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    The document is a student's analysis of the comprehensive annual financial report for the city of Tampa, Florida for fiscal year 2021. The student examines Tampa's long-term liabilities, including debt issues, changes in liabilities over the year, debt limitations, and overlapping debt. The analysis also looks at Tampa's debt service funds, how the debt service function is handled through multiple funds, and that the CAFR does not include debt fund investment schedules.

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    ACCT 260 CAFR 6-17

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    The document is a student's analysis of the comprehensive annual financial report for the city of Tampa, Florida for fiscal year 2021. The student examines Tampa's long-term liabilities, including debt issues, changes in liabilities over the year, debt limitations, and overlapping debt. The analysis also looks at Tampa's debt service funds, how the debt service function is handled through multiple funds, and that the CAFR does not include debt fund investment schedules.

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    14 views4 pages

    Acct 260 Cafr 6-17

    Uploaded by

    Stephanie
    The document is a student's analysis of the comprehensive annual financial report for the city of Tampa, Florida for fiscal year 2021. The student examines Tampa's long-term liabilities, including debt issues, changes in liabilities over the year, debt limitations, and overlapping debt. The analysis also looks at Tampa's debt service funds, how the debt service function is handled through multiple funds, and that the CAFR does not include debt fund investment schedules.

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    of 4

    Bellevue College

    Comprehensive Annual Financial Report (CAFR)


    Chapter 6 Project: 6-17

    Stephanie Jacobson
    ACCT 260 – Government & Non-Profit Accounting –
    Winter 2023
    Instructor: Dr. Alice Jenkins
    February 9, 2023
    CAFR 6-17
    For this assignment I looked up the comprehensive annual financial report (CAFR) for

    the fiscal year 2021 for the city of Tampa, Florida.

    a. General Long-Term Liabilities.

    (1) Disclosure of Long-Term Debt. The report contains evidence that the city of Tampa

    has general long-term liabilities. The report includes a list of outstanding tax

    supported debt issues, lease obligations, claims and judgements, and compensated

    absence payments. The government has issued special assessment revenue bonds. The

    debt is not reported as a liability but is discussed in Note 12 of the Notes to the

    Financial Statements. The city has no general obligation debt. I see no information

    regarding any enterprise debt issues.

    (2) Changes in Long-Term Liabilities. Changes in long-term liabilities during the year are

    disclosed in Note 11 of the Notes to the financial statements. The disclosure schedule

    is similar to that illustrated in chapter 6 of the textbook. The proceeds of the new debt

    issuance are reported in the governmental fund financial statements as an “other

    financing source.” Interest payments and principal payments due in future years are

    disclosed. The report does not relate the payments with resources to be made

    available under debt service laws and covenants.

    (3) Debt Limitations. The report contains information on legal debt limits and legal debt

    margin under the statistical section. The information contained in the report is not

    explained in much detail. The report simply shows a table that gives numbers on debt

    limit and legal debt margin over the last ten fiscal years.
    (4) Overlapping Debt. The report discloses direct debt and overlapping debt of the city.

    The debt of component units is reported as “overlapping debt” of the city.

    b. Debt Service Funds.

    (1) Debt Service Function. The debt service function for tax-supported debt is

    handled by six debt service funds. The Community Investment Tax Bonds Fund

    services sales tax revenue bonds. The Non-Ad Valorem Bond Assessment Fund

    services Non-Ad Valorem Refunding Revenue Bonds, Non-Ad Valorem

    Refunding and Improvement Revenue Bonds, Non-Ad Valorem Revenue Note,

    and Taxable Non-Ad Valorem Revenue Refunding Notes. The Occupational

    License Tax Bonds Fund services Occupational License Tax Bonds. The Utilities

    Services Tax Bonds Fund services utility tax bonds and utility tax and special

    revenue refunding bonds. The Community Redevelopment Agency Loan Fund

    services a CRA loan. The Stormwater Improvement Assessment Bond Fund

    services the Special Assessment Revenue Bonds. Debt service for bonds to be

    retired from enterprise revenues are reported by enterprise funds.

    (2) Investment Activity. The CAFR does not contain a schedule of investments of debt

    service funds.

    (3) Lease Payments. Periodic lease payments for general capital assets are accounted

    for as expenditures on governmental funds. Debt service payments include

    principal and interest on capital leases. The report discloses the portion of lease

    payments considered as interest and the portion considered as payment on the

    principal.
    References

    Department of Revenue and Finance. (2022). Comprehensive Annual Financial Report of the

    City of Tampa, Florida. https://www.tampa.gov/document/fy2021-comprehensive-annual-

    financial-report-city-tampa-98301

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