Assignment Instructions
**Assignment Title:** Municipal Financial Reporting Review
**Objective:** To evaluate budgetary planning and GAAP compliance within a local
government.
**Scenario:** You are analyzing Charleston’s annual budget to identify gaps and
inefficiencies.
**Requirements:**
- Compare projected vs. actual budget numbers.
- Evaluate Charleston’s capital, appropriations, and flexible budgets.
- Recommend measures to improve financial reporting accuracy.
**Formatting:** APA format, 3–5 pages, include at least three scholarly references.
**Submission:** Submit via the accounting course assignment portal.
Week 4 – Assignment: Financial Reporting Review of
Local Government ACC 410
The three types of government budgets are capital, appropriations, and flexible budgets. In
general, the appropriations budget is always the operational budget. It talks about the
earnings, and costs of continuing business operations. The public may focus on this budget
as it contains revenue, appropriations, spending, and other components of a governmental
entity’s general budget, and because it must be balance by law.
The amount of money allocated to capital projects its specified in a financial plan known as
the capital budget. The capital budget often covers a number of years and is mostly
allocated to long-term projects and assets. The operational budget of the Charleston
municipal government is $800.9 million for the fiscal year 2023, a 16.9% increase over the
previous year. For the fiscal year 2023, the city will get $1.7 trillion in general fund
resources from the budget. The $8,591,604 in capital expenses,
$1,814,649 in payroll costs, and $20,510,235 in general running expenses are all included in
this section.
Flexible budgets are funded by enterprise funds. They operate with dynamic budget. It is
adjusted to reflect changes in expenses and income during the course of the fiscal year. The
ACFR is include in the fund financial statements for Charleston.
Following financial and budgetary regulations is evident in the Charleston Management’s
Discussion and Analysis. Enough financial resource planning and supervision to ensure
compliance with legal and contractual requirements. In terms of financial resource
management, the City of Charleston is dedicated to following all applicable local, state, and
federal rules and ordinances. As a consequence of its initiatives, the City Council recently
approved a five-year strategic plan. This plan outlines the measures that will be used to
determine performance, as well as the long- term goals and vision for the City’s budget. In
**Assignment Title:** Municipal Financial Reporting Review
**Objective:** To evaluate budgetary planning and GAAP compliance within a local
government.
**Scenario:** You are analyzing Charleston’s annual budget to identify gaps and
inefficiencies.
**Requirements:**
- Compare projected vs. actual budget numbers.
- Evaluate Charleston’s capital, appropriations, and flexible budgets.
- Recommend measures to improve financial reporting accuracy.
**Formatting:** APA format, 3–5 pages, include at least three scholarly references.
**Submission:** Submit via the accounting course assignment portal.
Week 4 – Assignment: Financial Reporting Review of
Local Government ACC 410
The three types of government budgets are capital, appropriations, and flexible budgets. In
general, the appropriations budget is always the operational budget. It talks about the
earnings, and costs of continuing business operations. The public may focus on this budget
as it contains revenue, appropriations, spending, and other components of a governmental
entity’s general budget, and because it must be balance by law.
The amount of money allocated to capital projects its specified in a financial plan known as
the capital budget. The capital budget often covers a number of years and is mostly
allocated to long-term projects and assets. The operational budget of the Charleston
municipal government is $800.9 million for the fiscal year 2023, a 16.9% increase over the
previous year. For the fiscal year 2023, the city will get $1.7 trillion in general fund
resources from the budget. The $8,591,604 in capital expenses,
$1,814,649 in payroll costs, and $20,510,235 in general running expenses are all included in
this section.
Flexible budgets are funded by enterprise funds. They operate with dynamic budget. It is
adjusted to reflect changes in expenses and income during the course of the fiscal year. The
ACFR is include in the fund financial statements for Charleston.
Following financial and budgetary regulations is evident in the Charleston Management’s
Discussion and Analysis. Enough financial resource planning and supervision to ensure
compliance with legal and contractual requirements. In terms of financial resource
management, the City of Charleston is dedicated to following all applicable local, state, and
federal rules and ordinances. As a consequence of its initiatives, the City Council recently
approved a five-year strategic plan. This plan outlines the measures that will be used to
determine performance, as well as the long- term goals and vision for the City’s budget. In
