I had a project with group and my part was to look to Colfax city budget and answer the following questions”
1. Does the document include the entity’s definition of “fund balance” (or of “fund equity” if no governmental funds are included in the entity – frequently the noncapital portion of net assets)?
Yes it does, the term “fund balance” is in the glossary on page 273.
2. Is the fund balance (equity) information presented for the budget year?
Yes on pages 68-71.
3. Is there a schedule showing (1) beginning fund balances, (2) increases and decreases in total fund balances (reported separately), and (3) ending fund balances for appropriated governmental funds?
There is some information contained in the budget, yet some information is missing.
In the budget:
Hotel-Motel Fund page 74: Beginning Fund Balances with monetary amount.
Yes, on pages 68-71.
Yes, on pages 71-81
No, questionable, refer to #3, part 1
Missing: In the “Beginning Fund Balances” which is stated, but, there is no monetary amounts for; General Fund (p.68), Park Fund (p.72), Street Fund (p.75), Water Fund (p.77), Sewer Fund (p.79), Storm Water & Drainage Storm Drain Fund (p.81).
4. Is this information presented at a minimum for each major fund and for non-major governmental funds in the aggregate?
1. No, questionable, refer to #3, part 1
5. If fund balances of any major fund or the non-major funds in the aggregate are anticipated to increase or decline by more than 10%, does the document include a discussion of the causes and/or consequences of these changes in fund balance?
6. If an entity has no governmental funds, is the change in the fund equity presented for (1) the entity as a whole, (2) the main operating fund, and (3) each significant fund?
7. If an entity has no governmental funds and the fund equity of any significant fund or other funds in the aggregate is anticipated to change by more than 10%, does the document include a discussion of the causes and/or consequences of any change in fund equity that is greater than 10% in either a significant fund or other funds in the aggregate?
8. For biennial budgets is the change in fund equity presented separately for both years of the biennium?
I already looked at the budget and get the answers for those questions.
Now, I need 2 pages summery of this project’s experience
Example of what I need GFOA outline criteria for group-1.doc