CAFR Report

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 www.aacounty.org/departments/finance/forms-and-publications/2020-CAFR  

Anne Arundel County, MD

CAFR Presentation

ACCT 410 Accounting for Government and not-for-profit

03/28/2021

Overview Anne Arundel County, MD

Anne Arundel County was named for England’s Lady Anne of Arundel, beloved wife of Cecil Calvert, second Baron Baltimore. in 1650, the General Assembly of the Maryland Colony named this County in her honor.

The County is located thirteen miles east of Washington, D.C. with Baltimore City and Baltimore County as its northern boundary and the Chesapeake Bay as its entire eastern boundary. The State of Maryland’s (State) capital, Annapolis, is an incorporated municipality located within the County.

The County has six drivers of regional economic and employment activity located within its boundary: The City of Annapolis , Baltimore-Washington International Thurgood Marshall Airport (BWI-TM airport) , Fort George G. Meade and its tenants ,Arundel Mills & Live Casino/Hotel , Two Regional Hospitals ,Northern Industrial Belt.

Introductory
Section.

The Anne Arundel County was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) for the prior year. This was the thirty-ninth consecutive year that the County had received prestigious award.

The Anne Arundel County was audited by CliftonLarsonAllen LLP on December 17, 2020.

Their opinion, based on their audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, the budgetary comparison for the General Fund, and the aggregate remaining fund information of the County as of June 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

The Organizational Chart & Certificate of Achievement for Excellence in Financial Reporting.

In the CAFR the following financials are included:
Balance Sheet – Governmental Funds
Reconciliation of Governmental Fund Balance to Governmental Net Position – Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance – Governmental Funds
Reconciliation of Changes in Fund Balances to Changes in Net Position – Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund
Statement of Net Position – Proprietary Funds
Reconciliation of Enterprise Funds Net Position to Business-type Net Position.
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds
Statement of Cash Flows – Proprietary Funds
Statement of Fiduciary Net Position
Statement of Changes in Fiduciary Net Position .

Financial Section
There are (5) (Major and Nonmajor) funds listed under Governmental Funds generating revenues in 2020 of $891,820,792.
General Fund:
Total Asset : $493,531,295.
Grant Special Revenue:
Total Asset: $72,963,666.
Impact Fees Capital Projects:
Total Asset: $95,374,781.
General County Capital Projects:
Total Asset: $177,208,585.
Non-major Governmental Funds:
Total Asset: $106,742,455.
Within the General Fund :
The General Property Taxes is the largest source of revenue – $750,383,091.
The Public Education is the largest source of expenditures – $778,703,500.

Proprietary Funds
The enterprise funds include the Water and Wastewater Fund, the Solid Waste Fund, and the Child Care Fund and  all major enterprise funds are operating at a profit.
Internal service funds include Self Insurance, Health Insurance, Central Garage and Transportation, and Garage Replacement Funds.
The financial statements include a statement of cash flows for proprietary funds. The direct method is used.

Fiduciary Funds
There are 3 types: The Retirement System Pension Trust Funds, The Retiree Health Benefits Trust Fund (OPEB Trust Fund), and agency funds.
The County’s four defined benefit pension plans that form the Retirement System Pension Trust Funds are included in this category. The Retiree Health Benefits Trust Fund (OPEB Trust Fund) administers single employer-defined benefit plans for the purpose of providing retiree health benefits. In addition, this category includes agency funds used to accumulate temporary deposits and other funds collected from outside parties to be returned to the payer or passed on to a third party.

Statistical Section

Largest Employer – Ft. George G. Meade.

Unemployment Rate 2020 – 6.51 %

Per Capita Income – $70,095.

District of Columbia Population – 585,687.

Sales and Use Tax Rate – 6% .

Work Cited:
“Comprehensive Annual Financial Reports.” Anne Arundel County, Maryland, www.aacounty.org/departments/finance/forms-and-publications/2020-CAFR
Accessed 28 Mar. 2021.