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Comprehensive Annual Financial Report for the City of Tucson Essay

Abstract

               The activities included in the Internal Service are the self-insurance, facilities and maintenance functions, and motor pool (fleet) while the activities accounted for the major enterprise funds are Business-related activities, or mainly, those services that appeals to the general public.  The Internal Service activities contributed to the profit gained by the City of Tucson.

Comprehensive Annual Financial Report

The activities included in the internal service funds are services given to City departments on a cost-reimbursement basis and therefore, it can be accounted for other governmental fund.  These activities include the following: self-insurance; facilities and maintenance functions; and motor pool (fleet). On the other hand, the activities accounted for the major enterprise funds are Business-related activities, or mainly, those services that appeals to the general public (Department, 2007).  These mainly depend to a sizeable coverage on fees and charges for services and are therefore separately funded from the governmental activities.

            The internal service

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fund activities are reported in separate but suitable functions in the government-wide statement of net assets; but to avoid any doubling-up effect of revenues and expenses, statement of activities, and the revenues and expenses within the internal service funds are removed from the government-wide financial statements.

            The internal service

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funds report some significant operating surpluses or deficits for the year. It increased by $12,157 (Department, 2007. p.32).  Also, there was an operating transfer of $6.1 million to the internal service fund fleet services because there is a need to support the Governmental Fire activities.  Mainly, the investment in the capital assets constituent the most significant accumulated net asset of the city of Tucson but factors like the restricted and unrestricted components also contributed to the net asset.

            In 2007, there was an increase of 3.4% (or $1.78 billion) in the total net assets for the primary government.  27.5% of this increase came from the Business-type activities while 72.5% came from the Governmental activities including the internal service activities.  According to the funding policy of the city of Tucson, some of the funds will make up to finance the reserves for retirement and disability and amounts reserved for terminated employees.  Some of the profit gained was transferred to the general fund to accumulate government activities.

Reference

Department of Finance, Accounting Division. 2007, November 21. City of Tucson, Arizona COMPREHENSIVE ANNUAL FINANCIAL REPORT. Retrieved 25 May, 2008, from http://www.tucsonaz.gov/finance/CAFR07.pdf.

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