1. Introductory Section
Definition of primary government:
The City of Bakersfield is located south of the San Joaquin Valley and is approximately 100 miles north of Los Angeles. The City had an estimated population of 367, 315 as of January 2014.
Government’s Financial Condition as of the balance sheet date:
According to the letter of transmittal provided in the CAFR the finance director states the city is showing signs of recovery after the recent recession. The letter states that the City has been really careful managing their budget and ensuring they have a cushion to rely on in case of emergencies.
Significant changes in financial conditions:
Based on the letter of transmittal some of the most significant changes in financial conditions are the growth of property and sales tax revenue. These two areas not only had growth for the 2013-2014 fiscal year but are expected to have greater growth for the 2014-2015 fiscal year. Secured property tax revenues grew 3.5% in the 2013-2014 fiscal year and are expected to increase about 5% for the next fiscal year. Also the sales tax revenue grew by 2.8% and they estimate it will grow by an additional 3% for the next fiscal year. Another issue that affects the financial condition of the City of Bakersfield is the higher retirement costs that will increase due to the changes in California Public Employees’ Retirement System’s (CalPERS). They City has been setting funds aside to be able to cover the cost when the full implementation
Bakersfield California, located near the Southern end of San Joaquin Valley in Southern California, approximately 35° 22' 23" N / 119° 1' 4" W. It has a population of 347,483 people (Spicer, 2017). Bakersfield is the country seat of Kern County, which is one of the largest companies in the United States that produces oil. It is known around the world for its amazing, rich agriculture in produce, it is known as the Food Basket of the World (Spicer, 2017). Bakersfield does not have a very wide variety of climate, for the entire year it only gets on average 7 inches of rain and 0 inches of snow per year. The average percentage of cloud coverage differs from seasonal variations over the year. When the skies are clear
Next what catch my eye was an increase of amount of money owned by the business to the Creditors so this will be money leaving the business within the near future and if this continues to raise then the business will end up in huge debts. I have find out some improvements as well such as an increase in the amount investments in fixed assets, which could mean the business is investing more or more of the assets were sold from last year which is good news for a business.
In America, the debate over the warranted degree of government involvement in one’s daily life is ever-present. As citizens, Americans demand protection and security from our leaders. In return, they provide capital, ingenuity, and a responsibility to society. As can especially be seen in the current time of recession and bailouts, citizens rely on the government to regulate and stabilize of our economy - to act on behalf of their wellbeing. However, this has not always been the case. Subsequent to western expansion, the government was hesitant to impose regulations upon its citizens, especially in relation to their economic pursuits. Political leaders relied on powerful businessmen’s’ support for occupational security - so formed the
The city of Long Beach has an abundance of culture, resources, diversity and means. This reflection is what attracts many people to visit downtown, attend school and other surrounding vicinities. At the close of Fiscal Year 2015, “the City’s assets increased $118.9 million, or 3.5 percent from the prior fiscal year. Citywide, assets increased $282.3 million or 5.0 percent” (Finance, 2016). The report also states, “sales tax revenues increased 8.6 percent or $5.1 million. Other taxes, inclusive of transient occupancy and business taxes increased 937 percent or $4.0 million (Finance, 2016). Residents and visitors vast amount of travel and contributions to the city, allows those funds to be allocated to other public services in the community.
At 1.8%, the City’s change in net assets is consistent with average or above average standards. This tells us that the City’s financial condition has improved compared to last year in a positive manner.
State governments can vary in form depending on who controls the government, for this we have different forms of government for certain states. For the state of California, we are run by a direct democracy which is held by the people as a whole. The system of government in which political decisions are made by the people directly, rather than by the elected representatives; probably attained in small political communities. Citizens of the community debate then vote directly on all laws, especially laws present by the ruling council of the city. The state’s ruling concerns regulating tax deductions, hiring city officials, healthcare, economic equality etc.
In the second half of this paper, I will analyze is the State of California’s Financial Report. The government is not a nonprofit, although they are quite similar; therefore, the government’s financial report will be evaluated using different methods and from different perspectives. To get a broad overview of this government, first, the financial position and economic condition of the State of California will be evaluated. Then, things with more depth, such as budget planning, funds, and infrastructure, will be discussed.
Farmersville is in major deficit since the recession. In order to increase the City of Farmersville budget action is required to come up with a solution, which will benefit 10,704 people who resides within city limits. To be able to increase the budget the city came up with two measures, these measures intends to help people of Farmersville, California, which will bring more jobs, better service for the community, and road construction and will bring programs to help the young and the elderly.
C. This letter is written by Mr. Victor A. Moore Director of office of Financial Management.
A newly appointed finance director for Knoxtown will have many issues to review and resolve. Budget strife, reduction in service levels, loss of personnel, and reductions in benefits as well as no recent raises are disconcerting to everyone. An attempt to explain the politics and problems as well as solutions to a public budget and finance can be difficult and lengthy. There are many challenges to address as well as explanations of roles played and revenue sources. While the budgeting process is complicated, it should be understandable to everyone.
In conclusion to reading both the message to shareholders and management’s discussion and analysis, the current situation and the outlook for the future are very good in my opinion. This company may have had a slow start in the casegoods sales for example and the current situation may have suffered a little but the first part of the fiscal 2013 year. But they were looking to the future and making their transition in that area, for more efficiency in the future and picked up sales the second half of the year. They also made up for this transition with over a 70% increase in there upholstery division sales. The Outlook that Hooker Furniture Corporation is great, they are making new business deals and making employee transitions to help them make it through the Great Recession as the housing market goes back up.
Many different forms of government have existed throughout civilization. Theocracy, dictatorships, democracy, and many others have all had periods of time where they reigned as the government of choice. Arguments could be made in favor of each form of government. The key to finding the most viable form of government is to consider this: which form of government provides the most stability for the state?
They also include certain changes in its financial position which could be due to different factors such as financial performance or raising debt.
The financial statement analysis of Doctors Hospital raises hopes and concerns regarding the financial performance and financial situation of the hospital. A rise in net assets and drop in liabilities will support the financial base of the hospital. Profits from short-term I nvestments should maintain this base, and improve the total assets. There is a concern in regards to cash flow and net income. There is a large reduction in cash flow of $2,222,000, which means there might be a shortage in cash flow to continue the project or purchase capital equipment. The organization should have to find solutions like to borrow from banks, spreading payments in future, etc. to manage the shortage of cash flow (Finkler et al., 2013). Another area
A government is a group of people who govern or manage a city or state. Governments are usually related to the word ‘corruption’ no matter what type of government it is. The three types of governments that are widely known and are the most popular are Monarchy, dictatorship, and democracy. These three forms of government can either be good or bad depending on the group of people who govern the city or state. In my opinion; however, I believe that the ideal government for Iraq would be a democracy. It’s important, though, to know the characteristics of the three types of governments without straight up finding a government corrupted.