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Published byMorgan Gilmore Modified over 9 years ago
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1 The Comprehensive Annual Financial Report Legislative Audit Bureau February 2004
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2 Sound Financial Management u Meets ongoing cash needs u Accumulates reserves u Limits debt to a prudent level u Allows for intergenerational equity u Reports finances in a timely and meaningful way
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3 Financial Audits u Attest to the fair presentation of the financial statements u Ensure assets are safeguarded u Assess the internal controls and compliance with laws u Ensure compliance with debt limits and other fiscal requirements
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4 State Financial Reports u Annual Fiscal Reports (Budgetary Basis) u Comprehensive Annual Financial Report (GAAP)
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5 Annual Fiscal Report u Is primarily a cash basis of accounting (checkbook accounting) u Is easy to understand u Is based on Wisconsin Statutes u Provides a scorecard on whether budget is balanced
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6 Annual Fiscal Report u Is subject to manipulation by transfers between years u Provides an incomplete picture of finances
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7 Comprehensive Annual Financial Report (CAFR) u Recognizes all current liabilities in the General Fund u Is consistent for all government entities and across years u Allows bond rating agencies to conduct financial analyses u Serves as an annual report for citizens
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8 General Fund Balance June 30, 2003 Budgetary Basis$ (275,819,000) GAAP Basis (2,242,539,000) Difference $ 1,966,720,000
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9 General Fund GAAP Deficit June 30, 1998 through 2003
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10 Comparisons to Other States General Fund Balance (in billions) Standard & Poor's Bond Rating Illinois ($3.31)AA Wisconsin (2.24)AA- Minnesota (0.93)AAA Ohio 0.19AA+ Indiana 1.26AA+ Michigan 1.31AAA Iowa 1.66AA+
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11 The Comprehensive Annual Financial Report Legislative Audit Bureau February 2004
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