Answer: Management acknowledges that preparing financial statements and understanding required disclosures is not cost-effective for the City.
Trend: This reflects a growing recognition of resource allocation challenges in financial reporting.
List: Follow up on management's plans for alternative solutions to ensure compliance without incurring high costs.
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.