Accounting annual financial report

1.How does the audit opinion given to this city by its independent auditors differ from the audit

opinion rendered on the financial statements for a for-profit business?

2. A reconciliation should be presented to explain the difference between the net changes in fund

balances for the governmental funds (fund financial statements) and the change in net position

for the governmental activities (government-wide financial statements). List three reconciliation elements and their $

3. What were the city of Erie’s top 3 largest sources of general revenues? (List 3 sources and numbers)

4. What was the total amount of expenditures recorded by the general fund during the period?

How were those expenditures classified?

5. What top 3 biggest assets are reported for the general fund? (List3 sources and numbers)

6. Review the notes to the financial statements and then determine the number of days the

government uses to define the end-of-year financial resources that are viewed as currently

available.

7. Did the size of the general fund balance increase or decrease during the most recent year and by

how much?