Review the CAFR you selected inWeek 1. Based on your review, answer the following questions: What...

Question

Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:

What are the main sources of governmental revenues?

Briefly discuss what types of demographic, economic, and other environmental factors may affect the government’s sources and revenue.

How does the government classify its expenditures? Are these classifications consistent between the fund financial statements and the government-wide statements?

What percentage of current expenditures is related to servicing debt obligations? What does this say about the government’s ability to promote interperiod equity?

Based on a review of the balance sheet and income statement or statement of activities, can you identify the key transactions and events experienced by the government during the fiscal period reviewed?

Review the notes to financial statements. Is there a note that provides more detail on the content and nature of interfund transactions? If so, which funds received the majority of these transfers?

Submission Details:

Submit your answers in a 3- to 4-page Microsoft Word document. Name your document, using APA style.

Khushboo · Accepted Answer

The main sources of the revenues from the government
Various sources contribute to the revenue of the government. For all business-type activities, charges for the services contribute to the largest percentage of the revenue and it is followed by capital grants and contributions, operating grants and contributions, and interest and other sources of revenue. The service charges contribute to 93% of the revenue. The total revenue of the government comprises property taxes, franchise fees, and other taxes, fines, forfeitures and penalties, licenses, permits and inspections, charges for the services and goods, intergovernmental revenues, participation, and contributions of the owners of the property and interest and other sources of revenue. 
Types of demographics, economic, and other environmental factors that may affect the sources of revenue
There are various types of demographics, economic, and other environmental factors which affects the sources of revenue. The common demographical factor includes age, sex, level of income, race, work, and educational level of the population. This is an important factor as it gives a broad understanding of the population which affects the revenue earning of the government. In other words, demographic factors such as employment, education, income, and other related factors influence the revenue of the government. The social, cultural, and trend of the economy influences the revenue of the entity. In addition to this various economic factors affect the sources of revenue for the government. The COVID-19 pandemic is the most important economic factor which had affected the sources of revenue. The expansion of the economy of the City helps in increasing the revenue of the government. The operations have been expanded in the city which increased the revenue from the sales tax of the government. Further economic factors such as inflation, change in the political situation,

Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:What are the main sources of governmental revenues?Briefly discuss what types of demographic, economic, and...

Submission Details:

Answer To: Review the CAFR you selected inWeek 1. Based on your review, answer the following questions:What are...

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