Exploring Vero Beach’s Financial Report

Refer to the financial statements of the City of Vero Beach in Chapter 3 and to Tables 11-1 and 11-2 in this chapter.

1. Is Vero Beach a primary government? Does the city have any discretely presented component units? Does the city have any blended component units? Explain.

2. Vero Beach’s comprehensive annual financial report (CAFR) for fiscal year 2008 includes the following selected information. Indicate in which section of the CAFR you expect to find this information: introductory section (IS), financial section (FS), or statistical section(SS).

a. Auditor’s report

b. Combining statements for non-major governmental funds

c. Tax revenues by source: past 10 fiscal years

d. Ratios of outstanding debt by type: past 10 fiscal years

e. Certificate of Achievement for Excellence in Financial Reporting, issued by the Government Finance Officers Association

f. Budget-to-actual comparison for the general fund

g. Description of the reporting entity

h. Condensed government-wide statement of net assets

i. Schedule of the 10 largest taxpayers

j. Brief description of the required financial statements
3. The following information is summarized from Vero Beach’s MD&A, without the relevant dollar amounts. Using the city’s financial statements in Chapter 3, identify each of the missing amounts and the financial statement in which it is reported.

a. Total assets exceeded total liabilities by

$________. Of this amount, $________ was from governmental funds and $_______ from business-type-activities.

b. Unrestricted net assets for governmental and business-type activities, respectively, were $________ and $________.

c. Revenues for governmental funds, excluding transfers, were $________ and expenditures were $________.

d. The business-type activities had total revenues of $________ and total expenses of $________ before transfers.

e. The fund balance of the general fund increased by $________.