1 The Comprehensive Annual Financial Report Department of Administration Division of Executive Budget and Finance State Controller’s Office April 2003.

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Presentation transcript:

1 The Comprehensive Annual Financial Report Department of Administration Division of Executive Budget and Finance State Controller’s Office April 2003

2 Comprehensive Annual Financial Report First GAAP-based report issued CAFR All states prepare GAAP financial statements Virtually all large-size local governments (counties and municipalities) in Wisconsin prepare GAAP statements Who uses CAFR? Investment Community Federal Government -- Requires GAAP-based financial statements for recipients of federal financial assistance. Oversight bodies/managers Constituents

3 CAFR Background Information GAAP -- generally accepted accounting principles common set of measurement standards measures financial position and results of operations GASB -- Governmental Accounting Standards Board sets accounting standards for state and local governments CAFR -- Comprehensive Annual Financial Report official annual report prepared by governments following GAAP

4 Components of CAFR Introductory Section Financial Section Management Discussion and Analysis (MD&A) Auditor’s report Basic financial statements: -- Government-wide statements -- Fund statements – presents column for each major fund, with one column for nonmajor funds in the aggregate Notes to the financial statements Required supplementary information -- includes budget to actual reconciliation and infrastructure information Supplementary information – presents columns for each of the nonmajor funds Statistical Section

5 Management Discussion and Analysis Provides an objective and easily readable analysis of State’s financial activities based on currently known facts, decisions, or conditions. Eight elements required, for example: -- Discussion of basic financial statements -- Analysis of significant changes in account balances -- Discussion of capital assets and long-term debt activity Page 2 of Attachment

6 Financial Statements Balance Sheet - reflects the resources owned or available and amounts owed as of a given date. Operating Statement - reflects all activity (for example, revenues and expenses) occurring throughout the entire fiscal year. Governments prepare financial statements at two perspectives: Government-wide perspective Fund perspective

7 Government-Wide Perspective Presents broad view of the State’s operations -- Excludes fiduciary funds (for example, Wisconsin Retirement System) Prepared using economic resources measurement focus and accrual basis of accounting -- Similar to businesses in the private sector Pages 3 through 5 of Attachment

8 Government-Wide Perspective (continued) Separate columns for: -- governmental activities -- business-type activities -- component units Presents two financial statements: -- Statement of Net Assets -- Statement of Activities

9 Government-Wide Perspective (continued) Statement of Net Assets -- Similar to balance sheet used in private sector --Assets – Liabilities = Net Assets -- Net assets: Capital assets net of related debt Restricted net assets (example: Constitutionally restricted public land funds) Unrestricted net assets

10 Government-Wide Perspective (continued) Statement of Activities -- Reports revenues and expenses similar to those reported on operating statement used in private sector however -- Also places emphasis on cost recovery by function/program (program revenues versus general revenues)

11 Fund Perspective Presents all funds -- Includes fiduciary funds. Provides more detailed information of the State’s most significant funds, including the General Fund. Distinguishes between three different fund categories: -- Governmental funds (example: General Fund) -- Proprietary funds (example: University of Wisconsin System) -- Fiduciary funds (example: Wisconsin Retirement System)

12 GAAP General Fund Varies from budgetary basis General Fund. GAAP General Fund excludes: -- University of Wisconsin System (reported as an enterprise fund) -- Various other Program Revenue (PR) activities Financial statements present: -- Balance sheet -- Statement of revenues, expenditures and changes in fund balance. Pages 8 and 9 of Attachment

13 GAAP General Fund (Continued) Balance Sheet --Activity reported on a current economic resources measurement focus, modified accrual basis of accounting. Capital assets not reported Long-term liabilities not reported

14 GAAP General Fund (Continued) Statement of Revenues, Expenditures, and Changes in Fund Balance --Can not compare revenues and expenditures to those reported in the budgetary basis General Fund. Extraction of certain activity to separate GAAP funds Accruals of revenues and expenditures