ANSWER POST 7

GIVE YOUR EDUCATED OPINION TO THE POST BELOW. ONLY NEED A FEW SENTENCES.

When you first look at the Independent Auditor's Report, there doesn't appear to be a difference since it is set up in the same manner as a for-profit auditor's report. The difference I found is mostly in the terminology used. The report is addressed to the Mayor and City Board instead of the Board of Directors or Shareholders. It notes that the financial statements include governmental activities, business-type activities, major funds, and the aggregate remaining fund information. When giving the auditor's opinions, this same terminology are present.It contains wording that audit was conducted under Governent Auditing Standards instead of GAAP. 

In governmental activities,the largest significant changes were in capital grants, contributions, and debt proceeds of 100% decrease due to the no sales tax revenue for street improvement as was received in the prior year. Additionally, there was an 81% increase in the expenses related to the street improvements (not completed in the prior year). In the business-type activities, there was a 100% decrease in the capital grants, contributions, and debt proceeds due to the lack of any loan proceeds as received in the prior year. Also, there was an increase in expenses for sewer operations and the laying of new lines due to additional city growth. 

This report did contain all the required components of a CAFR - Introductory, Financial and Statistical. The introductory section contained a Transmittal Letter and the Table of Contents. The financial section contained the Auditor's Report, management's discussion, basic financial statements, combining statements, and explanations. The statistical section contained the fund balances and changes in fund balances but I didn't see where the changes in net assets were shown or mentioned. 

I've attached the link to the report for ease of finding (since it took an act of congress for me to find it). https://www.sai.ok.gov/olps/uploads/2015_elgin_final_bayz.pdf