This assignment focuses on New Rochelle’s CAFR (12/31/18). Also, it touches on Economic Condition of New York. Prepare a report containing the following: • Profile of the city: • Economic Condition: • Comparison to Budget
New Rochelle’s CAFR (12/31/18)-Economic Condition of New York
New Rochelle, New York CAFR (12/31/18). From material contained in New Rochelle’s CAFR (12/31/18), including the Statement of Net Position and General Fund’s Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances, prepare a report containing the following: • Profile of the city: • Economic Condition: • Comparison to Budget • Revenue Sources • Debt Capacity: • Pension Obligation In addition from material in the Financial Section, utilize data from the Introductory and Statistical sections. Lastly, give your opinion on how New Rochelle compares to White Plains, relative to its overall financial condition. Items to mention might include financial ratios, debt margin, revenue sources, etc.
New Rochelle’s CAFR (12/31/18)-Economic Condition of New York
All state and local governments required to annually produce and distribute a Comprehensive Annual Financial Report (CAFR) in conformance with generally accepted accounting standards established by the Government Accounting Standards Board (GASB). The State of Vermont’s CAFR is produced by the Department of Finance and Management. As opposed to the budget, which the legislatively approved spending authority for the State of Vermont, the CAFR reports financial activity for a fiscal year as well as its end of the year financial position in a standardized format used by all state and local governments. (Information on White Plains’ CAFR ending 6/30/19) Links to CAFR New Rochelle: https://www.newrochelleny.com/DocumentCenter/View/11216/2018-Year-End-Financial-Report White Plains: https://www.cityofwhiteplains.com/DocumentCenter/View/5541/2018-2019-CAFR
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