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 stricter budget and
everything must 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-
