April 19, 2015
Miss Bayo Elizabeth Cary, A.A., B.A., M.L.I.S.
1005 N.W. 39th Avenue
Gainesville, FL 32609
Home/Cell: 001-352-262-9733 Email: bayo.cary@yahoo.com
Toll Free U.S.: 1-888-571-0119 Fax:
001-352-433-1875
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Assignment 4: Examine the
C.A.F.R.
A financial analysis
allows you to evaluate a CAFR for completeness and indicators of relative
financial strength. Using the CAFR obtained in Week 1, write a paper
answering the questions in exercises and problems in Chapter 10 of your
textbook: Accounting for Governmental & Nonprofit Entities, by: Susan C.
Kattelus, Jacqueline L. Reck,& Earl R. Wilson (2010), (10-1) to conduct a
financial analysis of your selected CAFR.
I have chosen to analyze, the City of
Gainesville, FL U.S.A. C.A.F.R., for the year, 2014. The purpose of this
assignment, therefore, is to analyze the: “financial condition,” of the City of
Gainesville, FL U.S.A., based on the information reported, in the city’s last
C.A.F.R. report (Kattelus, Reck,& Wilson, 2010, p. 431). According to:
Kattelus, Reck,& Wilson (2010): “financial condition, is broadly defined as
a city’s ability to provide an adequate range of services on a continuing basis
(p. 431).”
In regards, to maintaining adequate
continuing service levels, the: “financial condition” review, (1) determines
whether or not, the City of Gainesville, FL U.S.A., has successfully
constructed a budget, that earns enough revenue, to cover existing expenses,
and, if the projection, of the budget, into future financial reporting periods,
will continue to provide, enough revenue, to continue to cover, the City of
Gainesville, FL U.S.A. future expenses, as well (Kattelus, Reck,& Wilson,
2010, p. 431). In addition, the: “financial condition” review, of the City of
Gainesville, FL U.S.A., (2) is supposed to be able to determine, if the City of
Gainesville, FL U.S.A., is doing well enough financially, to: “withstand major
economic disruptions (Kattelus, Reck,& Wilson, 2010, p. 431).” Finally,
the: “financial condition” review, of the City of Gainesville, FL U.S.A., (3)
is supposed to demonstrate, through their choice of funds, and money
allocations, that the city of Gainesville, FL U.S.A., is able to: “meet the
demands of a changing society in a dynamic economy (Kattelus, Reck,&
Wilson, 2010, p. 431).”
a)
Analysis of revenues and revenue sources:
1.
How stable and flexible are the city’s
revenue sources in the event of adverse economic conditions?
The
City of Gainesville, FL U.S.A., according to the 2014 C.A.F.R., does not have
stable, or flexible revenue resources (p. 155). The City of Gainesville, FL
U.S.A., according to the 2014 C.A.F.R., relies heavily, on only two revenue sources,
of: “own-source” revenues-which are: property taxes, and the revenues from
Gainesville Regional Utilities (p. 155). If there is a downturn in home sales,
thus, property taxes on homes will decrease, because, the price of the home
will have to be lower, to sell. Additionally, many people are relocating
outside of the immediate Gainesville, FL area, because, the cost of utilities
in Gainesville, FL, are way too high. The City of Gainesville, FL U.S.A., needs
additional “own-source” revenue resources, to diversify, the revenue base, for
the City of Gainesville, FL.
2.
Is the revenue base well diversified, or
does the city rely heavily on two major sources?
No, according to the City of Gainesville,
FL, C.A.F.R. (2014), the City of Gainesville, FL, U.S.A., does not have a
diversified revenue base (p. 155). The City of Gainesville, FL U.S.A., only has
two main revenue resources, according to the City of Gainesville, FL U.S.A.,
C.A.F.R. (2014), and they are listed as: property tax, and Gainesville Regional
Utility, utility revenues (p. 155).
Homes, in the City of Gainesville, FL
U.S.A., are over-priced, and are often times for sale, way above market
value-which, in turn, raises the property taxes, of the homes sold.
Additionally, many people who work in Gainesville, FL-even people who work for
the City of Gainesville, FL choose to live outside of the City of Gainesville,
FL U.S.A., and the Gainesville Regional Utilities service area-because the
utility costs, in the City of Gainesville, FL, are astronomical.
I called around, before moving into an
apartment, to find out how much utilities were running in Gainesville, FL
U.S.A., for the average 3 bed room home, and I was told by a representative at
Gainesville Regional Utilities, that the
average utility bill, is: $ 350.00 dollars U.S.D. . When I complained to a
local realtor, about the high price of utilities in Gainesville, FL, he said,
that many people complain, and, it has not made a significant difference, in
the price of utilities, in Gainesville, FL. The realtor told me, that
Gainesville, FL, has some of the highest utility rates, within the state of
Florida.
3.
Has the city been relying on
intergovernmental revenues for an excessive portion of its operating
expenditures?
The city of Gainesville, FL appears to
rely heavily, on intergovernmental revenues, according to the information
provided, in the City of Gainesville, FL U.S.A., C.A.F.R., of 2014 (p.
185-187). The City of Gainesville, FL, U.S.A., according to the C.A.F.R., from
2014, spent a total of: $ 33, 666, 258 in Federal awards and State Financial
Assistance, as listed, on page 186. Then, a separate schedule, of total
expenditures, by the City of Gainesville, FL U.S.A., of Federal awards and
State Financial Assistance, in the City of Gainesville, C.A.F.R., of 2014,
lists on page 187, the total expenditures being: $4,499,076.
What
percentage of total expenses of governmental activities is covered by program
revenues? By what general revenues?
Information, presented on page 5, of
the City of Gainesville, FL U.S.A. C.A.F.R., of 2014, indicates, that the City
of Gainesville, FL U.S.A., is not earning enough in revenues, to cover
expenses. The information, on page 5, of the City of Gainesville, FL U.S.A.,
C.A.F.R., of 2014, indicates, that there is a budget deficit, after the city’s
expenses, are subtracted, from the city’s revenues, and then, for the City of
Gainesville, FL U.S.A., to cover the deficit, that was generated by excessive
expenses-money is moved, from: “other financial sources”-including debt
financing, which is intended for other uses, to cover the budget deficit. This
is a practice, often times referred to by accounts, as: “cooking the books,’
and/or “money earnings management”-“Red Flag!”
5)
Do any extraordinary or special items reported in the statement of activities
deserve attention?
