The given post on the State of Minnesota’s comprehensive annual financial report (CAFR) of 2019 provided insight into the net position, revenues, and liabilities for the state. The CAFR includes the state’s financial statement and disclosures that show the financial condition of the state funds and compares it to the previous fiscal year. The post identifies that the net position increased by $3.7 billion or 21.0 percent over between 2018 and 2019 (State of Minnesota, 2019). The net position shows the difference between assets and liabilities and is grouped into governmental and business-type activities. An increase in the net position from one year to the next is an indicator that the state’s financial position is improving (Michel, 2017). The increase in net position was largely attributed to government activities that increased by $3.3 billion (State of Minnesota, 2019). Additionally, the state experienced growth in jobs and wages leading to increased general revenues, sales, and income taxes.
The post further identifies that the long-term liabilities had decreased by $6.8 billion or 33.0 percent and was attributed to the decrease in net position liability. The reporting of the net position liability was done in the year 2015 under the statement GASB Statement No. 68 “Accounting and Financial Reporting for Pensions” (State of Minnesota, 2019). The post further identified 11 component units separated into two categories of major and non-major components. Additionally, the reporting of the general fund showed that the state ended with an operating fund balance of $5.6 billion and a combined fund of $12.6 billion.
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From a biblical standpoint, God expects men to work hard and he will bless the work of their hands. Psalm 128:2 (New International Version) states that “You will eat the fruit of your labor; blessings and prosperity will be yours”. The verse emphasizes that God’s blessings and prosperity shall come to people that work hard. The state of Minnesota CAFR showed that the state has steady economic performance with the state experiencing low unemployment, strong demand for workers, and growth in employment. The resultant growth in revenues shows that God has blessed the labor of the residents and made them prosperous.
References
Michel, M. (2017). GASB Proposes Recognizing More Leased Assets and Liabilities. The CPA Journal , 87 (4), 58-63.
State of Minnesota. (2019). 2019 Comprehensive Annual Financial Report. https://mn.gov/mmb/accounting/reports/comprehensive-annual.jsp
