Reference no: EM131776773

Financial Analysis. Following is selected information from the City of Harrisburg, Pennsylvania's 2008 CAFR. The boxed information represents the first four paragraphs of the introductory letter the mayor of Harrisburg included with the CAFR. Subsequent to the mayor's remarks are two bar charts from the 2008 MD&A that provide trend information on the city's net position (net assets). Finally, a table provides trend information on two debt performance measures found in the statistical section of the 2008 CAFR.

The City of Harrisburg (City) has become an example of urban resurgence at a time when many of America's cities continue to undergo further decline and serious economic stress, Harrisburg's renewal has been multi-faceted, touching virtually every area of city governmental and community endeavors.

Listed as the second most distressed city in the nation in 1981 under federal distress criteria, Harrisburg launched, in 1982, a major change in course based on three priority pursuits: reform of city government, development of non-tax revenue sources, and aggressive economic development. These remain this City's priorities.

The resultant success of these efforts is, in part, reflected by the various national and state recognitions Harrisburg has received from independent private-sector, professional, civic, and governmental bodies.

In the past twenty-one years, Harrisburg has each year attained the highest national award for governmental accounting and financial reporting, the Certificate of Achievement for Excellence in Financial Reporting. The City has also won the highest national award for budgeting, the Distinguished Budget Presentation Award, for the past eighteen consecutive years. Today, only three of the 2,563 Pennsylvania municipalities can claim the distinction of presently holding both recognitions.