Comprehensive Cafr Analysis - Ventura County

11439 words 46 pages

PA615 – Public Financial Management
Instructor, All Holliman
California State University, San Bernardino
Carrie Harmon, Scott Perkins, Dana Cano, Veronica Pinkett-Veal, Lydia Khalil, Holly Benton
June 10, 2010

Contents Executive Summary 2 Cover, Table of Contents and Formatting 3 Introduction 3 Independent Auditor’s Report 5 Management’s Discussion and Analysis 6 Basic Financial Statements 6 Government-wide Financial Statements 7 Fund Financial Statements 8 Government, Proprietary, and Fiduciary Funds – Financial Statements 10 Summary of Significant Accounting Policies (SSAP) 14 Note Disclosure (other than SSAP and pension-related disclores) 19 Required Supplementary
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The CFRA lists the names of elected and appointed officials and includes the County’s organizational chart.
The letter of transmittal is part of the introduction section and is comprised of several sections including a profile of the government, a statement on the local economy, major initiatives, long term planning, relevant financial policies, and awards and acknowledgements. In short the letter of transmittal establishes a context for the complex financials which are reported in the body of the CAFR. A general review of the County of Ventura’s letter of transmittal indicates that the letter meets all established criteria which includes use of appropriate County letterhead and the appropriate signatory, Christine L. Cohen, Auditor-Controller. Additionally, the letter includes verbiage that the County of Ventura’s Management accepts full responsibility for the contents of the report.
The profile of the government discusses the proximity of the county and the largest segments of employment. The County is surrounded by several counties and its border on the north is Kern County, on the northwest is Santa Barbara County and on the east by Los Angeles County. The ten incorporated cities located within its borders are Ventura, Ojai, Oxnard, Port Hueneme, Camarillo, Santa Paula, Fillmore, Thousand Oaks, Moorpark, and Simi Valley with a combined population of 836,080. (CAFR, 2009) The largest employment distribution is comprised of