Which of the following is true with respect to special assessment levies?
A) If the government is not liable for the special assessment debt directly or through guarantee, the special assessment is accounted for in an agency fund
B) Taxpayers may opt out of a service-type special assessment if they agree to not use the service funded by the assessment
C) Service-type may not be accounted for in the General or special revenue fund.
D) Construction-type are accumulated until there is enough money to finance the construction project

Question

Quizplus · Accepted Answer

GASB standards mandate that a government should account for special assessment activities in an agency fund if the government has no obligation to assume responsibility for debt payments, even if the property owners default.

Which of the Following Is True with Respect to Special