Business, 11.03.2020 21:43 zavalaaria

The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, 2017, the city estimated that it will require $1,500,000 to finance governmental activities for the remainder of the 2017 fiscal year. On that date, it had $670,000 of cash on hand and $730,000 of current liabilities. Collections for the remainder of FY 2017 from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $501,000.

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The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year...