The City of Eugene reported property tax revenues in 2017 in the amount of $10 million. The deferred inflow - property taxes reported in the General Fund's balance sheet was $ 475,000 on December 31, 2016 and was $ 400,000 on December 31, 2017. During 2017, $9,000,000 was collected. What amount should the city report for Property Tax Revenue in its year ended December 31, 2017 government-wide Statement of Activities?

Question

Quizplus · Accepted Answer

Property tax revenue $10,000,000 - deferred inflow from 2016 of $475,000 + deferred inflow from 2017 of $400,000 = $9,925,000.

The City of Eugene Reported Property Tax Revenues in 2017