Yes, the financial statement, on page
5, of the City of Gainesville, FL U.S.A., C.A.F.R., from 2014, requires
attention. Due to the fact, that the revenues, do not cover the expenses, and,
money is moved out of an “other expenses fund,” to cover the budget deficit, I
suspect, accounting fraud, within the City of Gainesville, FL-“Red Flag!”
b)
Analysis of reserves:
1)
Are the levels of financial reserves
adequate to meet unforeseen operational requirements or catastrophic events?
2)
Is insurance protection adequate to cover
losses due to law suits or damage to property?
3)
Is an adequate amount of cash and
securities on hand, or the city borrow quickly to cover short-term obligations?
The answer, to all of the above,
analysis of reserves questions, is as follows: The City of Gainesville, FL
U.S.A., according to the C.A.F.R., from 2014, is broke, and over-leveraged (p.
5). The City of Gainesville, FL U.S.A., has to borrow money, from “other
accounts and funds,” and the City of Gainesville, FL U.S.A., had to also take
out additional loans and debt, in order to cover the budget deficit, in 2014
(p. 5). The City of Gainesville, FL U.S.A., according to the C.A.F.R., from
2014, does not have any adequate financial reserves to cover: emergency
situations, law suits, property damage, or anything else (p. 5). The City of
Gainesville, FL U.S.A., according to the C.A.F.R., from 2014, is soo
over-leveraged, that it may be unable, to gain access, to additional emergency money-even
from a lender (p. 5)-“Red Flag!”
c)
Analysis of expenditures and expenses:
1)
Do any components of expenditures and, at
the government-wide level, expenses exhibit sharp growth?
Yes, the City of Gainesville, FL U.S.A.,
according the 2014 C.A.F.R., has had a dramatic increase, in the amount of
money, that is being spent in the area, of human services (MDA-4). The City of
Gainesville, FL U.S.A., spent: $384,825 on the area of human services, in 2013,
and in 2014, the City of Gainesville, FL U.S.A, according to the C.A.F.R.,
spent a total, of: $2,216,579, on human services: support services program
(MDA-4). Additionally, the City of Gainesville, FL U.S.A. in 2014, in the area
of government activities, spent: $64,021,054, on public safety (MDA-4).
According to the C.A.F.R., of 2014, far more was spent, to support government
activities, by the City of Gainesville, FL U.S.A., on public safety, than, in
any other areas (MDA-4). I do not personally know, if Gainesville, FL U.S.A.,
is any safer, because of all the money, which the City of Gainesville, FL
U.S.A., spends on public safety?
2)
Is adequate budgetary control being
exercised over expenditures?
No, adequate budgetary control,
is not being exercised over expenditures, on the City of Gainesville, FL U.S.A.
budget, from 2014 (p. 5). The budget, that was created, by the City of
Gainesville, FL U.S.A., according to the 2014 C.A.F.R., was not adequate, to
cover the existing expenses (p. 5). The City of Gainesville, FL, as stated in
the government-wide balance sheet, in the C.A.F.R., makes a great deal of
money, through their business-type funds and accounts, while, on the other
hand, the City of Gainesville, FL, is running a budget deficit, because of the
programs, that are funded, by the government activities funds (MDA-4). The City
of Gainesville, FL U.S.A., should consider growing the base, of their
business-type activities and funds, to increase revenues, for the City of Gainesville,
FL U.S.A., to cover expenses-“Red Flag!”
3)
How does the growth pattern of operating
expenses over the past 10 years compare with that of revenues?
The City of Gainesville, FL U.S.A.
C.A.F.R, from 2014, only presents, quantitative data, regarding changes in the
revenue and expenses fund accounts, for the past 9 years, from: 2005-2014 (p.
160). The City of Gainesville, FL U.S.A., has had a negative balance, after
expenses, are subtracted from revenues, for the past 9 years, according to the
2014, City of Gainesville, FL C.A.F.R. (p. 160). The C.A.F.R., for the City of
Gainesville, FL, from 2014, shows the City of Gainesville, FL, borrowing money,
to cover a budget deficit, from: “other funds,” for the past 9 years-“Red
Flag!”(p. 160).
d)
Analysis of debt burden:
1)
What has been the 10-year trend in general
obligation long-term debt relative to trends in population and revenue
capacity?
According to the 2014 C.A.F.R., of
the City of Gainesville, FL, “City of Gainesville Changes in Net Positions,”
there has been a dramatic increase, in the amount of money, that is budgeted,
for human services (MDA-4). It appears, from the large amount of money, that
has to be borrowed every year, to cover the expenses, of the City of
Gainesville, FL U.S.A., that are not covered by City of Gainesville, FL U.S.A.
revenues-according to the C.A.F.R., from 2014, that the City of Gainesville, FL
U.S.A., is digging itself into a hole, and going further and further into debt,
with more expenses every year, that cannot be covered by the revenue earned, by
the City of Gainesville, FL U.S.A.-“Red Flag!”(p. 160).
2)
Are significant debts of other governments
supported by the same taxable properties? What has been the trend for this
“over-lapping” debt?
There are a small number of other
governments listed, in the Gainesville, FL U.S.A. C.A.F.R, which are supported
by over-lapping taxes: Alachua County, Alachua County School District, St.
Johns Water Management District, and the Alachua County Library District (p.
162). The trend, for this over-lapping debt, has been mostly small increases in
the direct tax rate, according to the City of Gainesville, FL U.S.A., C.A.F.R.,
of 2014-since the tax year, of 2012 (p. 162).
3)
Are there significant levels of short-term
operating debt? If so, has the amount of this debt, grown over time?
I do not see issuances of short-term
debt. I see issuances only, of long-term debt. On the City of Gainesville, FL
2014 C.A.F.R., there is listed, long-term debt, due in 1 year, and, there is also
listed, long-term debt, due in more than 1 year (p. 1). The short-term debt, is
mis-labeled, as long-term debt, that is due within a year, technically,
according to: Kattelus, Reck&Wilson, (2010)-this is actually supposed to be
identified, in the C.A.F.R., as: “short-term” debt (p. 756). There is not any
other specific information, about the debt, and what it was borrowed for, or
why it is owed-“Red Flag!”
4)
Are there any significant debts (e.g.,
lease obligations, unfunded pension liabilities, accrued employee benefits) or
contingent liabilities?
