate Presented In The Appropriate LocationLocation
– If Budgetary Comparisons Are RSI The If Budgetary Comparisons Are RSI The Disclosures Are Notes To The RSIDisclosures Are Notes To The RSI
– However, Any Significant Violation Of However, Any Significant Violation Of Finance-related Legal Provisions Must Finance-related Legal Provisions Must Always Be Included Within The Notes To Always Be Included Within The Notes To The Financial StatementsThe Financial Statements
GCGGCG 444411
RSIRSI
Funding Progress Incomplete When Funding Progress Incomplete When A Separate Single-employer Or A Separate Single-employer Or Agent Multiple-employer Agent Multiple-employer Postemployment Benefit Plan Report Postemployment Benefit Plan Report Is Not IssuedIs Not Issued
Employer Reporting The Pension Employer Reporting The Pension Trust Fund Must Include Six Years Of Trust Fund Must Include Six Years Of Funding Progress InformationFunding Progress Information
GCGGCG 454511
Other SIOther SI
Necessary Budgetary Comparisons Necessary Budgetary Comparisons Missing For Nonmajor Special Revenue Missing For Nonmajor Special Revenue Funds, Debt Service Funds, Capital Funds, Debt Service Funds, Capital Projects Funds, And Permanent FundsProjects Funds, And Permanent Funds
Pre-GASSB 34 Rule Still Applies. CAFR Must Pre-GASSB 34 Rule Still Applies. CAFR Must Have A Comparison For Any:Have A Comparison For Any:
Governmental FundGovernmental Fund– Appropriated/Legally AdoptedAppropriated/Legally Adopted– Annual/Biennial Operating BudgetAnnual/Biennial Operating Budget
GCGGCG 464611
Other SIOther SI
Inadequate Detail For The Budgetary Inadequate Detail For The Budgetary Comparisons Comparisons
Must Be At The Legal Level Of Must Be At The Legal Level Of Budgetary Control For Comparisons Budgetary Control For Comparisons Only Shown In OSI (Nonmajor Special Only Shown In OSI (Nonmajor Special Revenue Funds, Debt Service Funds, Revenue Funds, Debt Service Funds, Capital Projects Funds, And Permanent Capital Projects Funds, And Permanent Funds) Funds)
GCGGCG 474711
Other SIOther SI
General Fund And Major Special General Fund And Major Special Revenue Funds Need Schedules In Revenue Funds Need Schedules In OSI If Comparisons Mandated For OSI If Comparisons Mandated For Basic Financial Statements Do Not Basic Financial Statements Do Not Have Detail At The Legal Level Of Have Detail At The Legal Level Of ControlControl
GCGGCG 484811
Other SIOther SI Negative amounts are being presented for all Negative amounts are being presented for all
components in combining statementscomponents in combining statements
– A negative asset should be reported as a A negative asset should be reported as a liability liability
– A negative liability should be reported as an A negative liability should be reported as an asset asset
– A negative revenue is only appropriate for A negative revenue is only appropriate for investment losses investment losses
– A negative expenditure should be reported A negative expenditure should be reported as a revenue as a revenue
GCGGCG 494911
Other SIOther SI
Statement of changes in assets and Statement of changes in assets and liabilities for agency funds liabilities for agency funds
Changes must be presented for each asset Changes must be presented for each asset and liability line-item and liability line-item
Showing changes for assets and liabilities Showing changes for assets and liabilities in the aggregate does not present a in the aggregate does not present a complete statement as required complete statement as required
GCGGCG 505011
Statistical SectionStatistical Section
– Miscalculation Of Debt Service As A Miscalculation Of Debt Service As A Percentage Of Noncapital Expenditures Percentage Of Noncapital Expenditures For Governmental FundsFor Governmental Funds• Debt Debt Service = Principal + Interest Service = Principal + Interest • Should Not Include Issuance CostsShould Not Include Issuance Costs
• Noncapital = Total Expenditures -Noncapital = Total Expenditures -Expenditures That Are Capitalized For Expenditures That Are Capitalized For Government-wide Financial StatementsGovernment-wide Financial Statements– Calculated For Conversion From Modified Accrual To Accrual Calculated For Conversion From Modified Accrual To Accrual
BasisBasis
GCGGCG 515111
Statistical SectionStatistical Section Incomplete Information Presented For:Incomplete Information Presented For:– Largest Own-source Revenue (E.G., Property Largest Own-source Revenue (E.G., Property
Tax Or Sales Tax)Tax Or Sales Tax)– Information For Second Own-source Revenue Information For Second Own-source Revenue
That Is Electively PresentedThat Is Electively Presented• No Need For Property Tax Collections No Need For Property Tax Collections
Unless It Is Largest Own-source Revenue Or Unless It Is Largest Own-source Revenue Or Information Is Electively PresentedInformation Is Electively Presented
All Applicable Tables Must Be Included For Each All Applicable Tables Must Be Included For Each Revenue Source That Is PresentedRevenue Source That Is Presented
GCGGCG 525211
Statistical SectionStatistical Section
• When Applicable, Both Per Capita When Applicable, Both Per Capita Debt Ratios Are Not PresentedDebt Ratios Are Not Presented
• Total Outstanding Debt Total Outstanding Debt • All Types Of DebtAll Types Of Debt• Both Governmental And Business-type Both Governmental And Business-type
ActivitiesActivities
• Total General Bonded DebtTotal General Bonded Debt
GCGGCG 535311
Statistical SectionStatistical Section
Overlapping debOverlapping debt t
– Should not include business-type Should not include business-type activities. activities.
– A subtotal should be presented for the A subtotal should be presented for the portion of the debt that is overlapping portion of the debt that is overlapping
– Include a footnote explaining what Include a footnote explaining what “overlapping” means “overlapping” means
GCGGCG 545411
Statistical SectionStatistical Section
Narratives Missing:Narratives Missing:
– Description Of The Five ObjectivesDescription Of The Five Objectives– Explanation Of Why 10 Years Of Data Was Explanation Of Why 10 Years Of Data Was
Not IncludedNot Included– Atypical Trends And Anomalous DataAtypical Trends And Anomalous Data• GASB Statement No. 44 Identifies Four GASB Statement No. 44 Identifies Four
Types Of Narrative Explanations That Types Of Narrative Explanations That Should Be IncludedShould Be Included
GCGGCG 555511
Articulation of Data Articulation of Data
MD&A to basic financial statements MD&A to basic financial statements Operating statements to balance sheet Operating statements to balance sheet Fund financial statement reconciliations to Fund financial statement reconciliations to
government-wide financial statement government-wide financial statement
Statistical section to basic financial Statistical section to basic financial statements statements
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