The City of Coyote mailed property tax bills for 2009 to its citizens during August 2008. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2009. All money received must be spent during 2009 or later. The total assessment is $300,000; 40 percent of that amount, less a 10 percent discount, is collected in 2008. The city expects to receive all of the remaining money during 2009 with no discount. During 2008, the government increased cash as well as a revenue for the same amount. No change was made in creating the gov¬ ernment-wide financial statements.

a. What was the correct overall change in the city’s net assets as shown on the government-wide financial statements?

b. What was the correct change for 2008 in the fund balance reported in the General Fund? LO9