Which of the following statements regarding the required GAAP reporting for a Capital Projects Fund is false?

a. A GAAP-basis balance sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balance are required for Capital Projects Funds.

b. The format of the Statement of Revenues, Expenditures, and Changes in Fund Balance for a Capital Projects Fund is the same as for a General Fund.

c. A GAAP-basis operating statement is not required for a Capital Projects Fund if a multiyear budget has been adopted.

d. It is not uncommon for a Capital Projects Fund operating statement to report an excess of expenditures over revenues during a project.