Discussion:
1. Go to the Government Finance Officers Association (GFOA) Website to read the best practice article "Capital Project Monitoring and Reporting," located at https://www.gfoa.org/capital-project-monitoring-and-reporting.
2. Identify two policies or processes recommended in the article that will alleviate accounting problems or issues in the capital projects and debt service funds. Provide examples to support the policies and procedures selected and a rationale for your selections.
3. Discuss the significance of arbitrage transactions in the issuance of debt by state ad local governments. Analyze the restrictions on arbitrage transactions imposed by federal regulations and potential consequences for violation of the regulations.