Submit an essay on the New Jersey State Comprehensive Annual Financial Report (CAFR).

financials of NJ government better from this project.Question assigned for the group projectGroupNumber Students Questions Assigned1 Wu, Daniel Lostaunau, Fiorella C1-1 C4-1 C6-1 C8-12 Abdellah, Ahmed Landicho, Anelyn C2-1 C4-1 C7-1 C8-13 Oyenola, Toyosi Fama, Luc Langer, Connor C3-1 C4-1 C6-1 C8-14 Abreu, Yailyn Feliz, angel li, xiang C1-1 C4-1 C7-1 C8-15 Alvarez, Veronica Ghadami, Mona Lopez, Mariuxi C2-1 C4-1 C6-1 C8-16 Amar, Jonathan Gonzalez, Catalina Wadhwa, Khyati C3-1 C4-1 C7-1 C8-17 Hernandez, Leslie MARTINEZ, ANGEL Bodo, Stephanie C1-1 C4-1 C6-1 C8-18 beais, omar Ibrahim , Arfa Martinez, Vanessa C2-1 C5-1 C7-1 C8-19 Borruey, Barbara Jimenez, Carlos McQuaid, James C3-1 C5-1 C6-1 C8-110 Kaur, Harshat Ocana, Kaylen Khan, Javeria C1-1 C5-1 C7-1 C8-111 Downes , Akeem Downes, Akeen Patel, Neil C2-1 C5-1 C6-1 C8-112 Ezenwuba, Chika Kim, Man Cho Paul, Thomas C3-1 C5-1 C7-1 C8-113 Pena, Juan Rafter, Michael Ross, Charles C1-1 C5-1 C6-1 C8-114 Persaud, Rebecca Raphael, Raphael Velasquez, Susana C2-1 C5-1 C7-1 C8-
Answer & Explanation
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The Comprehensive Annual Financial Report (CAFR) is an essential document for any state government. It provides a comprehensive overview of the state’s financial health, detailing revenues, expenses, assets, and liabilities. The New Jersey State CAFR is no exception, offering valuable insights into the state’s fiscal position.

The New Jersey State CAFR is prepared by the state’s Department of Treasury, Division of Accounting and Reporting. It is a comprehensive report that covers various aspects of the state’s finances, including the general fund, special revenue funds, capital projects funds, and enterprise funds. The report is a crucial resource for policymakers, investors, and other stakeholders who need to understand the state’s financial position.

One of the key highlights of the New Jersey State CAFR is the state’s revenues. The report shows that the state collected $35.6 billion in revenues dur

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ing the fiscal year 2020. The majority of these revenues came from taxes, which accounted for $32.8 billion or 92% of the total revenue. The remaining revenue came from sources such as federal grants, fees, and other revenue sources. The report also details how the state’s revenues were allocated to different programs and services, providing transparency into the state’s budgeting process.

Another essential aspect of the New Jersey State CAFR is the state’s expenditures. The report shows that the state spent $38.2 billion in fiscal year 2020. The majority of these expenditures went towards education, health and human services, transportation, and public safety. The report also details how the state’s expenditures were financed, providing a clear picture of the state’s budgeting priorities.

The New Jersey State CAFR also provides valuable information about the state’s assets and liabilities. The report shows that the state had $91.5 billion in assets at the end of fiscal year 2020. These assets include infrastructure, investments, and other resources that the state can use to provide services to its residents. The report also shows that the state had $67.6 billion in liabilities at the end of the fiscal year. These liabilities include debt, pensions, and other obligations that the state owes to its creditors and residents.

Overall, the New Jersey State CAFR is a valuable resource for anyone interested in understanding the state’s financial position. It provides detailed information about the state’s revenues, expenditures, assets, and liabilities, as well as insights into the state’s budgeting process. Policymakers, investors, and other stakeholders can use this information to make informed decisions about the state’s finances and ensure that the state remains financially sustainable in the long term.

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