For this assignment: Obtain (or locate online) the CAFR (audited financial statement) for the year ending 12/31/14. Read through it. The ‘MDA’ section is a good place to start—it should explain the overall financial story for 2012 that is then laid out in the financial tables.
Evaluate and analyze these questions about 2014 financial performance, based on what you see in the CAFR (all the data will be in there somewhere):
In the GENERAL FUND:
1. What was the total amount of operating spending budgeted in 2014? What was actual spending? If there were differences between budgeted and actual spending, what were the major reasons?
2. What was the total amount of operating revenue budgeted in 2014? What were the actual revenues? If there were differences between budgeted and actual revenues, what were the major areas of variance?
3. How much fund balance (reserves) were available at the end of 2014? How does the available fund balance compare to annual operating revenues?
4. How much (what share) of the annual revenue is derived from property taxes? How much from intergovernmental (state and federal) sources?
IN ALL GOVERNMENTAL FUNDS:
5. How much annual spending goes to support debt service (principal and interest payments on bonds or other governmental debt)? What was the total bonded indebtedness of the local government at the end of 2014? How much per capita?
In a short paper, report the results of your evaluation of the financial statement, your general observations about the financial condition and issues facing the local government, and any questions it raises for you as a reader. (Length: up to 5 pages of text; may include tables and graphics if you choose. APA style per Hamline standard.)
Extras: The above meets the basic expectation for this assignment. If you wish to exceed the basic expectation, you may do one or more of the following:
1. Go to the MN OSA website and develop financial comparisons between the local government and other similar communities. Use the most recent available year of data on the OSA site (likely will not be 2014 data as yet).
2. Arrange an interview with the finance or budget director of the local government you are studying (they are generally very happy to talk with students!). Topics to ask about would include the government’s budget process, financial management practices, and the most important fiscal management issues they face and how they are planning to address them. Having done the analysis of the CAFR, you will already have some background before your interview and may have identified some specific questions to ask based on your reading of their CAFR.
3. Attend the local government’s annual budget and tax hearing (generally known as the “TNT hearing’ in early December) and observe the kind of information presented and the amount and nature of citizen participation in the hearing. If you do any of these extra items, write up a short summary of what you observed/learned in a short memo form
Attachments:
mia_finaincial_anaysis.docx
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