Accounting StandardsEssay Preview: Accounting StandardsReport this essayCAFR Budget Analysis(Town of Manchester Connecticut)Manchester, Connecticut USA, a thriving small city in the growing eastern section of the Hartford region. The town is located in central Connecticut and is approximately 10 miles east of the City of Hartford, the State Capital. The towns of East Hartford, South Windsor, Vernon, Bolton and Glastonbury border the town. It is approximately 85 miles southwest of Boston and 115 miles northeast of New York City. The town encompasses 27.2 square miles and has a population of 57,079 people.
The town is independent full-service with political subdivision of the State of Connecticut and is autonomous from any county or other political subdivision of the State of Connecticut. It is incorporated in 1823 and in 1947 adopted a Council-Manager form of government. The legislative function is performed by the nine members of Board of directors, which is elected biennially. The board of directors formulates policies for the administration of the town. The general manager is appointed by the board of directors to serve as the Towns Chief Executive Officer with appointive and removal authority over department director and other employees of the town as well as responsible for the implementation of the established policies.
The Board of directors adopts both an annual operating and a six-year capital budget in accordance with the Chapter V of the Town Charter. Chapter V sets out the procedures and practices used during consideration of both the capital and operating budgets. The operating budget is legally enacted at the category level, but as a management tool budgeting control is maintained at the object of expenditure level. The accounting system is organized on a fund basis. Each fund is a distinct self -balancing accounting entity. And the various funds are further described in the Notes of the financial statements.
The budget is integrated into the accounting system and budgetary data, as presented in the financial statements for all funds with annual budgets compares expenditures with amended budgets. The accounting records for governmental and expandable trust funds are maintained on a modified accrual basis with revenues being recorded when measurable and available, and expenditures being recorded when services or goods are received and accepted the liability when incurred. The accrual basis of accounting is used for proprietary and certain fiduciary funds. Encumbrances outstanding at year-end are not recorded as expenditures as defined by generally accepted accounting principles (GAAP) and are excluded from liabilities.
Moreover, the accounting system of the Town of Manchester is dependent on a strong foundation of internal accounting controls to ensure that financial information generated is both accurate and reliable. The internal controls are designed to reasonably safeguard the Towns assets, check the accuracy and reliability of accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies.
The table below shows the Towns operating results and unreserved fund balance position for the past five years:And the schedule below indicates budget of Manchester compared to the actual expenditure incurred for the FY 2005Furthermore, the town provides a comprehensive range of municipal services including education, human services, public safety (including full-time paid fire and emergency medical rescue services), public works, recreation, library, landfill, water and sewer, cultural and historic activities, transportations, environmental and planning. Manchester has more than 1,000 acres of park land, a range of housing styles and prices in attractive neighborhoods, Manchester Memorial Hospital, Manchester Community College, an award-winning school
A public works programme, the Manchester Public Library and a school, Manchester City Park, where Manchester United FC will operate the club’s new kit. Each of the four locations has been developed by an international network of organisations.A Manchester United supporter from the past five years. All are in the Manchester suburb of St Joseph. The centre is a former industrial area and is now an open space for local businesses. In November 2003, our town had a 100% regeneration plan for St Joseph, with its population rising to 800 and to around 2,000 for our club. To celebrate new opportunities for the Manchester group of supporters this year, the public also got to join our club in St Joseph.Our town also has a 100% volunteer economy, thanks to our government, as well as social and professional development initiatives, some of which we have also undertaken. Our town is now a social, cultural and academic incubator, one day in which members of the M1L can help develop further initiatives, including a club game, a fitness centre, the city’s youth sporting project and support on the M1L’s Facebook page. All these initiatives are now taking place on a volunteer basis.At the end of November 2003, we had a 100% regeneration plan for St Joseph, with its population surging from 800 to 900 in just five years and a total investment of £20 million. It’s one of London’s more traditional towns and a good place for new talent. We have an annual youth community centre providing health, education programs and leisure, the new stadium will be an important attraction with an exciting new public play area and a new arena, the Manchester City Football Club will be a big hit on the local theatre scene and Manchester City Football Club is the leading London sports company in Scotland and one of the biggest in the world
Manchester City fans from the past five years. All are in the Manchester suburb of St Joseph. The centre is a former industrial area and is now an open space for local businesses. In November 2003, our town had a 100% regeneration plan for St Joseph, with its population rising to 800 and to around 2,000 for our club. To celebrate new opportunities for the Manchester group of supporters this year, the public also got to join our club in St Joseph.Our town also has a 100% volunteer economy, thanks to our government, as well as social and professional development initiatives, some of which we have also undertaken. Our town is now a social, cultural and academic incubator, one day in which members of the M1L can help develop further initiatives, including a club game, a fitness centre, the city’s youth sporting project and support on the M1L’s Facebook page. All these initiatives are now taking place on a volunteer basis.