The City of Hastings has a separately elected school board that administers the city’s schools. The city council must approve the school district’s budget and

tax levy. Its financial results should be reported in Hastings’s financial statements in which way?

a. Included only as schedules in the footnotes of Hastings’s financial reports.

b. Blended into Hastings’s financial reports.

c. Discretely presented in Hastings’s financial reports.

d. Not required to be presented in Hastings’s financial reports.