Which of the following would not be provided by management's discussion and analysis (MD&A)?

• A. A Forecast of Revenues and Expenditures for the Next Three Fiscal Years.
• B. Discussion of Economic Factors and Conditions.
• C. Analysis of Current-Year Finances.
• D. Comparison of Actual Results to Budget in the Current Year.

Answer: (A)

The idea behind MD&A is to give readers a narrative analysis of the government's financial performance for the reporting year and the factors that influenced it. It should discuss economic factors and conditions that affect operations, provide an analysis of the current-year finances, and compare actual results to the adopted budget for the current year to show how management performed against expectations.

A forecast of revenues and expenditures for the next three fiscal years is not part of MD&A. Forward-looking projections are typically found in other documents such as the budget or separate planning materials, not in the annual MD&A.