The Comprehensive Annual Financial Report (CAFR) for Prince George’s County Download Comprehensive Annual Financial Report (CAFR) for Prince George’s County includes the balance sheet and the operating statement (Pages 19-23) for the Governmental Funds at the end of the 2020 fiscal year, as well as Notes to the Financial Statements (pp. 33-97, but only refer to pp. 36-39 in answering Questions 6 and 7 below). Review both statements and the notes carefully, and then answer the following questions.
1. What is the total fund balance for all governmental funds as of June 30, 2020?
2. What are the two highest valued assets for the county as of June 30, 2020?
3. What is the greatest (in dollar terms) long-term liability for the county as of June 30, 2020? Should this concern the county leadership? Why or why not?
4. What percentage of revenues in the General Funds came from taxes for the year ended June 30, 2020?
5. How much did the county spend on public safety from the Governmental Funds for the year ending June 30, 2020? Was that the highest item of general expenditure? If not, what item of spending exceeded it?
6. What are the eight component units that make up the Prince George’s County reporting entity?
7. What basis of accounting is used in reporting the transactions of the Government-wide, Proprietary, and Trust Funds?
