True or False

1. The 10% and the 5% tests to determine major funds are referred to as “fiat measurements” which relieve CPAs from having to make subjective decisions on whether individual funds are major or nonmajor.

2. The statistical section of a CAFR for a village government reports the expected population growth of the village over the next 10 years, increases in future property tax rates for the village over the next 5 years, and the need for additional funding for the village’s single employer pension plans.

3. In Illinois, counties, cities, and villages are primary governments.