Only needs to be 2 paragraphs, but can be more.

Navigate to the GASB website (www.gasb.org), click on GARS Online under the Standards and Guidance tab, and log-in to the system using your FASB Codification credentials. GASB and FASB have joined together to allow academic users free basic access to the codifications of all standards. You will need to accept the terms of use if this is the first time you have accessed the Governmental Accounting Research System (GARS).

Read the summaries for GASB 3, Deposits with Financial Institutions, Investments and Reverse Repurchase Agreements, and GASB 40, Deposit and Investment Risk Disclosures.

Use Google to find the most recent annual report of your hometown.

Discuss the following with regards to your hometown governments financial condition:

• Describe one or two of the investments your local government has made.
• Describe the policies your local government has for undertaking investment risks.
• Does the governments annual budget include funding for this type of investment?
• Describe the disclosures that are provided for each of these investments.
• Discuss your opinion about whether or not you feel that your local government has adequately addressed the risks, and whether or not you agree with the nature and types of investments that it has made.