Answer: Management acknowledges that preparing financial statements and understanding required disclosures is not cost-effective for the City.
Trend: This reflects a growing recognition among officials that resource allocation for financial reporting may need reevaluation.
List: Recommended follow-up includes exploring alternative solutions for financial statement preparation and disclosure management.
Finding Text
Views of Responsible Officials and Planned Corrective Actions: Management agrees with the recommendation that it is not cost effective for the City to prepare the financial statements and maintain a working knowledge of the required disclosures.