ANSWER FORM BELOW

Problem 4: Property tax custodial fund questions The Winnebago County treasurer collects property taxes for the county as well as for all of the governments that reside in the county. The property tax rate is composed of the following rates: Government Tax rate Winnebago County City of Rockford Rockford Township School district # 214 Total 1.5% 2.25 1.25 3.00 8.0% Total property taxes levied by all governments in Winnebago County, including Winnebago County, totaled $90,000,000 for 2021. $16,875,000 of the total of $90,000,000 is the property tax levy for the county. During 2021, the County treasurer received $88,000,000 of property taxes. The County charges a 1% collection fee that is deducted from the amounts that will be distributed to the City, Township, and School District. Hint: look at pages 3 and 4 of my chapter 8 notes. Required: A. Complete the County treasurer's cash distribution schedule. B. At December 31, 2021, complete the net position section for the statement of fiduciary net position. Problem 4 Part A: County treasurer's cash distribution schedule: Collection fee Taxes collected $ Cash distributed $ $ Government Winnebago County City of Rockford Rockford Township School District #214 Totals $ $ $ $ Problem 4 Part B: Net position: $ Computation space for Part A Percentage of total levy Tax levy $ 16,875,000 Government Winnebago County City of Rockford Rockford Township School District # 214 Totals $ 100 %