Property tax revenues recognized in the governmental fund operating statements often differ from the amount recognized in the government-wide statement of activities, because

• Property tax revenues are not recorded in the government-wide statements.

• Availability to finance current expenditures is not a revenue recognition criterion under the accrual basis used at the government-wide level.

• Bad debt expense is recognized at the government-wide level.

• GASB standards preclude full recognition of property tax revenues in governmental funds.