According to the City of Gainesville, FL
C.A.F.R., from 2014, there are lease obligations, and they are listed on pages:
55-56. Pension fund liabilities, are listed on the: “Pension and OPEB Trust
Fund Liabilities,” in the City of Gainesville, FL U.S.A., C.A.F.R., on page 14,
as being a total, of: $65,757. The City of Gainesville, FL U.S.A., C.A.F.R., of
2014, lists: “Outstanding Bonded Debt, Pension Obligations,” as: $79,230,933
(MDA-8). Accrued employee benefits plan information, is available, on page: 47,
in the C.A.F.R., for the City of Gainesville, FL U.S.A., for 2014, under the
headings of: “Defined Contribution Pension Plan,” and “Other Post-Employment
Benefits Plan.”.
According to: Kattelus, Reck,&
Wilson (2010), contingent liabilities, are the following:
Items that may become a liabilities as
a result of conditions undetermined at a given date, such as guarantees,
pending law suits, judgements under appeal, unsettled dispute claims, unfilled
purchase orders, and uncompleted contracts. (p. 746)
There
are no contingent liabilities, and no money set aside, for contingent
liabilities, that I could locate, listed on the City of Gainesville, FL U.S.A.
C.A.F.R., for 2014, however, there was a section, in the C.A.F.R., for other
contingencies, in the notes, for the City of Gainesville, under the section:
“Note 11,” on pages: 67-77-“Red Flag!”
5)
Are any risky investments such as
derivatives disclosed in the notes to the financial statements? Are the types
of investments adequately explained, and are their risks adequately disclosed?
According to Wikipedia (n.d.), yes,
the City of Gainesville, FL U.S.A., trades in hedge accounts, which are fair
value, swap-payment derivatives, investments accounts, and the information,
pertaining to their investments, status, balances, etc., is available in the
City of Gainesville, FL C.A.F.R, from 2014, on pages: 56-60. There is a long
explanation, as to how the City of Gainesville, FL U.S.A., invests in hedge
funds, in the 2014 C.A.F.R. . Typically, hedge and speculative investing, such
as derivative investments, are not a wise decision, because the risk can be
very high, and that is why the return, is supposed to be high-however, when
reading through the information, in the City of Gainesville, FL U.S.A.,
C.A.F.R., I noted, that the City of Gainesville, FL, has provided information
about the hedge fund derivative investments, as being of low risk, and, I do
not know if that is true, or not-“Red Flag!” (p. 59)?
e)
Socioeconomic factors:
What
have been the trends in demographic and economic indicators such as real estate
values, building permits, retail sales, population, income per capita, percent
of population below poverty level, average age, average educational level,
employment and unemployment, and business license?
The information, provided by the U.S.
Census (2015), about the City of Gainesville, FL U.S.A., looks incomplete to
me, although, the website states, that the information was just updated, on
March 31, 2015 (data table). According to the quantitative data available, on
the City of Gainesville, FL C.A.F.R., from 2012, real estate tax rates have
been incrementally increasing, since 2012 (p. 161). Additionally: population
size, personal income per capita income, and homelessness, have all been
increasing, in the City of Gainesville, FL, according to the C.A.F.R., since
2005 (p. 161). Additionally, according to the City of Gainesville, FL, U.S.A.
C.A.F.R., from 2014, public school enrollment, has stayed basically the same,
and, the median age in Gainesville, FL U.S.A., has dropped, from: 29.4 years
old, to 25.8 years old (p. 161).
f)
Potential “Red Flags!”
1)
Decline in revenues.
2)
Decline in property tax collection rate.
3)
Less than 92 percent of current levy
collected?
4)
Property Taxes more than 90 percent of the
legal tax limit?
5)
Decreasing tax collections in two of the
last three years?
6)
Expenditures increasing more rapidly than
revenues.
7)
Declining balances of liquid resources and
fund balances.
8)
Reliance on norecurring revenues to
support current-period operations.
9)
Growing debt burden.
10)
Short-term debt more than 5 percent of
operating revenues?
11)
Two-year trend of increasing short-term
debt?
12)
Short-term interest and current-year debt
service on general obligation of debt more than 20 percent of operating
revenues?
13)
Debt per capita ratio 50 percent higher
than 4 years ago?
14)
Growth of unfunded pension and other
employee-related benefits such as compensated
15)
Absences and postemployment health care
benefits.
16)
Deferral of needed maintenance on capital
plant.
17)
Decrease in the revenue support from
federal or state government.
18)
Increasing unemployment.
19)
Unusual climatic conditions or the
occurrence of natural disasters.
20)
Ineffective management and/or
dysfunctional political circumstances.
I
will answer, the 20, “Red Flag!” questions, regarding the City of Gainesville,
FL C.A.F.R., from 2014, in the body, of my research paper.
Required:
a)
Calculate, insofar as possible, the financial
ratios in Illustrations 10-3 and 10-4 of the text. Evaluate the ratios in terms
of the red flags and bench marks provided in Illustrations 10-6 and 10-7 and
long-term trend data for each ratio, if available. List any assumptions you
made.
1)
10-3 Financial Condition Analysis: A plus
sign indicates a high, or increasing value, and a minus sign increases a weaker
financial condition:
i)
Unfunded pension liability (-) An unfunded
pension plan-is a liability.
ii)
Level of over-lapping debt (-) According
to: Investor Words online dictionary (2015): over-lapping debt is negative, and
places a burden on the tax payer, because more than one government
organization, is given the right, to tax, the same group of people (para. 1).
iii)
Reserves for self-assurance (+) Reserves,
for self-assurance, is a sign of a stronger financial condition.
iv)
Potential for natural disaster (-) The
potential, for a natural disaster, is a liability.
v)
Level of business activity (+) High levels
of business activity, are a sign of a strong economy.
vi)
Median age of citizen (+) A median age,
that represents, young adults, is positive, it is a sign, of a strong work
force.
vii)
Unemployment rate (-) I high unemployment
rate, is negative, and a liability.
viii)
Restrictions on revenues. (-) Restrictions
on revenues are a liability, because they prevent cash, and other forms of
financial resources, from being liquid, for use.
ix)
Personal income per capita. (+) High per
capita income, is a plus, and a sign of a strong economy.
x)
Inflation rate. (-) A high inflation rate,
is a sign of a weaker economic condition. High inflation rates, lower the value
of money, and therefore, people have to work harder, to earn more, to pay more
money, for the same products.
xi)
Percentage of households below the poverty
level. (-) Having households, below the poverty level, in a community, burdens
the community, with financial costs, because extremely poor families, require
additional government assistance, through social service programs.
xii)
Bank deposits. (+) Bank deposits are a
plus for an economy, because when a bank deposit is made, then the bank, can
sometimes temporarily borrow the deposit, and invest it-so that the money earns
interest, or, loan the money out to other bank clients, and earn interest that
way, off of a: personal, business, or educational loan.
xiii)
Property values. (+) Property values, are
an addition to an economy, because homes earn equity-which means, that they
generally increase in value, and then, the home can be utilized, as collateral,
that, and be borrowed against. A home, is an investment, and home ownership,
leads to stronger, and safer communities.
xiv)
Population growth. (+) Population growth,
benefits a community. When the population ages, and becomes educated, then, healthy,
qualified workers, are supposed to be able, to provide more high qualified
services and products, for a community.
xv)
Political party of the mayor. (+)
Participating in politics, at a: local, State, or Federal level, is positive,
and reflects good citizenship, and the ability to care, and to work for the
benefits of others.
