13. Illinois has a two-year cycle for the assessment and collection of property taxes for local governments in Illinois. This means that local governments in Illinois assess real property the year before collecting the property taxes on the property. The central Illinois Village of Oakdale has a fiscal year that ends on December 31. The Village spent the entire month of November, 2020, on preparing its estimated revenues and appropriations budgets for 2021, and the budgets were passed into law on December 1, 2020. The Village's property tax levy for its general fund was $2,100,000, of which $2,068,500 was expected to be available to finance general fund expenditures in fiscal 2021. On the balance sheet of the general fund at December 31, 2020, which of the following statements is correct? A. Property taxes receivable(net) should be reported for $2,100,000. B. Deferred inflows of resources-unavailable property taxes should be reported for $2,068,500. C. A and B. D. Neither A nor B. 14. The Village of Bensonville has a pension trust fund for its public safety employees. In January 2020, an actuarial consulting firm determined that the Village's annual general fund contribution to the pension trust fund should be $3,250,000. However, due to an unexpected downturn in the local economy, the Village's actual contribution during 2020 was $2,560,000. In addition, in November and December, 2020, several public safety employees retired who were owed $35,000 for unused sick pay for 2020. $21,000 of the sick pay was paid in 2020, with the remainder to be paid in January, 2021. Based on the information above, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2020, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31, 2020? Expenditures Liabilities $2,560,000 $2,581,000 $2,595,000 $2,595,000 $3,285,000 $ 690,000 $ 14,000 $ 14,000 $ 704,000 $ 704,000 13. Illinois has a two-year cycle for the assessment and collection of property taxes for local governments in Illinois. This means that local governments in Illinois assess real property the year before collecting the property taxes on the property. The central Illinois Village of Oakdale has a fiscal year that ends on December 31. The Village spent the entire month of November, 2020, on preparing its estimated revenues and appropriations budgets for 2021, and the budgets were passed into law on December 1, 2020. The Village's property tax levy for its general fund was $2,100,000, of which $2,068,500 was expected to be available to finance general fund expenditures in fiscal 2021. On the balance sheet of the general fund at December 31, 2020, which of the following statements is correct? A. Property taxes receivable(net) should be reported for $2,100,000. B. Deferred inflows of resources-unavailable property taxes should be reported for $2,068,500. C. A and B. D. Neither A nor B. 14. The Village of Bensonville has a pension trust fund for its public safety employees. In January 2020, an actuarial consulting firm determined that the Village's annual general fund contribution to the pension trust fund should be $3,250,000. However, due to an unexpected downturn in the local economy, the Village's actual contribution during 2020 was $2,560,000. In addition, in November and December, 2020, several public safety employees retired who were owed $35,000 for unused sick pay for 2020. $21,000 of the sick pay was paid in 2020, with the remainder to be paid in January, 2021. Based on the information above, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2020, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31, 2020? Expenditures Liabilities $2,560,000 $2,581,000 $2,595,000 $2,595,000 $3,285,000 $ 690,000 $ 14,000 $ 14,000 $ 704,000 $ 704,000