CAFR for the city of Laredo Texas
This material defines the city of Laredo as a primary government located North bank of the historical Rio Grande River. Laredo is a unique city since it is the only city to operate international bridges between two Mexican states (State, Texas 226). According to Utley (339) it is the largest city in the country of Webb and ranks as number eighth of the highly populated city in Texas with a total population of 244,731 in 2012. The review describes the condition of government’s financial position of the balance sheet date. It assumes full responsibility for the completeness and the reliability of all the information that has been presented in the report. The report notes that an independent licensed firm has audited the City of Laredo’s financial statements by the certified public accountants. The material also discusses the significant changes in financial condition that occurred during the year; these include information on government’s net assets, the primary Government’s total expenses, and the city’s governmental fund. The amount reported in the letter of transmittal agree with the amount in the statement and the schedules in the financial section The introductory section includes a list of principal officials, a reproduction certificate of achievement for excellence in financial reporting from the finance Officers Association and an organizational chart.
- B) Financial section
The financial statements of the City of Laredo have been audited by an independent audit with the aim of providing reasonable pledge that these financial statements of fiscal year ended September 30, 2013 do not have any material of misstatement. The independent auditors give a conclusion that is based upon the audit. They conclude that there was a reasonable basis for giving an unqualified opinion that the financial statements for the year ended September 30, 2013 are presented fairly and in conformity with the GAAP. The independent auditors give an opinion that the financial statements are in accordance with the GAAP tenets applicable to governmental entities in the United States. The author has indicated the audit includes other elements other than the presentation of the financial statement. These include the audited internal controls of the government and compliance with the legal requirements. The outline also notes that with special emphasis on internal controls and legal requirements that involve the administration of federal awards.
The CAFR contain gives a report on government fund on of the subsections. The project length budget-to-actual comparisons for each governmental fund are also indicated in the governmental fund subsection.
The financial statements are also supplemented with notes that offer an explanation about the information in the financial statements and give more details