Comprehensive Cafr Analysis - Ventura County

11444 Words46 Pages

PA615 – Public Financial Management
Instructor, All Holliman
California State University, San Bernardino
Carrie Harmon, Scott Perkins, Dana Cano, Veronica Pinkett-Veal, Lydia Khalil, Holly Benton
June 10, 2010

Contents Executive Summary 2 Cover, Table of Contents and Formatting 3 Introduction 3 Independent Auditor’s Report 5 Management’s Discussion and Analysis 6 Basic Financial Statements 6 Government-wide Financial Statements 7 Fund Financial Statements 8 Government, Proprietary, and Fiduciary Funds – Financial Statements 10 Summary of Significant Accounting Policies (SSAP) 14 Note Disclosure (other than SSAP and pension-related disclores) 19 Required Supplementary
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In summary, the County of Ventura’s CAFR was well organized and could be navigated by all group members with ease. There were no major deviations from the standards outlined in the checklist and no major financial issues that require reporting. The report did reference the bleak local and regional economic outlook that is forecasted for the next fiscal year. It is also readily apparent in the report that the County of Ventura has been seriously impacted by declining property tax revenues and sluggish retail sales. Despite these conditions, the County is well positioned to weather this economic downturn as demonstrated in the financials and the group asserts that the County has sufficient fiscal capacity to maintain services and operations at current levels.

Cover, Table of Contents and Formatting
The cover page of the document provides all the required information outlined in the checklist. It identifies the name of the document, government, state and the fiscal period it covers. It includes the name of the individual and department responsible for preparing the report.
The table of contents outlines the contents of report and clearly identifies the three sections of the report in the following order; introduction, financial and statistical. All pages of the report are numbered appropriately and all financial statements are properly titled with a page number reference. The preparer refrains from

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