Analyzing Reconciliation of Financial Report. Use the Charleston County CAFR 2018 for this case. The county administrator presented the financial statements at the last county commission meeting. Unfortunately, she opted not to take a government accounting course in college, and when the commission started questioning her about why the "bottom line" numbers on the two sets of financial statements were so different, she was unable to answer their questions. she has asked you, as finance director, to prepare her for the next meeting by explaining the purposes for which each operating statements is intended and how and why the operating statement results are so different. Also needed is an explanation of how and why the numbers on the statement of net position and balance sheet are so different.

Required: Provide a simple and concise one-page explanation for the different in the "bottom lines".