Question

Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment.

Go to www.maumee.org
Click on the "City Departments" green button on the left side of the page.

Select "Finance" from the list on the left and then “Annual Report” from the drop down box.
Click on "2016 Basic Financial Report" under the Current Reports Heading on the right.

QUESTION 1

Compare the total assets of the governmental activities and the total assets of the business activities. Use a single financial statement to select the correct statement below.  

		Business activity assets exceed governmental activity assets in the Balance Sheet--Governmental Funds.
		Governmental activity assets exceed business activity assets in the Balance Sheet--Governmental Funds.
		Governmental activity assets exceed business activity assets in the Statement of Net Position.
		This comparison cannot be made in a single financial statement.
		Business activity assets exceed governmental activity assets in the Statement of Net Position.

QUESTION 2

The Balance Sheet--governmental funds shows a fund titled Fallen Timbers TIF". What kind of fund is this? Hint: use the notes to the financial statements.

		Internal Service Fund.
		Income Tax Fund.
		Capital Projects fund.
		Special Revenue fund.

QUESTION 3

Which of the following is true regarding the Maumee Basic Financial Report?

		The report meets the minimum reporting requirements under GASB 34. A CAFR is not required.
		The report meets the minimum reporting requirements under GASB 34 but a CAFR is still required.
		The report does not meet the minimum reporting requirements under GASB 34. A CAFR is required.
		Although a CAFR is not required under GASB 34, this report still does not meet the minimum reporting requirements.

Answer 1

QUESTION No 1

Particulars	Governmental Activities	Business Type Activities
Total Assests (In 2016)	$ 120,997,574	$ 13,485,090
Net Position (In 2016	$ 81,914,306	$ 11,296,587

Conclusion- Total Assets and Net Position of Govenmental activity exeed by Business type activity hence point no 2 and point no 3 is correct.

Question No 2

Fallen Timber Fund (TIF) Titled fund is a Special Revenue Fund and this Fund is used to account for revenue restricted by a tax increment financing agreement for the area of Fallen timbers.

Questions No 3

Point no 3 is correct.