Search (using city of laredo CAFR ) and download a copy of the most recent comprehensive annual financial report (CAFR) for your assigned city (year 2020). You can find the citys CAFR by doing a Google search. Carefully examine the information in the CAFR, and answer the following questions in adequate details.

1. Notes to the Financial Statements. How many notes follow the required basic financial statements? Is there a phrase at the bottom of the basic financial statements indicating that the notes are an integral part of the financial statements? What significant accounting policies are discussed in the first and second note? With regard to revenue recognition, how do the notes define the term available for paying current period obligations?