Locate a comprehensive annual financial report.

311 Research CaseRevenue and ExpenseiExpenditure Classication. Locate a comprehensive annual nancial report (CAFR) using a city's Web site. Many cities, particularly those with a population greater than 25,0(1), publish their CAFRs on the city's ofcial Web site. At the city's Web site, access a list of the city's departments and select \"Department of Finance," or the one most similar to that name. With a little navigation, the CAFRs link can usually be located. Examine the city's government-wide statement of activities and statement of revenues, expenditures, and changes in fund balancesgovernmental funds and prepare a brief report responding to the following questions. :1. Referring to the govemment-wide statement of activities, explain how the program revenues and expenses are classied. Are expenses and program revenues reported using a function or program classication? Do any func- tion or program categories show net revenues, or do they all show net expenses? Is the fact that most, if not all, functions or programs show a net expense a problem? Why or why not? Explain how revenues are classied and reported on the statement of reve nues, expenditures, and changes in fund balances- Compare the amount reported for property taxes in this statement to the amount reported as general revenue on the statement of activities. Do the two amounts agree? If not, can you think of a reasonable explanation for the difference? Explain how expenditures are classied and reported on the statement of rev- enues, expenditures, and changes in fund balances. Compare these amounts to the amounts reported as expenses for the same functions or programs on the statement of activities. Do the amounts agree? If not, can you think of a reasonable explanation for the differences