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The published financial report of a local government provides a wealth of information to anyone with an interest in the government's economic condition. Taking advantage of this information, however, poses a real challenge to many users of these reports. This chapter aims at helping potential users of local government financial statements to meet this challenge.
PUBLIC SECTOR V. PRIVATE SECTOR
The primary goal of a private-sector business is economic--to make a profit. While local governments also have economic goals, their principal objective is social rather than economic--to provide services to citizens. Stated differently, economic goals in the ...