Millage Rates: Case Study

The loss of industries was one of the reasons for the decline of the city. Therefore, the city in conjunction with the federal government must work on serious strategies and tactics to bring back industries that were lost in the 1970s. This of course would mean giving out incentives to the corporations and certain tax reliefs and so forth. That initiative alone would solve the city’s major economic issues because it would provide jobs to low-skilled workers as well as the blue collar workers because that those are the groups that are

The unexpected closing of the local plant due to the downturn in the economy and the amount of layoffs as a result has reduced the amount of income tax collected in the city. Income taxes fund 23% of the projected budget revenues for police and fire services. The lowering of the available revenues from income tax for funding of police and fire services will have dire repercussions. The projected income for the fire department is greatly needed to replace the aging truck fleet. The loss of this income could result in loss of life because the city has insufficient fire trucks that operate

Property tax is a charge on property that the owner is responsible for paying. The tax is constructed on the value of the property one owns and is often estimated by local or municipal governments. When paying a property tax bill, the money goes to a number of important programs, city employees, police officers, firefighters, and public works departments also receive pay. The property tax money is used to pay for parks, traffic construction, street lights, sidewalks, and public transportation. Imposing a cap on property taxes would not only impact communities but it will also create several major problems. Cities would be affected and unable to hire employees in the public safety, since salaries and other benefits would be increased. A cap would reduce job establishment and damage the state's economic growth. The cap would also create more traffic problems by limiting

The budget for the city of San Clemente has received the Distinguished Budget Presentation Awards from the Government Finance Officers Association for the past 17 years. Not surprisingly, considering those honors, the city's budget is organized in a manner largely consistent with the guidelines we have learned in this course.

Facing tough budget decisions in advance, various cities, and county have two options: raise taxes or reduce services. Furthermore, there has not been a tax increase in a long period, county officials have alleged. They recognized this day would come. The administrator distressed and diagnosed the circumstances where they provide the primary inspection and repairs.

My second goal would be to correct the budget balancing problems. The budget debt each year is approximately 200,00 to 300,000. To solve this problem, I would make three more adjustments in the budget expenditures. The adjustments would approximately total 250,000. I chose 250,000 because it is the average of 200,000 & 300,000. My first adjustment would go towards the capital program expenditure. Since I previously include the sewer and water system capital program expenditure into the revenue fee, I could deduct these two services from the capital program expenditure total. Doing this would reduce the capital program expenditure from 538,630 per year to 379,350 per year, leaving the budget with a 159,280 per year savings. The second adjustment would go toward public safety. I would immediately hire a new police officer, because of the police’s staff shortage. I think it is a necessity to have enough officers to maintain all shifts. Hiring more officers would help keep the streets of Opportunity safe. This is important because of the community’s profile. Opportunity consists of mostly above-average socioeconomic people and elderly people. I could see the crime rate rising in the future, due to the lack of police officers. On the other hand, I would alleviate the ideal of hiring a technician. I feel hiring a contractor on needed bases is sufficient. Why

The general fund type consists of general revenue and general services. The special revenue fund type consisted of higher education improvement, cultural facilities building, and Clean Ohio Conservation Program. Next, the capital projects fund type consisted of: mental health facilities improvement, parks and recreation improvement, administrative building, and juvenile correctional building. The enterprise fund type consisted of: liquor control, state lottery, and workers’ compensation. Finally, the agency fund type consisted of: agency, accrued leave liability, and volunteer fire fighters’ dependents. The totals for each of the fund types are: general government ($1,015,491 for adjusted appropriations (aa) $875,7998 for total committed appropriations (tca), $139,693 for uncommitted appropriations (ua), and $888,605 for budgetary expenditures (be); total community and economic development fund: $2,042,882 for adjusted (aa), $1,374,832 for total committed, $668,050 for uncommitted, and $1,250,961 for expenditures; total local government support and tax relief fund: $4,110,991 for adjusted, $3,943,201 for total committed, $167,790 for uncommitted, and $3,943,201 for expenditures; capital outlay fund: $1,133,362 for adjusted, $446,471 for total committed, $686,891 for uncommitted,

The total current Assessed value is $850,000. During this time, Denver is on a growing trend and projected to continue. In the local area, new housing, new neighborhoods, new malls, and even schools are under way or in the planning stages. The Grande property is large and there are plenty of expansion options. The Grande’s have not come up with an asking price, but the local banks have offered to provide a 15-year note for a max of $624,000.

As mentioned by Thompson (2010), in the Associated Press, “Lawmakers bridged a $19 billion shortfall, more than 20 percent of the $87.5 billion general fund spending plan”. This shows that the state was heading towards a financial crisis and more deficit creation. Moreover, Thompson (2010), in the Associated Press also points out that “It includes no tax or fee increases but uses a combination of cuts, funding shifts, delayed corporate tax breaks and assumptions about money the state hopes to receive”. The budget gave rise to other dependent costs such as delayed tax refunds. It was uncertain that the State will receive the required funds from the federal government to ensure that the important programs will function the way it used to be until the funds are received.

The real estate division was estimated to have a fair value of $13,890,000. This was determined by totaling the number of lots expected to sell within the next four years and multiplying it by the price per lot of $180,000. After determining total lot sales, a 20% discount rate was applied as suggested by current market conditions. Given the unique nature of the real estate development, it is not believed that there are any comparable developments to find a market multiple.

According to the calculation of Laflin in year five, NOI is $216,784. At a 10% cap rate the property is worth $2,167,840. My adjusted calculation yields a valuation

The need to evaluate the value that is predicted is very important to the community. The proposal will help the Council to take better judgement related to the development of the City of Kelsey. With all the facilities that Stanley Park Project seem to offer shows to be extremely beneficial to the City; from basketball courts, volleyball courts, tennis courts, gymnasium, fitness center increases the predicted value of the Stanley Park Project immensely. A major importance factor to focus on is the air quality and the water treatments and how would the predicted value of the

4.) What would the capital allocation plan look like if an additional $100,000 is made available?

The Government Finance Officers Association (GFOA) budget criteria framework covers 27 budgeting categories and was launched in 1984 to encourage the preparation of high quality budgets (Bland, 211). The following memo evaluates the budget of the City of Lake Oswego using GFOA’s Distinguished Budget Presentation Awards Criteria, and also compares it to the budget of the City of Detroit.

Now that the citizen sees the city being on a downward trend, let 's look what is causing a lost in income.