As the newly elected chief financial official of FairlyNew City you have certain

As the newly elected chief financial official of FairlyNew City you have certain decisions to make regarding thefinancial reporting of the city. You quickly realize that thecitys financial reporting is subject to Governmental AccountingStandards Board (GASB) Statement 34 but a Comprehensive AnnualFinancial Report (CAFR) has never been produced during the citysfifteen years of existence. Draft brief comments that you will maketo the city council to explain the benefits of preparing a CAFR forthe city especially considering the need for the financing ofinfrastructure. Also prepare a brief summary of the types ofinformation that you will want your staff to gather to include inthe Statistical section of the report.