Question

A government has a fiscal year end of June 30, 20X6. Tax bills for each fiscal year are prepared and mailed in June prior to the beginning of the fiscal year for which they apply. Tax revenue for the fiscal year ending June 30, 20X6, would include

Answer 1

The tax revenue for the fiscal year ending will have taxes which were levied in June 2015 and came available in June 2015 or the next fiscal year (July 1, 2015 and June 30, 2015). It will also include the taxes associated with June 2015 levy collected within 60 days following June 2016 .