This is an official form from the Massachusetts Court System, which complies with all applicable laws and statutes. USLF amends and updates these forms as is required by Massachusetts statutes and law.
Lowell Massachusetts Financial Statement Schedule A is a crucial document that provides a comprehensive overview of the financial status and activities of the city of Lowell, Massachusetts. This statement is an essential component of the city's financial reporting framework and is crucial for accurately assessing the financial health and performance of the local government. Keywords: Lowell Massachusetts, Financial Statement, Schedule A. 1. Purpose and Significance: The Lowell Massachusetts Financial Statement Schedule A serves as a detailed breakdown of the city's financial information. This statement outlines various financial aspects, including revenue sources, expenditures, assets, liabilities, and fund balances. It aids in providing transparency and accountability in the city's financial management. 2. Types of Schedule A: There are several variations and types of Schedule A, which primarily depend on the specific area of financial reporting or the timeframe covered: a. Operating Fund Schedule A: This type of Schedule A focuses on the city's general operating fund. It details the revenues generated, the different categories of expenditures, and fund balances related to the daily operations of the city government. b. Capital Projects Fund Schedule A: This schedule primarily concentrates on the financial activities related to capital projects undertaken by the city. It provides vital information about the funding sources, project costs, and any outstanding liabilities associated with capital projects. c. Special Revenue Fund Schedule A: This schedule focuses on a specific special revenue fund, such as grants or dedicated taxes. It highlights the inflow of revenue, expenditures, and fund balances associated with these unique funding sources. d. Debt Service Fund Schedule A: This type of Schedule A focuses on the city's debt repayment activities. It outlines the various types of outstanding debts, interest payments, and principal repayments, demonstrating the city's commitment to its financial obligations. e. Enterprise Funds Schedule A: In cases where a government entity operates certain utility services, an Enterprise Fund is established. This schedule specifically accounts for the financial activities, revenues, expenditures, and fund balances related to these services, such as water or sewage utilities. 3. Information Contained in Schedule A: The Lowell Massachusetts Financial Statement Schedule A contains a wealth of information vital for understanding the city's financial status. It typically includes: i. Revenue Sources: Detailed breakdowns of revenue sources, such as taxes, fees, fines, grants, state and federal aid, investments, and other miscellaneous sources. ii. Expenditures: Categorized breakdowns of expenditures, including personnel costs, general administration, public safety, education, infrastructure maintenance, debt obligations, and other program-specific expenses. iii. Assets and Liabilities: Comprehensive listings of the city's assets, including cash, investments, property, equipment, and infrastructure, along with detailed information on liabilities, such as outstanding debt, pensions, and other long-term obligations. iv. Fund Balances: Fund balances outline the financial position of different funds, indicating the availability of money for various purposes, including reserves, future projects, or emergencies. 4. Benefits of Lowell Massachusetts Financial Statement Schedule A: The Schedule A offers several benefits to the city, government officials, auditors, and the public: i. Financial Planning and Management: It provides crucial insights into the city's financial position, aiding in effective financial planning, budgeting, and decision-making. ii. Accountability and Transparency: It facilitates transparency and accountability through a detailed breakdown of financial activities, ensuring compliance with reporting requirements. iii. Assessing Financial Health: The Schedule A helps assess the fiscal health and stability of the city, enabling stakeholders to identify potential issues and take appropriate corrective measures. iv. Facilitating Audits and Reviews: The detailed information in the Financial Statement Schedule A aid external auditors in performing comprehensive audits and financial reviews. In conclusion, the Lowell Massachusetts Financial Statement Schedule A provides a comprehensive breakdown of the city's financial activities, revenue sources, expenditures, assets, liabilities, and fund balances. It plays a crucial role in financial planning, decision-making, and ensuring transparency and accountability in Lowell, Massachusetts.
