It is only appropriate to account for speical assessment activities in an agency fund, per GASB standards, that if the government has no obligation or assume responsibility for any debt payments, even if the property owners decide to default.
If the government was liable for the payment of the special assessment, then it would be handled through a debt service fund in the governmental funds.
It is only appropriate to account for speical assessment activities in an agency fund, per GASB standards, that if the government has no obligation or assume responsibility for any debt payments, even if the property owners decide to default.
ReplyDeleteIf the government was liable for the payment of the special assessment, then it would be handled through a debt service fund in the governmental funds.