Assume That a County with a June 30 Fiscal Year

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.