locate and review the Annual Comprehensive Financial Report, https://www.houstontx.gov/controller/cafr/cafr2020.pdf

Answer the following questions.

• Who is the auditor for the governmental entity? What audit standards did the auditor follow?
• What are the two statements prepared under government-wide financial statements?
• What are the major funds reported by the governmental entity under governmental fund and proprietary fund category?
• What is the total revenue reported by General Fund? What is the primary source of total revenue under General Fund?
• What is the total expenditure reported by General Fund? What are the two major items that make up the total expenditure reported by General Fund?
• What is the fund balance reported in General Fund? What is the makeup of the fund balance reported (i.e., how much totals are reported for nonspendable, restricted, committed, assigned, and unassigned)?
• Present the trend in total revenue and total expenditure reported by General Fund for the last three fiscal years, including the most recent fiscal year end data.
• Has the governmental entity prepared and presented statement of cash flow? If it has, for which funds did the entity present the statement of cash flow information separately? What are the categories of cash flows reported under proprietary funds?
• How did the governmental entity present the information related to statement of cash flows for its internal service fund, if any?
• Did the entity report any fiduciary fund financial statements? If it did, list the name of the funds.
• What is the definition of a "reporting entity" per GASB?
• Did the entity report any component unit financial information? If it did, how did the entity report the results of its component unit (i.e., blended or discrete)? Does the GASB standards allow either blended or discrete presentation for component units?
• Locate and review the demographic information including but not limited to population growth, employment, housing market etc. Then, outline the financial opportunities and challenges faced by the governmental entity?
• Based on your own observation so far in this class, what are some of the major differences between governmental accounting and for-profit accounting?