15 Feb Using City of Boston 2021 ACFR, answer the following questions: A. Review the Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds. List
Using City of Boston 2021 ACFR, answer the following questions:
A. Review the Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds. List the revenue sources classes. How are expenditures reported? Are Other Financing Sources and Uses presented separately? Does your report show transfers in? Transfers out? Capital leases? Proceeds of bonds? If yes for any, report amounts.
B. Review the Budgetary Comparison Schedule in the RSI section of your annual report (or Budgetary Comparison Statement, if that is used by your government) for the General Fund. Does the report reflect the original budget, revised budget, and actual figures? Provide amounts for any budget revisions. Are variance columns presented comparing the actual with the revised budget and comparing the original with the revised budget? What are the amounts of and categories for any variances reported.
C. Review the note that describes the basis of budgeting (usually in the Summary of Significant Accounting Policies). Is the budget prepared on the GAAP basis or some other basis? Are the differences, if any, between the budgetary basis and GAAP clearly explained?
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