Reference no: EM131139260
Answer the following post Discussion; government Wide Statements.
1. Emily:
The government-wide statements provide a broad scope of the financial position of Calvert County government's finances, which is similar to how private-sector business present their financial data. The statement of net position and the statement of activities breaks out functions of Calvert County's government that are generally supported by tax and intergovernmental revenues. The governmental functions include general government, public safety, public works, health and hospitals, social services, education, recreation and culture, conservation or natural resources, urban development and housing, economic development, and debt service. The business-type activities for Calvert County include water and sewer, solid waste and recycling. One thing that is included in these statements is "legally seperate component units", such as the Calvert County Board of Education and the Economic Development Authority.
The fund financial statements maintain control over the resources allocated to a specific activity or objective.
Source: https://www.co.cal.md.us/DocumentCenter/View/10611
2. Melissa
Government wide statements consist of statements of net positions such as assets (current and non-current). Liabilities (current and non-current), deferred outflows and deferred inflows. Government wide statements include the statement of activities as well, this consists of program revenues such as changes in net position and governmental activities such as public safety and education.
Government wide statements differ from the financial fund statements in how the financial fund focuses on the operations of the town from salaries and operating expenses, cash flows and reconciliation of operating income.
By looking at the status of the government wide statements I can see where the funding equity is spent and what we have left at the end of the year. I can tell if we overspent or if certain governmental regulated activities were complete. The governmental fund gives for of an outlook of where every dollar of bonds went in order for the town to function properly.
Reference
Town of Lynnfield . (2015, 06 30). Retrieved from Financial statements: https://town.lynnfield.ma.us/Pages/LynnfieldMA_Accounting/FY%202015%20Financial%20Statements
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