. The City of T collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, 2019, the City estimated that it will require OMR 1,250,000 to finance governmental activities for the remainder of the 2019 fiscal year. On that date, it had OMR 385,000 of cash on hand and OMR415,000 of current liabilities. Collections for the remainder of FY 2019 from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at OMR 550,000.

Required:

Calculate the estimated amount of tax anticipation financing that will be required for the remainder of FY 2019. Show work in good form.