Question

Assume you are a recent graduate of a Queens College Accounting program and have been hired for a budgeting/accounting position in the Director of Administration office for your home State New Jersey . You are excited about this position for a variety of reasons. First, significant responsibility is associated with this position, and you will be a key individual in both the administration office and the mayor’s staff. Your specific responsibilities include working on the development of the state’s budget and financial statements, along with providing financial information to other members of the mayor’s office. Like many States in the United States, YOUR STATE has some financial challenges involving both sources of revenues and expenditures associated with state operations, including costs related to public safety (police and firefighters) and the education system.

It is your first week on the job and to orient you to your new position, your supervisor has given you the following assignment. In approaching this assignment, you want to do an excellent case analysis to make a favorable first impression.

REQUIREMENTS

Please use year 2019 Comprehensive Annual Financial Reports (CAFRs) of new jersey to answer the following case questions. You may download the CAFRs via their websites or googling the key words “CAFR” & “name of new ersey

Part I Preliminary Analysis of CAFR

Find the total assets, total liabilities, net assets, unrestricted net assets, total revenues, total expenses, and change in net assets of new jersey for 2019. Explain the trends.