ANSWER FORM BELOW:

Problem 3: Comprehensive Annual Financial Report Questions Use the Comprehensive Annual Financial Report for the Village of Arlington Heights for the year ended December 31, 2018, to answer the questions below. Please look this up online. CAFR for Village of Arlington Heights 2018. Hints: examine (1) the letter of transmittal, (2) note 1, (3) note 3,(4) budgetary comparison schedules on pages 116-124, and special revenue funds on pages 131-133. 1. In accordance with GASB Codification Section p70, what specific revenue must be recognized using the 60-day availability period? 2. The revenue budget includes $5,255,000 for home rule sales taxes. Home rule sales taxes are collected by retailers in the Village in addition to the State's 6.25% sales tax. Village retailers remit both sales taxes to the State. The State later remits the home rule sales taxes, along with the Village's portion of the State's 6.25% sales taxes, to the Village. Assume the State remitted home rule sales taxes to the Village on February 23, 2019. (A) What is the availability period that would be used to recognize this amount as home rule sales tax revenue for 2018 ? (B) Is this availability period mandated by GASB Codification Section p70? 3. Citizens of the Village of Arlington Heights pay their residential property taxes in two installments. What are the due dates for the installments? 1. \begin{tabular}{|l|l|} \hline 2.A & Availability period \\ \hline \end{tabular} \begin{tabular}{l|l} \hline 3. & Due dates for property tax installments: \end{tabular} Problem 3: Comprehensive Annual Financial Report Questions Use the Comprehensive Annual Financial Report for the Village of Arlington Heights for the year ended December 31, 2018, to answer the questions below. Please look this up online. CAFR for Village of Arlington Heights 2018. Hints: examine (1) the letter of transmittal, (2) note 1, (3) note 3,(4) budgetary comparison schedules on pages 116-124, and special revenue funds on pages 131-133. 1. In accordance with GASB Codification Section p70, what specific revenue must be recognized using the 60-day availability period? 2. The revenue budget includes $5,255,000 for home rule sales taxes. Home rule sales taxes are collected by retailers in the Village in addition to the State's 6.25% sales tax. Village retailers remit both sales taxes to the State. The State later remits the home rule sales taxes, along with the Village's portion of the State's 6.25% sales taxes, to the Village. Assume the State remitted home rule sales taxes to the Village on February 23, 2019. (A) What is the availability period that would be used to recognize this amount as home rule sales tax revenue for 2018 ? (B) Is this availability period mandated by GASB Codification Section p70? 3. Citizens of the Village of Arlington Heights pay their residential property taxes in two installments. What are the due dates for the installments? 1. \begin{tabular}{|l|l|} \hline 2.A & Availability period \\ \hline \end{tabular} \begin{tabular}{l|l} \hline 3. & Due dates for property tax installments: \end{tabular}