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Financial Analysis of a Local Government in South Florida - Essay Example

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This paper will provide a financial analysis of a local government in South Florida. The analysis will be discussed from the perspective of an outside consultant that has been commissioned by the City Council to evaluate financial conditions of the institution. …
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Financial Analysis of a Local Government in South Florida
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Financial Analysis of a Local Government in South Florida This paper will provide a financial analysis of a local government located in South Florida. The analysis will be provided from the perspective of an outside consultant that has been commissioned by the City Council to evaluate financial conditions of the institution. The local government entity that will be analyzed for this paper is the Florida Keys Electric Co-Op. (FKEC) The analysis will implement CAFR and ten-point test as are standard in most financial analysis. This analysis is based on 2003 statistics.
Financial analyses are important to the public as well as the government entities themselves. Financial analyses’ are used by t for local governments and many of the people that make it up. This list includes “mayors, city secretaries, financial department heads and heads of other departments as well as City Council members, who
approve and adopt local government policies.” (Whitt Jr.) If done properly a financial analysis will enlighten the above-mentioned parties and others, to the benefits of careful and frugal financial management. The benefits of an analysis will provide departments with improved financial management. According to Reave a financial analysis’s s role in modern management of local governments is to
introduces and briefly describe a financial management model that is workable and will benefit the organization,” (Reaves)
The following table summarizes the major features of the FKEC financial statements, including the portion of the FKEC that these statements include. As well, the rest of this overview section of managements discussion and analysis explains the structure and contents of each of the statements. (Reaves)
(Monroe County 2003)
The conclusion I reached after my analysis are as follow:
The above financial statements were manufactured for the use of FKEC of Monroe County The statements include:
· Total Assets-distinguishing between capital and other assets
· Total Liabilities-distinguishing between long-term liabilities and other liabilities
· Total Net Assets-distinguishing among amounts invested in capital assets, net of related debt, restricted amounts and unrestricted amounts. (Whitt Jr)
the findings of my financial analysis revealed that: Net assets of FKEC activities decreased 2.1 percent to $123.5 million. However, most of those net assets are either restricted as to the purposes they can be used for or they are invested in capital assets. Unrestricted net assets showed a $0.1 million surplus at the end of this year. This surplus does not mean that FKEC has significant resources available to pay its bills next year. (Monroe County 2003) Rather, it is the result of having long-term commitments that are a little less than currently available resources. The surplus balance has remained similar to the prior year. Specifically, FKEC did not include in past annual budgets the full amounts needed to finance future liabilities arising from various claims and to pay for unused employee vacation and sick days. FKEC will include these amounts in future years budgets as they come due. (Monroe County
Although the net assets of our business-type activities increased by 3.5 percent to $85.6 million, these resources cannot be used in governmental activities. FKEC generally can only use these net assets to finance the continuing operations of its business activities such as food service.
Changes in net assets. FKEC’s total revenues increased by 3.9 percent to $114.3 million. (See below)A significant portion, 49 percent of FKECs revenue comes from taxes. (See below Twenty-five percent comes from state allocations, and most of the rest is from federal and state grants.
The total cost of all programs and services was virtually unchanged (increasing approximately $900,000 or less than 1 percent). FKECs expenses cover a range of services. (statistics 203 EC)
separately.
(Statistics 2003 FKEC)
There are some important factors that need toe taken inconsideration for the next ear’s and future year’s budgets. his factor is hurricane season youth Florida especially the Florida keys. In order to do as budget and financial analysis factoring in the Florida Keys, In order to make accurate financial analysis statements considering the current damage amount must be acquired. time.
works Cited
Reavis, Gail. “Statistics of Florida Electric Utility 2003” 2003. Monroe County City Council.
Whitt, Jr..., Andrew S. “Financial Accountability System Resource Guide” (2005) As viewed on the worldwide web at URL http://www.tea.state.tx.us/school.finance/audit/resguide7/gasb34/samplemdaapp2-01.htm Read More
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