Accounting Scenarios & Facts

To be considered –available,” property taxes must have been collected either during the government’s fiscal year or within sixty days of year-end.

For its fiscal year ending September 30, 2007, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2007 as follows (in millions):

June 1, 2006, through September 30, 2006 – $ 20