Where should a government report special assessment debt that the government is not liable for in any way? A) Capital projects fund. B) Debt service fund. C) Government-wide statements not in a fund. D) None of the above.

Question

Quizplus · Accepted Answer

GASB standards mandate that a government should account for special assessment activities in an agency fund if the government has no obligation to assume responsibility for debt payments, even if the property owners default. This is true even though the government may perform the functions of billing property owners for the assessments, collecting installments from the property owners, and making the principal and interest payments.

Where Should a Government Report Special Assessment Debt That the Government