In conducting research on Tredyffrin Township Annual comprehensive
Financial Report, I noticed many differences. The first is that a
government agency does not have to worry about profits or appeasing
shareholders. Government agencies have a much more strict budget and
everything has to be put out to bid. The government agency can only raise
income through taxes or raise capital through municipal bonds. Municipal
bonds are attractive to investors because the interest the bonds earned is
tax-free at the Federal and State levels.
The difference I see in the ACFR for City of Jacksonville and what I am
seeing in a corporate report is the ACFR has information in it that helps
me to better understand the financial statements and the corporate report
just has the financial statements with no explanation.
The table of contents is very detailed and even includes a letter of
transmittal from the Jacksonville Mayor going over the happenings of the
year. It consisted of budget, capital improvement plan, major projects,
and pollution remediation
The Corporate (ATT) ACFR was very basic, with operating revenues,
contributions, communications, subscribers, business and consumer
wireline results which gave no explanation of any of the numbers that are
in the report.
https://www.coj.net/departments/finance/docs/budget/2020-
jacksonville-acfr-sec.aspx
https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-
reports/annual-reports/2021/complete-
