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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 1 – Summary of Significant Accounting Policies
Budgets and Budgetary Accounting

The Budget and Budgetary Accounting section of Note 1 describes funds with legally adopted budgets and are subject to appropriation budgetary control.

The governmental funds with legally adopted annual budgets listed in other supplementary information in the ACFR are the:

  • General fund
  • State highway fund
  • Other nonmajor special revenue funds

The budgetary comparison schedule and the notes to the budgetary comparison schedule are in the required supplementary information other than management’s discussion and analysis (MD&A) section of the ACFR. The budgetary comparison schedule presents the:

  • Original budget
  • Final budget
  • Actual activity of the major governmental funds