2)
10-4 Benchmarks:
Chart
1: FY08: Total Revenue: Oakdale Comparison Histogram:
Chart
2: FY08: Oakdale Comparison Histogram: Per Capita Revenue:
Using
the above tables: evaluate the financial performance of Oakdale for FY08:
In chart 1, of the Oakdale comparison
histogram, Oakdale performs as well, in the category of total revenue, as the
state median. Oakdale performs better, in chart 1, than all of the other
communities featured, except for: Dover and Lakeview. Therefore, overall,
Oakdale, earned a significant amount, in revenues, compared, to most of the
other communities.
In chart 2, of the Oakdale comparison
histogram, for FY08, Oakdale, has average per capita revenue earnings. Oakdale
earns, almost exactly the same amount, as all of the other cities, which
Oakdale, is being compared to. The only outlier, on the per capita revenue
comparison chart: is Delta.
What
other performance measures would you like to see, before you conclude that the
town, is in good or bad shape, for the fiscal year shown?
1)
Total expenditures;
2)
Total savings;
3)
Renewed Federal and State Financial
Assistance;
4)
Long-term debt;
5)
Lease equipment or supplies;
6)
Depreciation schedule;
7)
Funded and unfunded pension plans;
8)
Retirement healthcare funding;
9)
Investments;
10)
Loans and debts;
11)
Trending financial comparison statements;
12)
Demographic information;
13)
Major financial funds verses nonmajor
financial funds;
14)
Total assets;
15)
Capital assets;
16)
Internal control system to prevent fraud
evaluation;
17)
Financial audit evaluation, etc.
b)
Locate any additional data that you think
may be useful in assessing the financial condition of this city; for example,
see the U.S. Census Bureau’s Web site, at: www.census.gov
and the Web sites of cities you consider comparable in size or other
attributes, to this city.
I went to the U.S. Census Website, and the information there, as
previously stated, looked incomplete.
c)
Prepare a result on the results of your
analysis. The report should have an appendix providing a few graphs and/or
tables to support your analysis. In particular, graphs showing revenues,
expenditures, and key debt ratios for the past 10 years and selected
demographic and socioeconomic trends are helpful. You may want to include some
of the ratios calculated in part b in an appendix. Be succinct and include only
data relevant to your analysis. Organize you report along the lines of the
ratios evaluated in part a.
City of Gainesville, FL
U.S.A. Revenues and Revenue Funds-Statistical Analysis:
To begin an analysis of the
City of Gainesville, FL U.S.A. revenues, and revenue resources, I decided to
peruse, the statistical section, of the C.A.F.R., which, according to:
Kattelus, Reck,& Wilson (2010), is required by the G.A.S.B., and, which
presents information, in the following five categories:
1.
financial trends;
2.
revenue capacity information;
3.
debt capacity information;
4.
demographic and economic information; and
5.
operating information. (p. 362)
1)
Financial trends information, provides
information, at both: “the fund level, and the government-wide level,” about
how the governments revenue resources, have fluctuated, and ebbed and flowed,
over a specific period of time-including the financial changes, which have
occurred to the fund balances, in the net asset categories (Kattelus,
Reck,&Wilson, 2010, p. 362).
2)
Revenue capacity information provides
information, in regards to, the ability of the City of Gainesville, FL U.S.A.,
and the ability of the City of Gainesville, FL U.S.A., to create revenues-what
are referred to as: “own-source revenues,” i.e.: “property taxes, and user
charges (Kattelus, Reck,&Wilson, 2010, p. 362).” The City of Gainesville,
FL U.S.A. revenue capacity information section, of the statistical analysis of
the C.A.F.R., focuses on the most “significant own-source revenue” resources,
for the City of Gainesville, FL U.S.A. (Kattelus, Reck,&Wilson, 2010, p.
362).
3)
The debt capacity information provided in
the statistical section, of the City of Gainesville, FL U.S.A. C.A.F.R.,
provides information about the city’s: “debt burden,” and the city’s ability
to: “issue additional debt (Kattelus, Reck,&Wilson, 2010, p. 362).”
4)
The demographic and economic information,
in the City of Gainesville, FL U.S.A., C.A.F.R. statistical analysis section,
provides information about: income, unemployment, employers, etc., which is
presented as a review over a designated period of time, and, as a comparison,
to other similar governments (Kattelus, Reck,&Wilson, 2010, p. 362).
5)
The operating information, which is
provided in the City of Gainesville, FL U.S.A., C.A.F.R., provides information
on the City of Gainesville, FL U.S.A., pertaining specifically to the:
“governments financial condition”-how well is the City of Gainesville, FL U.S.A.
doing, in earning, and generating revenues, to cover expenses, and, is the
revenue sustainable (Kattelus, Reck,&Wilson, 2010, p. 362)?
The definition provided, in the City of
Gainesville, FL U.S.A. C.A.F.R., for operating expenses, is incorrect, compared
to the definition, of operating expenses (p. 362) and “financial condition (p.
431),” which are provided by Kattelus, Reck,& Wilson (2010). Operating
expenses, as defined by the City of Gainesville, FL U.S.A., C.A.F.R. (2014), is
as follows:
Operating
Expenses: These schedules contain service and infrastructure data to help the
financial statement user understand how the information in the City's financial
statements relates to the services the City provides. (p. 155)
According to Kattelus,
Reck,& Wilson (2010), the operating expenses, are supposed to provide
information on the: “governments financial condition (p. 362).” “Financial
condition,” as defined by Kattelus, Reck,& Wilson (2010), is supposed to
be, the ability of the City of Gainesville, FL, and the city’s ability, to
meet, and to continue to meet, the operating needs, of the City of Gainesville,
FL U.S.A., which, includes, and is not limited to: adequate revenues, to cover
expenses-“Red Flag!”(p. 431).
