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Use the 2019 Comprehensive Annual Financial Reports (CAFRs) of the State of Virginia Your specific
responsibilities include working on the development of the State’s budget and financial statements, along with
providing financial information to other members of the mayor’s office. Like many states in the United States,
your home State has some financial challenges involving both sources of revenues and expenditures
associated with state operations, including costs related to public safety (police and firefighters) and the
It is your first week on the job and to orient you to your new position, your supervisor has given you the
following assignment. In approaching this assignment, you want to do an excellent case analysis to make a
favorable first impression.
Part I: Basic information of the Comprehensive Annual Financial Report (CAFR)
1. Review the introductory section of the CAFR and provide the following information to the mayor’s office:
a. Was the entity’s annual report of the previous year awarded a ‘‘certificate of achievement for excellence in
financial reporting’’ by the Government Finance Officers Association? What is this award for?
b. What are the key issues addressed in the letter of transmittal?
2. Review the financial section and provide the following information to the mayor’s office:
a. Which, if any, independent audit firm performed an audit of the CAFR?
b. Did the entity receive an ‘‘unqualified’’ audit opinion? If not, why not?
3. Review the statistical section and provide the following information to the mayor’s office:
a. What is the population of the entity being reported on?
b. What types of information are included in the statistical section?
Part II: Preliminary Analysis of the State CAFR
1. Review Statement of Net Position. Find
• The total assets, total deferred outflow of resources, total liabilities, total deferred inflow of resources, total net
position, unrestricted net position, and restricted net position.
• Is total the net position deficit or positive? Explain to the office what does a deficit/positive net position mean?
2. Review Statement of Activities of 2019. Calculate/find
• Total expense
• Total PG revenue, total CU Revenue, and General Revenue
• Change in Net Position
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