If the city expends more during the budget year than it receives during the budget year in revenues that are available to finance the expenditures, it will

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In Concept No. 1, the GASB stated that "accountability is the cornerstone of all reporting in government." A significant part of accountability is interperiod equity which may be demonstrated by showing "...whether future taxpayers will be required to assume burdens for services previously reported." If a city expends more than it receives, interperiod equity would decrease.

If the City Expends More During the Budget Year Than