Schedule of Federal
Awards and State Financial Assistance Funds:
There are a few problems, with the
information provided, in the schedule of Federal awards and State financial
assistance section, of the City of Gainesville, FL U.S.A. C.A.F.R., of 2014 on
pages: 185-187. While the total expenditures, for the Federal awards, and State
financial Assistance money, seem to be listed, in the Gainesville, FL U.S.A.,
C.A.F.R., of 2014, the total amount of the financial awards, are not provided
at all (p. 185-187).
I have no idea, from looking pages
185-187, in the City of Gainesville, FL U.S.A., C.A.F.R. (2014)-because, there
is no indication, if there were excess funds, or deficits, generated, from the
Federal and State financial assistance fund accounts. The amount of money, which
is listed as: “Federal Amount Provided to sub-recipients, is not equal, to the
amount of money, which is listed, as total expenditures given to the
sub-recipients, as per information, which is presented, in the City of
Gainesville, FL U.S.A., C.A.F.R., of 2014, on page 188-“Red Flag!”
Suspected Accounting
Fraud: City of Gainesville, FL U.S.A.:
The
movement of money, out of: “other financial resources” fund accounts, into
different City of Gainesville, FL U.S.A. fund accounts, to cover the budget
deficit, looks like: “cooking the books” and what I have learned, about “money
earnings management”-“Red Flag!” (p. 5). Additionally, the debit, for the year,
of 2014, which is presented, at the bottom of the expenses column, although it
is in parentheses, on page 5, of the Gainesville, FL C.A.F.R. 2014, of the fund
schedule, and financial accounting statement, the parenthesis are indicating,
that the debt amount is in excess-“under”, instead of correctly indicating,
that the total debt amount is “over”-“Red Flag!”
From
careful review, it looks to me, from what I have recently learned, in advanced
accounting, like, there may be fraud occurring, in the financial accounting
records, at the City of Gainesville, FL-as per the information presented, and
available, in the City of Gainesville, FL U.S.A., C.A.F.R., from 2014. I recommend,
a full investigation, of the financial accounting records, of the City of
Gainesville, FL U.S.A. . Below, is a copy, of the City of Gainesville, FL
Government-wide balance sheet, on page 5, of the 2014 C.A.F.R.:
Analysis of financial reserves:
The City
of Gainesville, FL, U.S.A., according to the C.A.F.R., from 2014, is: broke,
and over-leveraged (p.5). The City of Gainesville, FL, according to the
C.A.F.R., from 2014, is moving money-it looks like: “cooking the books,” and
“money earnings management,” from “other financial accounts and funds,” to
cover expenses, which exceeded revenues (p. 5). The City of Gainesville, FL
U.S.A., according to the C.A.F.R., from 2014, may be so in debt now-that there
is no extra revenue, to cover emergency situations, or law suits, etc.. The
City of Gainesville, FL U.S.A., like Detroit, Michigan, may have to consider
filing for Bankruptcy, in Federal court-“Red Flag!”(p. 5).
Analysis of expenditures and expenses:
Obama,
since his last election, has invited a huge number of physically disabled,
mentally retarded, mentally ill, and seriously physically ill people, from
other countries, to live and work, in America. As a result, Americans are
required to pay more in taxes, and more in insurance, both: health and life-and
even car insurance. Americans are also required to allocate, more U.S.
government benefits, towards social service programs, that support people, who
can barely function, and, who require a great deal of support. The City of
Gainesville, FL U.S.A., according to the C.A.F.R., from 2014, has increased
spending in the area of human services, from: $384,825, in 2013, to an
incredible: $2,216, 579, in 2014 (MDA-4). America cannot afford to support, the
world’s: sick and dying mentally retarded and mentally ill population, of
dysfunctional adults-“Red Flag!”
Additionally, the City of Gainesville, FL U.S.A., budget, from the 2014
C.A.F.R., indicates, that Gainesville, FL, spent the most amount of money
annually, in the category of government activities, on public safety:
$64,021,054. None of the other, government activities, that generate expenses,
within the City of Gainesville, FL U.S.A., according to the 2014 C.A.F.R.,
require an annual budget, of above: $16,176,189. It is painfully clear, from
the City of Gainesville, FL C.A.F.R., from 2014, that the City of Gainesville,
FL, is spending too much money, because, revenues, are not covering expenses
(p. 5). The following information, is from the MDA-4 page, in the front of the
City of Gainesville, FL U.S.A., C.A.F.R., from 2014, and it shows, with
quantitative data, the dramatic increase, in spending, on human services, in
Gainesville, FL, from 2013-2014, and, the high cost, of public safety, in
Gainesville, FL U.S.A.-“Red Flag!”:
According to the City of Gainesville, FL U.S.A., information available,
in the 2014 C.A.F.R., the City of Gainesville, FL, has almost no budgetary
controls in place (p. 160). Although, the City of Gainesville, FL U.S.A.,
“changes in fund balances of governmental funds,” balance sheet, is supposed to
be for ten years-it only presents financial information, for the past 9 years,
from: 2005-2014-I wonder why 2004, is missing?-“Red Flag!”(p. 160).
Not
balancing a budget, and over spending, are serious detriments, to the U.S.
economy. The U.S. Federal government, does not set a good example for the rest
of the country, by applying budgetary limitations, and by saving money-to pay
off debt. I read on Facebook recently, that a member of the U.S. Congress-one
of our elected representatives, thought that it was fine, that he, and other
Congress members, stated, that they were just guessing, about how much in expenses,
the U.S. government would generate, and that they, had no real idea, how much
money, the U.S. government would require for spending, to cover, or to balance,
the U.S. budget-“Red Flag!”
The City
of Gainesville, FL, is required to have an audit performed, with the submission
of the C.A.F.R, every year, prior to submission for review, by the City of
Gainesville, FL U.S.A. administrative staff. The City of Gainesville, FL, has
been engaging, in questionable accounting practices, which indicate, that the
City of Gainesville, FL, has not able to sustain itself financially, for at
least-the past 9 years, as graphically displayed, in the C.A.F.R., from 2014-“Red
Flag!”:
The auditors, who having been reviewing the City of
Gainesville, FL U.S.A., C.A.F.R. (2014), for the past 9 years, should have
recognized immediately, that there was something really wrong, about the City
of Gainesville, FL U.S.A., borrowing money, and creating additional debit for
the City of Gainesville, FL U.S.A., and moving money, from: “other funds,” in
order to cover costs, that could not be afforded, after expenses, were
subtracted from the City of Gainesville, FL U.S.A. revenues-“Red Flag!” (p.
