Q4 CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL Report Year Ended September 30, 2017 can be...

 

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Q4 CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL Report Year Ended September 30, 2017 can be found online swers Please don't copy and paste someone else answer. I've posted this a few times so I've seen all the answe to this question on here. Review the Comprehensive Annual Financial Report (CAFR) that you obtained. 1. What are the main sources of the government's revenues, including those from both governmental and business- type activities? 2. How are revenues from property taxes accounted for, i.e., as a single amount, or in multiple categories? Identify the various categories and indicate the percentage breakdown (e.g., residential property taxes are 50 percent of the total property tax revenues). 3. Which of the entity's governmental functions or activities had the greatest amount of directly identifiable revenues? 4. Does the report discuss the accounting basis for recognizing revenues? 5. Does the government's government-wide statement of net position or governmental-fund balance sheet report "deferred revenue" (or deferred inflows of resources)? If so, what is the most likely reason this amount has been deferred? 6. What is the government's property tax rate? 7. At what percentage of fair market value is real property assessed? 8. When are property taxes due? When do interest and penalties begin to accrue? 9. By what percentage did each of the three largest sources of tax revenue increase over the last ten years? 10. Did the government generate revenue from traffic fines? As best you can tell, are these revenues reported in the government-wide statements as program revenues (e.g., associated with police or public safety) or as general revenues? 11. What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain. 12. Were there any tax abatements disclosed for the year? If so, provide a brief description and the gross amount of taxes that were reduced during the reporting period. Q4 CITY OF AUSTIN, TEXAS COMPREHENSIVE ANNUAL FINANCIAL Report Year Ended September 30, 2017 can be found online swers Please don't copy and paste someone else answer. I've posted this a few times so I've seen all the answe to this question on here. Review the Comprehensive Annual Financial Report (CAFR) that you obtained. 1. What are the main sources of the government's revenues, including those from both governmental and business- type activities? 2. How are revenues from property taxes accounted for, i.e., as a single amount, or in multiple categories? Identify the various categories and indicate the percentage breakdown (e.g., residential property taxes are 50 percent of the total property tax revenues). 3. Which of the entity's governmental functions or activities had the greatest amount of directly identifiable revenues? 4. Does the report discuss the accounting basis for recognizing revenues? 5. Does the government's government-wide statement of net position or governmental-fund balance sheet report "deferred revenue" (or deferred inflows of resources)? If so, what is the most likely reason this amount has been deferred? 6. What is the government's property tax rate? 7. At what percentage of fair market value is real property assessed? 8. When are property taxes due? When do interest and penalties begin to accrue? 9. By what percentage did each of the three largest sources of tax revenue increase over the last ten years? 10. Did the government generate revenue from traffic fines? As best you can tell, are these revenues reported in the government-wide statements as program revenues (e.g., associated with police or public safety) or as general revenues? 11. What is the total fund balance in the general fund? Can this amount be appropriated and spent for any purpose? Explain. 12. Were there any tax abatements disclosed for the year? If so, provide a brief description and the gross amount of taxes that were reduced during the reporting period.

Answer rating: 100% (QA)

1 1 Taxes The City of Austin lev ies taxes on property sales and hotel occupancy 2 Inter governmental revenues The City of Austin receives revenue from the state and federal government in the form of ... View the full answer