Because the controller of the City of Romaine had resigned, the assistant controller attempted to compute the cash required to be derived from property taxes for the General Fund for the fiscal year ending June 30,2006 . The computation was made as of January 1, 2005, to serve as a basis for establishing the property tax rate for the fiscal year ending June 30,2006 . The mayor of Romaine has requested you to review the assistant controller's computations and obtain other necessary information to prepare for the City of Romaine General Fund a formal estimate of the cash required to be derived from property taxes for the fiscal year ending June 30,2006 . Following are the computations prepared by the assistant controller: Additional Information 1. The General Fund cash balance required for July 1,2006 , is $175,000. 2. Property tax collections are due in March and September of each year. You note that during February 2005 estimated expenditures will exceed available cash by $200,000. Pending collection of property taxes in March 2005, this deficiency will have to be met by the issuance of 30-day tax-anticipation notes of $200,000 at an estimated interest rate of 12% a year. 3. The proposed general-obligation bonds will be issued by the City of Romaine Enterprise Fund to finance the construction of a new water pumping station. Fund to finance the construction of a new water pumping station. Instructions Prepare a working paper as of January 1, 2005, to compute the property tax levy required for the City of Romaine General Fund for the fiscal year ending June 30,2006