Search the Internet for the official Web site of one or more state or local governments. After reviewing this Web site, determine whether the latest comprehensive annual financial report (CAFR) is available on the site. For example, a recent comprehensive annual financial report for the City of Minneapolis can be found at www.ci.minneapolis.mn.us/financial-reports/ and for the City of Tallahassee, Florida, can be found at http://www.talgov.com/dma/accounting/annualrprts.cfm. Read the Management's Discussion and Analysis (MD&A) that should be located near the beginning of the annual report.
Write a memo to explain four or five of the most interesting pieces of information that the Management's Discussion and Analysis provides.