Question: At one time governments maintained a unique type of fund
At one time governments maintained a unique type of fund to account for special assessments. This fund recorded the construction in process, the long-term debt, and the assessments receivable. Explain brieﬂy how governments account for special assessments today.
Answer to relevant QuestionsSpecial assessment debt may be, in economic substance and/or legal form, an obligation of the assessed property owners rather than a government. Should the government, therefore, report it in its statements as if it were its ...Select the best answer.1. A government opts to set aside $ 10 million of general-fund resources to ﬁnance a new city hall. Construction is expected to begin in several years, when the city has been able to accumulate ...The accompanying statements of the parks, recreations, and municipal capital improvement bond fund (a capital projects fund) were drawn from an annual report (dates changed) of Boulder, Colorado. According to a note in the ...A city agrees to extend water and sewer lines to an outlying community. To cover the cost, the affected property owners agree to special assessments of $12 million. The assessments are to be paid over ﬁve years, with ...A city engages in an in-substance defeasance of long-term bonds and accordingly invests in, and sets aside, the long-term securities necessary to make the required interest and principles payments on the debt to be retired. ...
Post your question