Using the State of Alaska FY23 ACFR (including the Notes) answer the following questions with sufficient detail and explanation. For example, if I ask:
Has the government prepared statements in compliance with the GASBS 34 financial reporting model? Explain.
A good answer would look something like this:
Yes, the State of Alaska’s FY21 ACFR is prepared in compliance with GASBS 34. The ACFR includes Introductory, Financial, and Statistical Sections. In addition, the ACFR includes a transmittal letter to Governor Michael Dunleavy (p. i), an Independent Auditor’s Report (pp. 3-7), and a Management’s Discussion and Analysis (pp. 9-18). The financial statements include both government-wide (pp. 21-24) and fund statements (pp. 27-49) that contain, when appropriate, reconciliation to the government-wide statements.
Please provide answers in complete sentences. Answers that include only Yes, No, or just a dollar amount will not receive credit.
Statement of Activities at the Government-wide Level (Statement 1.02).
1. Explain how program revenues are segregated.
2. Is information on expenses for governmental activities presented at least at the functional level of detail? Explain.
3. Which governmental activity has the highest program revenues?
4. What kinds of general revenues are available to cover the net cost of governmental activities?
Statement of Revenues, Expenditures, and Changes in Fund Balances for Governmental Funds (Statement 1.13)
1. Revenues and Other Financing Sources.
a. What system of classification of revenues is used in the governmental fund financial statements?
b. List the three most important sources of General Fund revenues and the most important source of revenue for each major governmental fund.
c. Does the reporting entity depend on any single source for as much as one-third of its General Fund revenues? Explain
2. Expenditures and Other Financing Uses.
a. Explain what system of classification of expenditures is used in the governmental fund financial statements?
b. Are current expenditures further categorized by function? Explain.
c. List the largest category of expenditure of each major governmental fund.
https://doa.alaska.gov/dof/reports/resource/2023acfr.pdf