Assume That a County with a June 30 Fiscal Year

question 15

Multiple Choice

Assume that a county with a June 30 fiscal year end levied $900,000 in special assessments to finance debt service on a special assessment debt issuance. The levy date was January 20X1. The levy is to be paid by the property owners over a 10-year period beginning in January 20X2. The amount of revenue recognized by the county in the Debt Service Fund as of June 30, 20X1 would be

• A) $900,000.
• B) $90,000.
• C) $0.
• D) Tax and special assessment revenues are never recognized in a Debt Service Fund.

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