1. 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, 2021, on preparing its estimated revenues and appropriations budgets for 2022, and the budgets were passed into law on December 1, 2021. The Villages 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 appropriations in fiscal 2022. On the financial statements of the general fund for 2021, which of the following statements is correct?

1. Property taxes receivable should be reported on the balance sheet for $2,100,000.
2. Revenuesproperty taxes should be reported on the statement of revenues, expenditures, and changes in fund balance for $2,068,500.
3. A and B.
4. Neither A nor B.