Fiscal Essay 3 Essay Example

Fiscal Essay 3 Essay Example Fiscal Essay 3 Essay Fiscal Essay 3 Essay Name: Instructor: Course: Date: : Fiscal Essay 3 The report is an annual financial report of the city of Hewitt in Texas. The report includes detailed financial statements that explain the use of the city’s funds. The report is divided into three sections, the introductory section, statistical section and the compliance section. The preparation and compilation of the report was done by the members of the municipal council particularly the financial committee. It was a representation of the city’s spending in the fiscal year ending September 2011. The report fulfilled all the requirements of the city charter for instance; a trusted firm in the city audited the financial documents. This financial report is a significant article as it provides the spending of the city to its citizen’s thus encouraging transparency in the city of Hewitt. As proof of the auditing process, the report contains an independent auditors report. It contains the auditing firm’s sentiments to the concluded process and their findings, as well. This document is detailed and is signed by the head of the auditing firm in order to ensure its authenticity. In the annual report, the management has discussed and analyzed the performance of the city in a section. This section has considered the amount of money they collected and the amount spent in the course of the year. This section is important because it enables the citizens become aware of the progress their city has made in the concluded fiscal year (Lee et al, 125). This section has also highlighted the different kinds of funds the council has. It has explained how they obtain the said funds and how it is utilized in the council and the requirements of the citizens of the city. In addition to the discussions and analysis information, the report also contains thorough financial documents such as the financial statements that display the profits and losses obtained during the year. These documents have compared the fiscal year in question to the previous years. This is crucial since it displays the level of growth the city has achieved compared to the other years. The presence of these records in the annual report is important because it signifies the transparency of the municipal council. If they were not included, the citizens would not have been aware of how their money is spent by the council and it may cause a lot of unrest in the population. Apart from the financial documents, there are also notes that follow them in which each of the tables is explained. This is commendable since not all the citizens will be able to interpret the tables. This is the statistical section of the report. The subsequent explanations are detailed and have been written in simple language, easy to understand. Each table in the report is covered in this section. Apart from this, another section also fully explains the significance of the tables and their impact on the financial standing of the city. At the end of this section, a table shows the financial statements of the last ten years. This table depicts the level of growth the city has experienced in the past ten years. This annual report is very comprehensive and this is a commendable trait. This is because it has provided all the necessary information that pertains to the spending of the city of Hewitt. The provision of the financial statements shows that the municipal council has an element of transparency and honesty in their operations. Other municipal councils should present such reports as well. Lee, Robert D, Ronald W. Johnson, and Philip G. Joyce. Public Budgeting Systems. Sudbury, Mass: Jones and Bartlett, 2008. Print.