• What were the major industries or sectors of the economy, as presented in the Introductory section?
• Was an independent audit conducted, and in the auditor's opinion, were the financial statements presented fairly?
• Note two interesting thing from the MD&A section about the financial condition of the city?
• Review the Statement of Net Position, and consider the following:
  • What percentage of the assets was liquid (cash) and what percent was capital?
  • What percentage of the total liabilities was pension-related?
  • What was their Unrestricted Net Position?
    • If this number is negative, this may, or may not, indicate financial distress, and should be examined further.
• Use both ratios to assess the city's solvency.
  • The Liabilities-to-Assets Ratio: Divide total liabilities by total assets.
  • The Liabilities-to-Net-Position Ratio: Divide total liabilities by net position.
• Review the Statement of Activities and consider each of the functions/programs as a percentage of the total government spending.

Transcribed Image Text:

We are pleased to present the Annual Comprehensive Financial Report of the City of Walden Heights for the fiscal year ended December 31, 202W, to the City Council, the Mayor and the citizens of Walden Heights. This report provides a complete and accurate picture of the City's financial status and fulfills our continuing disclosure responsibilities in accordance with governmental reporting standards. Our ability to manage the City's fiscal affairs and provide a full disclosure of the City's fiscal condition is exhibited by the unmodified audit opinion that follows. Management assumes full responsibility for the accuracy of the data found in this report, and the completeness and reliability of the presentation, including all disclosures. Both the City Charter and Nebraska State law require an annual audit of the City's funds and accounts be made by a recognized independent and qualified accountant covering all financial transactions, affairs, and financial condition of the City, with the audit report published within six months after the close of the fiscal year. The goal of the independent audit was to obtain reasonable assurance about whether the financial statements of the City are free from material misstatement. The City selected Garrett, Castleberry & Company, Certified Public Accountants, to perform the annual independent financial statement audit for fiscal year 202W. Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The Walden Heights MD&A can be found immediately following the auditor's report in the financial section of this report. PROFILE OF THE GOVERNMENT The City of Walden Heights, the county seat of Haines County, is located along the Suzanne River near the Oglala National Grassland of northwest Nebraska. Walden Heights was incorporated December 21, 1815 and was founded by the first textile makers of the United States. According to the US Bureau of the Census, the estimated population of Walden Heights has grown from 5,222 (2010) to 6,534 (202W). Demographics are 62% Caucasian; 12% African American; 19% Hispanic; 2% Native American; 5% Asian, and those identifying as more than one race 10%. LOCAL ECONOMY Today, the city fascinates tourists and students of all ages as they wander through its historical and environmental attractions, We are pleased to present the Annual Comprehensive Financial Report of the City of Walden Heights for the fiscal year ended December 31, 202W, to the City Council, the Mayor and the citizens of Walden Heights. This report provides a complete and accurate picture of the City's financial status and fulfills our continuing disclosure responsibilities in accordance with governmental reporting standards. Our ability to manage the City's fiscal affairs and provide a full disclosure of the City's fiscal condition is exhibited by the unmodified audit opinion that follows. Management assumes full responsibility for the accuracy of the data found in this report, and the completeness and reliability of the presentation, including all disclosures. Both the City Charter and Nebraska State law require an annual audit of the City's funds and accounts be made by a recognized independent and qualified accountant covering all financial transactions, affairs, and financial condition of the City, with the audit report published within six months after the close of the fiscal year. The goal of the independent audit was to obtain reasonable assurance about whether the financial statements of the City are free from material misstatement. The City selected Garrett, Castleberry & Company, Certified Public Accountants, to perform the annual independent financial statement audit for fiscal year 202W. Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The Walden Heights MD&A can be found immediately following the auditor's report in the financial section of this report. PROFILE OF THE GOVERNMENT The City of Walden Heights, the county seat of Haines County, is located along the Suzanne River near the Oglala National Grassland of northwest Nebraska. Walden Heights was incorporated December 21, 1815 and was founded by the first textile makers of the United States. According to the US Bureau of the Census, the estimated population of Walden Heights has grown from 5,222 (2010) to 6,534 (202W). Demographics are 62% Caucasian; 12% African American; 19% Hispanic; 2% Native American; 5% Asian, and those identifying as more than one race 10%. LOCAL ECONOMY Today, the city fascinates tourists and students of all ages as they wander through its historical and environmental attractions,

Answer rating: 100% (QA)

The major industries or sectors of the economy presented in the Introductory section were healthcare ... View the full answer