Case study Essay

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ACCT560 Government and Not-for-Profit Accounting Spring 2014 Project #1 CAFR Due Wednesday, February 5, 2014 at 5:30pm EST Objective: To examine a Comprehensive Annual Financial Report (CAFR) for Montgomery County, Maryland (A neighboring county located near American University). Deliverable: Turn in a hardcopy of your answers by the due date (See the Required: section for more details). Late submissions are heavily penalized or may not be accepted. Required: You must work individually. Examine the CAFR for Montgomery County, Maryland for the fiscal year ending June 30, 2013. Provide concise responses to each question and cite where you derived your answer from (See below for more specific details): For each of the…show more content…
44 Montgomery County Revenue Authority (MCRA) is governed by a five-member Board of Directors. All members are appointed by the County Executive subject to the confirmation of the County Council. The County Council approves the capital budget of MCRA. MCRA approves its own operating budget. MCRA is an instrumentality of the Primary Government for the purpose of constructing, improving, and maintaining self-sustaining projects devoted to public use, good or welfare. Housing Opportunities Commission of Montgomery County (HOC) is governed by seven commissioners who are appointed by the County Executive with the approval of the County Council. In addition, the County Council provides for a subsidy to the operating budget of HOC and guarantees a relatively small portion of its debt (up to $50,000,000). The HOC operating budget approval occurs on a project basis, with the County Council having authority to approve project budgets that include County funding. HOC presents its proposed budget to the Council for review and comment only, as required by Article 44A, Section 2 of the Annotated Code of Maryland. Even though there is a large dependence on the U.S. Department of Housing and Urban Development (HUD), HOC has sufficient financial accountability to the Primary Government to be included as a component unit.

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