Governmental Financial Statement Analysis Who uses S & L Government financial statements? Citizen Groups Legislative oversight officials Investors and.

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Presentation transcript:

Governmental Financial Statement Analysis Who uses S & L Government financial statements? Citizen Groups Legislative oversight officials Investors and Creditors The Public Finance Market Primary (Original Issues) Secondary (Existing issues)

Financial Statement Analysis State and Local Governments Net Debt Per Capita: LTD/population LTD is adjusted by amount available Net Debt Per Fair Value of Property LTD/Fair Value of Property Interest Coverage: Enterprise Funds Operating Income/Interest Charges Debt Service/Total Revenues Debt Service Exp/Total Revenues

Accounting for Special Purpose Government Entities General Purpose Governments State and local governments that provide multiple services Follow accounting as we have studied Chapters 2-8 Special Purpose Governments Limited, sometimes one type of service Fire protection, Library, Public Schools

Accounting Blips-Special Purpose Funds Categories as to activities Single governmental activity Combined G-W and Fund Financial Statements More than one governmental activity GASB 34 to include G-W and Fund Statements Both governmental and business-type activities GASB 34 and 35; G-W and Fund Statements Only business-type activities (GASB 34-35) Only Fiduciary Activities (GASB 34)

Public Colleges and Universities Pre-GASB 35 AICPA Model or S & L Government Model GASB 35 amends GASB 34 to include Public Colleges and Universities in S & L Government category Same implementation dates Reporting Categories Only governmental activities Both governmental and business-type Only business-type activities

Accounting Notes-Public C & U Most will probably report as entities engaged only in business-type activities Accrual basis of accounting and economic resources measurement focus Net Assets Invested in Capital Assets, net of related debt Restricted (Expendable and Nonexpendable) Unrestricted Capital assets and Infrastructure reported same as GASB 34 Foundations are often set up to manage restricted assets

Public C and U Continued Tuition discounts and scholarships for which no work is performed reported as revenue reductions Statement of Net Assets broken down into current and non-current assets and liabilities similar to FP business Operating Income is distinctively displayed on Statement of R, E, and Changes in Net Assets Non-operating revenue includes State appropriations, Gifts, and Investment Income Cash Flow Statement is similar to B-T GASB 34