160).
When the last audit, by independent auditors,
was conducted, of The City of Gainesville, FL U.S.A., and the City of
Gainesville, FL U.S.A., C.A.F.R, from 2014-two separate independent auditors,
were hired, by the City of Gainesville, FL-instead of just one-“Red Flag!”:
Carr,
Riggs,& Ingram, L.L.C.: CRI: CPA’s and Advisors:
4010
N.W. 25th Place
Gainesville, FL 32606
Gainesville, FL 32606
Phone: 352-372-6300
Fax: 352-375-1583
Fax: 352-375-1583
P.
O. Box 13494
Gainesville,
FL 32604
Purvis,
Gray& Company: Certified Public Accountants:
P.O.
Box 141270
|
Gainesville, Florida
222 NE 1st
Street
Gainesville FL 32601
Phone:
(352) 378-2461
Fax: (352) 378-2505
Ocala, Florida
Laurel
Ridge Professional Center
2347 SE 17th Street Ocala, FL 34471
Phone:
(352) 732-3872
Fax: (352) 732-0542
Email: info@purvisgray.com
|
Sarasota, Florida
5001
Lakewood Ranch Blvd. N.
Suite #101 Sarasota, FL 34240
Phone:
(941) 907-0350
Fax: (941) 907-0309
Tallahassee, Florida
443 East
College Avenue
Tallahassee, FL 32301
Phone:
(850) 224-7144
Fax: (850) 224-1762 |
Both groups, of
independent auditing C.P.A. firms, have a number of branches, and locations,
through-out, the United States. Neither auditing firm, caught the possibly
accounting fraud, which was incredibly easy, for me to locate, on the City of
Gainesville, FL U.S.A., C.A.F.R., from 2014, after only one class, in fraud
detection (p. 5). I am not a trained C.P.A. . It is my perception, based on of
how easy it was to locate, the suspected fraud, within the financial
statements, from the City of Gainesville, FL, C.A.F.R., from 2014, that both
C.P.A. firms, may be complicit, in hiding an act of accounting fraud, within
the City of Gainesville, FL, U.S.A.-“Red Flag!”.
If, evidence can be
collected, confirming the fact, that accounting fraud, has in fact occurred,
within the City of Gainesville, FL, based on the information available in the
C.A.F.R., from 2014, then, I honestly believe, that both accounting firms, are
negligible, for not reporting, the possible incidence of fraud, when they
conducted their audits. As negligible parties, to a collusion to hide, accounting
fraud-within the City of Gainesville, FL U.S.A.-if the account fraud can be
proven in court, then, both auditing firms, should be sued, by the City of
Gainesville, FL U.S.A. . Prosecuting fraudsters, is the only way to deter,
future acts of fraud, and, to send a clear message to others, that acts of
fraud, will not be tolerated, by the City of Gainesville, FL U.S.A. .
Analysis of Debt Burden:
According to the C.A.F.R., for the
City of Gainesville, FL U.S.A., from 2014, the City of Gainesville, FL, is
falling deeper, and deeper into debt, with an accumulation of expenses, which
cannot be adequately covered, by revenues (p. 160). On the City of Gainesville,
FL U.S.A., C.A.F.R., from 2014: “net position,” balance sheet, it is indicated,
that a significant amount of money last year, was allocated to the human
services fund (MDA-4). It is my opinion, that the debt burden, created in
Gainesville, FL U.S.A., by the high amount of financial resources, which are
now required for human and social services programs, while the unemployment
rate, in Gainesville, FL U.S.A., is so high, is a burden to the community. More
people in Gainesville, FL U.S.A., who are: homeless, unemployed, or
underemployed, need work-“Red Flag!”.
As previously stated, it appears,
from data presented on the: “net position” balance sheet, that expenses, may be
increasing in Gainesville, FL U.S.A., because of a significant increase, in the
population, of people, who require human services (MDA-4). However, other
balance sheets, which are available in the City of Gainesville, FL U.S.A.,
C.A.F.R., from 2014, present different quantitative data, regarding exactly how
much money, is being allocated, to human services, in Gainesville, FL U.S.A. .
I am not certain, why the numbers on the balance sheets, are so different-“Red
Flag!” I wonder if the financial accounting department, at the City of
Gainesville, FL U.S.A., was being dishonest, about the amount of money, which
is being spent annually, on human services, in Gainesville, FL U.S.A.? The
numbers, on the various balance sheets-vary, to a significant degree-“Red Flag!”
According to the City of
Gainesville, FL U.S.A., C.A.F.R., the City of Gainesville, FL invests in hedge
funds, which are derivative investments, with swap-payment options. Investing
in derivatives, is traditionally considered, risky investment. The information,
that is provided, by the City of Gainesville, FL, U.S.A., in the C.A.F.R.,
states that the derivative fund investing, is not risky investing, however-I do
not believe that is necessarily true. The hedge fund, is supposed to bring in a
high return, which is why it is considered a risky investment. The City of
Gainesville, FL U.S.A., has been digging itself deeper and deeper into debt,
from what the financial statement records indicate, since 2005. If the hedge
fund investments were lucrative, then, the hedge fund, derivative investments,
should have already, provided some debt relief, for the City of Gainesville, FL
U.S.A.-“Red Flag!”
Socioeconomic Factors:
The City of Gainesville, FL U.S.A., is
full of people, who came to the United States, from overseas-recent immigrants,
and, many people, who lived elsewhere in the United States. According to the
City of Gainesville, FL C.A.F.R., from 2014, the: tax rate (p. 161), the median
age has dropped, and the: populations, personal income, per capita income, and
unemployment rates-have all increased, while, public school enrolled, has
remained, almost unchanged, since 2005 (p. 174). The following two quantitative
graphic tables, present data, regarding the demographic trends, for the City of
Gainesville, FL from the C.A.F.R., of 2014:
City of Gainesville
Assessed Value of Taxable Property Last Ten Fiscal Years (p. 161):
City of Gainesville, FL
C.A.F.R. 2014, Demographic and Economic Statistics (p. 174):
I will now answer, 20
“Red Flag!” questions, which point to indicators, that an economy, is not doing
well, and, that an investigator, needs to be hired, to audit financial
accounts, and records:
Potential “Red Flags!”
1)
Decline in revenues. Yes, “Red Flag!”
