Comparison between CAFRs of Florida and New York

Comparison between CAFRs of Florida and New York

Abstract

Comprehensive Annual Financial Report (CAFR) is an annual report carried out by a government to establish how the state’s finances have been distributed and used. This report is meant to enable the government to analyze the progress made and to also note stagnating sectors whose progress may seem to have stalled. It also benefits the residents of the state by enabling them to rate their government in terms of developments.

These developments should be analyzed according to different fields in view of various elements of a state such as economic sector, educational sector, natural resource management and other factors that support positive improvement in financial matters.

Positive developments in the above fields would result to a rise in the economic level of the state due to factors such as increased job opportunities, increased incomes, improved lifestyles among others.

The population of Florida is about 19.4 million while that of New York is around 19.6 million. These two states have similarities and differences in their Comprehensive Annual Financial Reports (CAFRs) in terms of economy, education, natural resource management among others.

A large population of the people living in both states (Florida and New York) has a moderate education. According to the Department of Education of Florida, approximately 277,583 people enrolled to the university in 2005 and 59,771 of them were awarded degrees. By 2014, the number of university enrollments had reached 337,750 and the number of degrees was at 68,423. (Source: Florida Department of Education)

In the state of New York, full-time university enrollment rose from approximately 40,392 people in 2006 to 57,937 in 2014 while the number of degrees awarded increased from 7,647 to 11,541(Source: Florida Department of Education).

With such a considerable increase in university degrees in Florida and New York, the financial wellbeing of both states might possibly go towards the positive direction.

According to the Department of Health in Florida, the number of live births has increased over the years from around 214,519 live births in 2010 to 215,194 in 2013. In New York however, the immunizations given at immunization walk-in clinics have decreased significantly from 142,440 in 2010 to 62,263 in 2015.

An increase in the number of live births in Florida would probably lead to an improvement in its financial wellbeing. The contrary would be the case in New York. Reduced immunization is likely to cause a spread in immunizable diseases and this might lead to diversion of funds towards treatment and therefore causing a decline in the state’s economy.

An increase in the number of deaths in Florida has also been observed from a total of 172,509 in 2010 to 180,014 in the year 2013 (Source; Department of Health, Florida)  This trend could adversely affect the economic state of Florida in that the deaths may reduce labor force of the state especially if the working force is involved.

The financial position of a state could be under great risk if the local government ceases to look into environmental matters and enforce laws or take measures to protect the environment.

The Department of Environment Protection of Florida has recorded an increase in state park and trail visitations from the year 2010 to the year 2014 ranging between 20.1 million and 27.1 million respectively (as shown in the above table).In New York, the Department of Environment Protection of New York City has recorded increases in environmental complaints and a significant drop in complaints concerning water supply. Environmental complaints between 2010 and 2014 ranged between 42,657 and 64,312and water supply complaints decreased by 18,564 from 2010 to 2014.

Increased state park and trail visitations is a source of more revenue for the government especially since the rate of visitations is in terms of millions of the people, meaning the larger population of Florida has a positive impact towards the improving state economy.

An improvement in the supply of water to the residents of New York has led to reduced complaints and this is a cause for the state to move forward and focus on greater developments thereby improving the state of economic affairs although this would be hindered if the complaints directed towards the environment are not taken care of. The environment plays a major role in financial matters and this indicates that it is a core determiner of how much the economy’s value increases or depreciates.

Transportation matters in the Department of Transportation of Florida have registered a high increase in traffic crashes over the years from 2010 to 2014. The number of crashes that occurred in 2010 was 235,461 and reduced to 227,998 in 2011 before shooting up to 316,943 in 2013. These crashes are likely to cause death and most of the survivors may be faced by various disabilities that may make them less mobile and therefore reduce their ability of carrying out their daily activities as usual. This may paralyze the economy especially because the victims of these crashes may require financial support from the government. However, the number of vehicles registered over the years in the state has risen and this may probably help reduce car thefts and improve security.

In the Department of Transportation of New York, the rate of repairing potholes has improved. In 2010, 295,297 potholes were repaired and by 2015, the number of repaired potholes had reached 460,493. By doing this, the transport sector improves in all aspects from creating more employment opportunities to earning incomes for workers in this sector as well as improving economy as a whole.

The number of employees working fulltime in Florida and New York is significantly as important in the financial status of the two states. A rise in the number of employees could be an indication that available job opportunities are able to cater for most of the population. A decline however, could mean that the opportunities available are not enough for the existing population and that there’s need to create more jobs.

(See the table below)

NUMBER OF EMPLOYEES WORKING FULLTIME IN FLORIDA AND NEW YORK

The number of fulltime employees in New York working in the education sector has reduced from 110,389 in 2010 to 109,901 in 2014. In Florida, the number of fulltime state employees has also reduced from 16,917 in 2010 to 14,414 in 2014. This could be an indication that either the jobs available are not enough or there is a shortage in labor and could lead to a decline in the financial position of an economy. This may also imply that the resident’s income is low since the employees who are not working fulltime may not have stable jobs.

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