Q: Do the financial statements for municipalities typically break out the financial performance of each individual fund, or do they just show the summary statement of all the individual funds?
A: It depends on the quality of the financial statements of each municipality.
In the case of the City of Calistoga California, the audited statements include a Supplemental Section containing a Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual for Non-Major Governmental Funds.
However, for many smaller communities with lesser quality financial statements, one would need to consult with management in order to obtain financial information broken down by each individual fund.
Course overview: Fund Accounting and Municipality Analysis: Part I of II