The City of Gainesville, FL, according to the C.A.F.R., of 2014, has
been experiencing an increase in revenues, since 2005, however, the increase in
revenues, has not been enough, to cover the increase in expenses (p.160). The City of Gainesville, FL, has been covering
the budget deficit, with: “other financing sources,” which include, money
transfers in, and transfers out, from other accounts, and, debt issuance-“Red
Flag!” (p. 160).
2)
Decline in property tax collection rate.
No, “Red Flag!”
The property tax collection rate, according to the C.A.F.R., from the
City of Gainesville, FL U.S.A., of 2014, has been slowly increasing, since 2012
(p. 161).
3)
Less than 92 percent of current levy
collected? No, “Red Flag!”
According to the City of Gainesville, FL U.S.A., C.A.F.R., from 2014,
95.7%, of the current levy, was collected (p. 164).
4)
Property Taxes more than 90 percent of the
legal tax limit? No, “Red Flag!”
According to the Florida Department of Revenue (2011), the: “Florida property
tax valuation and income limitation rates, the: Consumer Price Index, was: 1.5%,
in 2014 (data table). Information, provided online by: TaxRate.org (2015),
stated, that the property tax rate for Florida, in 2014, was: 0.97%-which, is
well below, the C.P.I., for Florida, in 2014, which was: 1.5%. (data set). A
property tax, that is 90%, of 1.5%, would then be, 1.35%, therefore, the property
tax, in Florida, in 2014, was not, 90%, of the legal tax limit.
5)
Decreasing tax collections in two of the
last three years? No, “Red Flag!”
According to the City of
Gainesville, FL C.A.F.R., from 2014, the City of Gainesville, FL U.S.A., has
experienced a slight increased, in tax collections, from 2012-2015 (p.164).
6)
Expenditures increasing more rapidly than
revenues. Yes, “Red Flag!”
Yes, according to
the City of Gainesville, FL U.S.A., C.A.F.R., from 2014, expenditures, have
been higher than revenues, for Gainesville, FL U.S.A., since 2005 (p. 160). The
numbers, in the 2014 column, on page 160, of the City of Gainesville, FL
C.A.F.R., do not add and subtract correctly, to end up, at the numbers that are
presented, as the bottom line, on the C.A.F.R., “changes in fund balances,”
balance sheet (p.160).
7)
Declining balances of liquid resources and
fund balances. Yes, “Red Flag!”
Yes, the City of Gainesville,
FL, according to the C.A.F.R., from 2014, must take out additional debit, and
transfer money, in and out of: “other financing funds,” in order to cover debt,
which is not covered by revenues (p. 160).
8)
Reliance on norecurring revenues to
support current-period operations. Yes, “Red Flag!”
Yes, the City of
Gainesville, FL, relies heavily, on debt issuance, which is a nonrecurring
revenue, in order to cover expenses, which the City of Gainesville, FL,
according to the 2014 C.A.F.R., cannot cover, with revenue (p. 160).
9)
Growing debt burden. Yes, “Red Flag!”
According, to the 2014, C.A.F.R., for the
City of Gainesville, FL U.S.A., the amount of debt that the City of
Gainesville, FL U.S.A., has taken on, since 2005, has increased in some
categories, while, it has decreased in others (p. 171). I think, that in order
for this category, not to be a “Red Flag!” category, that, debt should
decrease, in all lending and borrowing categories. The City of Gainesville, FL,
U.S.A., is over-leveraged, and borrowing money, and moving money around from
various fund accounts, that are not intended to cover expenses, to make up for,
a lack of sufficient revenue. I have attached a copy, of the Ratios of
Outstanding Debt, from the City of Gainesville, FL C.A.F.R., to the end of the
research paper, in the appendix section, for review.
10)
Short-term debt more than 5 percent of
operating revenues?
According to the City of
Gainesville, FL U.S.A, C.A.F.R., from 2014, the total revenues, for the City of
Gainesville, FL, according to the government-wide balance sheet is:
$579,516,350 (MDA-4). Five percent, of: $579,516, 350, is equal to:
$289,758,175. The total amount of short-term debt, which is listed on the City
of Gainesville, Florida Statement of Net Position, as long-term debt, in which
payment is due within one year, from the C.A.F.R., from September 30, 2014, is:
$44,702,248 (p. 1). The short-term debt, owed by the City of Gainesville, FL
U.S.A., is therefore, less than five percent, of the operating revenues.
11)
Two-year trend of increasing short-term
debt? Yes “Red Flag!”
I was not able to locate
any information in the City of Gainesville, FL C.A.F.R., from 2014, with
trending short-term debt information, with more than one year represented.
12)
Short-term interest and current-year debt
service on general obligation of debt more than 20 percent of operating revenues?
I was
not able to locate any information in the City of Gainesville, FL C.A.F.R.,
from 2014, on short-term interest or current year debt service. There is
interest, on a number of different funds, that are presented, in the 2014,
C.A.F.R., for the City of Gainesville, FL U.S.A., and, there is no specific
information, as to whether the interest is short-term interest-that I was able
to locate.
13)
Debt per capita ratio 50 percent higher
than 4 years ago?
The debt per capita ratio, is not 50
percent higher, than it was 4 years ago, according to the City of Gainesville,
FL C.A.F.R., from 2014, Ratios of Outstanding Debt balance sheet-which is
posted in the appendix, to this research paper (p. 171).
14)
Growth of unfunded pension and other
employee-related benefits such as compensated. Yes, “Red Flag!”
According to the City of Gainesville, FL U.S.A. C.A.F.R., for 2014, the
funded pension plan, is now closed, to new employees:
As noted above, the Defined Contribution
Pension Plan is open to certain existing City professional and managerial
employees. It is no longer available to
newly hired professional and managerial employees. The Commission of the City of Gainesville
adopted this plan and related amendments through a City Ordinance (p. 47)
15)
Absences and postemployment health care
benefits. No, “Red Flag!”
According to the City of Gainesville,
FL U.S.A. C.A.F.R., from 2015, a postemployment, health care insurance plan, is
available, to former, City of Gainesville, FL employees:
By
ordinance enacted by the City Commission, the City has established the Retiree
Health Care Plan (RHCP), providing for the payment of a portion of the health
care insurance premiums for eligible retired employees. The RHCP is a single-employer defined benefit
healthcare plan administered by the City which provides medical insurance
benefits to eligible retirees and their beneficiaries.
(p. 47)
16)
Deferral of needed maintenance on capital
plant. No, “Red Flag!”
