Cafr Project

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CAFR Project of Washington State, Fiscal Year 2008.

The CAFR Project which I am assigned is Washington State. The most recent fiscal year is 2008; the last date of the fiscal year is June 30, 2008.
The governor is Christine Gregoire.

A. The date on the letter is December17, 2008.
B. This letter addressed to Governor Mrs. Christine Gregoire, Members of the legislature and Citizens of the state.
C. This letter is written by Mr. Victor A. Moore Director of office of Financial Management.
D. In the letter of Transmittal, Mr. Moore briefly introduces the Economy and revenues outlook of Washington State.
First of all, Mr. Moore uses hard date to let readers know the employment conditions of
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Because the workers’ compensation program that provides all expenditures of worker’s bill are deficit.
2. for statement of Activities
Governmental Activities
The overall result of Government Activities is positive with 565 million increasing, which is a bit lower than 2007’s increasing.
Sales and Use taxes are increased, but the excise taxes are decreased caused by the decline of the real estate market.
On the other side, the expenses increased greater than revenues. Most of them are related to Human Services, Education portion and a health car plan for an additional 80,000 children in the state.
Especially for the Education portion, K-12 education expenses grew by 605 million or 8.8 percent over the prior year. Higher education expenses grew by 466 million, because more freshman in the state college/universities.
Business-Type Activities
The loss portion of whole activities, which is 1.5 billion net loss. Inasmuch as workers’ compensation fund is 2 billion loss.
While the Unemployment Compensation Fund reported an increase in net assets, the increase was 211 million less than the increase in Fiscal Year 2007, since Washington State has low employment in recent years. However, the softening of the state’s unemployment rate at the end of Fiscal Year 2008 resulted in an increase in an increase in unemployment claims of $93 million compared to the prior
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