Response to Post: City of Tampa's FY 2022 Annual Comprehensive Financial Report

Please prepare a response to the following post. In response to your peers, discuss whether you saw the same differences in your report. Were there any other differences your classmates did not mention that you felt were relevant or significant? Explain. (I have attached my report for comparison)

I have chose to look at the City of Tampa's FY 2022 Annual Comprehensive Financial Report. At first glance of the auditor's report, I have noticed a few differences from an auditor's report for a for profit company. City of Tampa's report is addressed to the Mayor and members of the City Council. The audit is conducted in accordance with auditing standards contained in Government Auditing Standards (GAS). issued by the Comptroller General of the United States (Tampa, 33). A for profit company's audit report ususally addressed to the Board of Directors and shareholders and the auditing standards are in accoradnace with Generally Accepted Auditing Standards (GAAS).

Page 58 of the report shows the reconciliation of the balance sheet of Governmental funds to the Statement of Net Position. The major differences are:

1) capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds, net of capital assets included in internal service funds which are accounted for below.

2) Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds

3) Certain assets, deferred outflows, liabilities, and deferred inflows reported in governmental activities are not financial resources or uses and therefore, are not reported in the funds

The CAFR is divided into 3 components...Introduction, FInancial, and Statistical. The historical information within the statistical section is very comprehensive and gives great detail into fund's activities.