I did not see any information, in
the City of Gainesville, FL C.A.F.R., from 2014, referring to a deferral of any
maintenance, on the capital plant.
17)
Decrease in the revenue support from
federal or state government. Yes, “Red Flag!”
Information, regarding
Federal and State financial assistance, that is provided to the City of
Gainesville, FL U.S.A., is presented, in the 2014 C.A.F.R., on pages: 185-187.
There is information, about the Federal and State financial assistance,
however, very few dates are provided, in the C.A.F.R., for the City of
Gainesville, FL U.S.A., from 2014 (p. 185-187). For the government fund
accounts, that dates are provided for, in the 2014, C.A.F.R., the amounts that
are received, in government funding-fluctuate-some years, the quantitative data
indicates: that the funding amount increased, and for some years, data
indicates: that the Federal and State financial assistance amount decreased (p.
185-187). For this category, to be a no, “Red Flag!” category, funding would
need to increase, in all categories, that receive Federal and State financial
assistance, and, that is not the case.
18)
Increasing unemployment.
Yes, unemployment rates,
according to the 2014 C.A.F.R., for the City of Gainesville, FL U.S.A., are
increasing, in the City of Gainesville, FL U.S.A. (p. 174). The unemployment
rates, in Gainesville, FL, according to the 2014 C.A.F.R., have been steadily
increasing, since 2005-when it was at: 3.00% (p. 174). According to, the City
of Gainesville, FL U.S.A C.A.F.R., the 2014, the unemployment rate, in
Gainesville, FL U.S.A., was: 4.90%.
I have been unemployed, with very
few exceptions, in the United States, since 2008. It is my opinion, that I was
placed, on a Blacklist, by the Obama administration, and, therefore, I am now
seeking employment, overseas, in Europe. If you or your agency, would consider
hiring me, or you know of someone, who may be willing to hire me-please pass on
my contact information:
Miss Bayo Elizabeth Cary, A.A., B.A.,
M.L.I.S.
1005 N.W. 39th Avenue
Gainesville, FL 32609
Home/Cell: 001-352-262-9733 Email: bayo.cary@yahoo.com
Toll Free U.S.: 1-888-571-0119 Fax:
001-352-433-1875
Google Blogger: bayocary.blogspot.com
Twitter: bayocary1
19)
Unusual climatic conditions or the
occurrence of natural disasters. Yes, “Red Flag!”
In Florida, U.S.A., we have
to be prepared, for hurricane season. The year of 2014, must have been an
uneventful year. I did not see any information, in the City of Gainesville, FL
U.S.A. C.A.F.R., for 2014, about disaster preparedness, or hurricane season.
20)
Ineffective management and/or
dysfunctional political circumstances.
In conclusion, I do not know much, about
the City of Gainesville, FL U.S.A., in so far, as the business, or political
aspects are concerned. However, there were a number of: “Red Flags!”, that were
related, to a number of the questions, that were used, to probe more deeply,
into the veracity, and reliability, of the City of Gainesville, FL 2014
C.A.F.R..
I
strongly and urgently recommend, that the City of Gainesville, FL, have a
different independent private investigator, look over, their 2014 C.A.F.R. . Although,
I found a number of: “Red Flags!,” which indicate, that there may be any number
of different accounting, or other types of fraud occurring, within the City of
Gainesville, FL-I am not a qualified professional, who can investigate the City
of Gainesville, FL U.S.A., and the C.A.F.R., from 2014. I am a student, who is
learning how to audit. A C.P.A., or a C.F.A. must be hired, for an independent
investigation, of the City of Gainesville, FL U.S.A., C.A.F.R., and all the contributing
financial accounting records and fund accounts. From the information provided,
in the 2014 C.A.F.R., of the City of Gainesville, FL U.S.A., the City of
Gainesville, FL U.S.A., is not functioning, as a city that has a healthy and
strong: “financial condition.”
References
Carr, Riggs,& Ingram, L.L.C. . (Date of
publication). CRI: CPA’s and Advisors. In CRI: CPA’S
and Advisors: Carr, Riggs,&
Ingram. Retrieved from http://cricpa.com/location.aspx?ID=23
City of Gainesville
Assessed Value of Taxable Property Last Ten Years. (2014). [Graphic
illustration
the City of Gainesville, FL September 30, 2014]. The City of Gainesville,
FL C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
City
of Gainesville Changes in Fund Balances of Governmental Funds Last 10 Fiscal
Years.
(2014). [Graphic illustration the City of
Gainesville, FL C.A.F.R. September 30, 2014]. City of Gainesville, FL
C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
City of Gainesville
Changes in Net Position. (2014). [Graphic illustration the City of Gainesville,
FL
C.A.F.R. September 30, 2014]. City of Gainesville, FL C.A.F.R.
Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
City of Gainesville
Demographic and Economic Statistics Last Ten Fiscal Years. (2014).
[Graphic
illustration the City of Gainesville, FL September 30, 2014]. City of
Gainesville, FL C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
City of Gainesville,
Florida Statement of Net Position September 30, 2014.
(2014). [Graphic illustration the City of
Gainesville, FL September 30, 2014]. City of Gainesville, FL C.A.F.R.
Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
City of Gainesville,
Florida Statement of Revenues, Expenditures, and Changes in Fund
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Governmental Funds, for the Year Ended September 30, 2014. (2014). [Graphic
illustration the City of Gainesville, FL C.A.F.R. September 30, 2014]. City
of Gainesville, FL C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
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C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
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Income Limitation Rates
[Online Data]. Retrieved from http://dor.myflorida.com/dor/property/resources/limitations.html
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(2014). [Graphic illustration the City of Gainesville, FL C.A.F.R. September
30, 2014]. The City of Gainesville, FL C.A.F.R. Retrieved from http://www.cityofgainesville.org/GOVERNMENT/CityDepartmentsAM/BudgetFinance/CAFR/tabid/189/Default.aspx
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Wikipedia/Interest Rate
Swap. (n.d.). Retrieved April 19, 2015 from the Wikipedia Wiki:
Appendix: Additional
Graphic Illustrations:
I.
Graphic illustration of: Expenses to
Revenues, for the City of Gainesville, FL U.S.A., 2014 C.A.F.R, on page: MDA-5:
II.
Graphic Illustration of the City of
Gainesville Property Tax Levies and Collections Last Ten Years, from the 2014,
C.A.F.R. (p. 164):
III.
Graphic Illustration of the City of
Gainesville, Florida Statement of Net Position, September 30, 2014, from the
2014, C.A.F.R. (p. 1):
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