Solution-What amount of estimated revenues is required

What amount of estimated revenues is required

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Reference no: EM132470532

General Fund

Assessed valuation. taxable property (projected assessed valuation. beginning of Pt 20X2)

Estimated expenditures. remainder of FY 20X1

Recommended appropriations. FY 20X2

Required spendable fund balances. beginning of FY 20X3 Actual spendable fund balances. May 1 of FY 20X1 Estimated revenues from all sources. remainder of FY 20X 1

Estimated revenues from sales taxes and other non property tax sources. FY 20X2

.947.752.800 12.786.100 78.502.900 15.223.000 18.250.000 11.705,000

66,414,000

Analysis and estimation of required property tax rate for FY 20X2: After analyzing the preceding information, constraints, and planning factors, respond to the following questions. (Keep in mind, however, that the city council may impose further changes to the budget as a result of the several budget hearings that will be held over the next two months.)

Question a. What amount of estimated revenues is required from property taxes for FY 20X2? (Hint: Make your calculation using the format shown in Illustration 3-6.)

Question b. What tax rate will be required in FY 20X2 to generate the amount of revenues from property taxes calculated in question a?

Reference no: EM132470532

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What amount of estimated revenues is required

Reference no: EM132470532

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