Comprehensive Annual Financial Report
Information in the Comprehensive Annual Financial Report (CAFR) for Alaska
The Comprehensive Annual Financial Report (CAFR) for Alaska has many sections which provide important information about the state of Alaska for the fiscal year ended 30th June, 2012. It mainly provides detailed information on the financial position of Alaska for fiscal year ended 30th June, 2012. The report provides profile information on the state of Alaska, including a snapshot of its history and also its economic condition and outlook. The report also provides information about the major industry in Alaska, the states long term financial planning and budgetary control measures adopted. The report also provides information on the general fund revenues sources and expenditures; the state’s organogram including names of the office holders; roles of the key state departments; management discussion and analysis and the independent auditors report. The report provides basic financial statements of the state of Alaska which include statement of net assets; balance sheet; statement of revenues, expenditures and changes in fund balances; statement of cash flows for proprietary funds and statement of activities -component units. The report also includes notes to the financial statements. Lastly the report contains sections on various funds which the state handles and a statistical section including their associated financial statements (http://doa.alaska.gov/dof/reports/resource/fy12/2012cafr.pdf)
Unique and Interesting Information
Information that I find unique and interesting mainly is on the number of funds that are managed by the state of Alaska. The state handles so many funds that it is difficult to keep track and accountability for all of them from a reader’s perspective. The independent auditor also notes that the financial statements were audited by other auditors and he has relied on their reports for his opinion. This is interesting as well. The state also seems to be relying mainly on petroleum and its related revenue sources for its revenues. The state made a loss on many of its enterprise funds during the period but ploughed in funds from other funds sources which increased net assets for the state. This is also unique because the funds are unrelated to the enterprise sources
(http://doa.alaska.gov/dof/reports/resource/fy12/2012cafr.pdf).
The most useful statistical information
The most useful statistical information is financial trends. This section provides information on the financial performance of the state. It shows how the state’s financial position and well-being has changed overtime. The reason why I find this useful is because I can establish a trend which enables me to form an opinion on the state’s financial stability, management capability and future prospects. This information can also assist a potential investor to make an informed decision. The statistical section is very important for a number of reasons. Firstly, it enables a reader to make sense of the information provided. Without it, it would be difficult to appreciate the performance of the state and the number of funds managed by the state and their statuses. The section enables a reader to understand the trend performance over time of the various sectors and make an informed decision especially on whether to invest in the state or not. The section also enables a reader to gauge the management performance and capability of the state and the growth prospects of the various sectors in the state. The statistics also provide information on the trends on the demographic characteristics of the state which provides investors with key information. Statistics are very important in arriving at good decisions as concerns government policy formation and evaluating governments programs and projects. The statistics enable a reader to gauge the performance of the various funds being managed by the government (Shangodoyin & Lasisi, 2011). The statistics section in the report should not be eliminated
(http://doa.alaska.gov/dof/reports/resource/fy12/2012cafr.pdf).
References
http://doa.alaska.gov/dof/reports/resource/fy12/2012cafr.pdf
Shangodoyin, D. K., & Lasisi, T. A. (2011). The role of statistics in national development
with reference to botswana and nigeria statistical systems. Journal of Sustainable Development, 4(3), 131-135. Retrieved from http://search.proquest.com/docview/881276928?accountid=45049
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