Problem 3: Comprehensive Annual Financial Report Questions Use the Comprehensive Annual Financial Report for the Village of Arlington Heights for the year ended December 31, 2018, to answer the questions below. Please look this up online. CAFR for Village od Arlington Heights 2018. Hints: examine (1) the letter of transmittal, (2) note 1, (3) note 3, (4) budgetary comparison schedules on pages 116-124, and special revenue funds on pages 131-133. 1. As we noted during class, villages and cities in Illinois are incorporated. In what year was the Village of Arlington Heights incorporated? 2. Examine the schedule of revenues-budget and actual for the year ended December 31, 2018. For all of the revenues budgeted, which 3 had the largest positive differences between the budgeted amount of revenue and the actual amount of revenue recognized? List the 3 revenue sources from largest difference to smallest difference and disclose the difference amounts. 3. What county sends property tax bills to the residents of the Village? 4. When are expenditures recognized by the Village?