Unit #8 Project Part III Using the selected government budget from Parts I and II in the previous units, expand upon your previous work by discussing the prompts listed below. Discuss the privatizati

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Unit #8 Project

Part III

Using the selected government budget from Parts I and II in the previous units, expand upon your previous work by discussing the prompts listed below.

  • Discuss the privatization efforts that have been made as well as recommendations for possible privatization efforts or partnerships with private and nonprofit companies/organizations.
  • Provide an analysis of financial policy trends toward alternative taxes.
  • Provide an analysis of relevant state and federal tax policies (or related legislation) that could affect revenue streams or outlays.
  • Identify the political factors that affected the government budget from Parts I and II.

Your report should consist of no less than two pages, and all sources utilized should be cited and referenced using APA Style.

Unit #8 Project Part III Using the selected government budget from Parts I and II in the previous units, expand upon your previous work by discussing the prompts listed below. Discuss the privatizati
Local Government Budget Brandon Green Public Finance & Budgeting Columbia Southern University Professor Shelley Taylor Local Government Budget Trends of Revenue Sources and Balances The City of Detroit has filed no bankruptcy petition. Over the past three years, the City’s revenue streams and balances have changed. For the General Fund, City revenues come from property tax, income tax, and other sources of revenue. The City’s General Fund is primarily funded by sales and use taxes on real estate and personal income. The City’s income from property taxes has decreased over the past few years while its income from income taxes has stayed stable. To compensate for the decrease in property tax revenue, the City has turned to state revenue sharing (Aydin, 2010). Also, the City’s General Fund has seen its balance fluctuate throughout the last three years. In the fiscal year 2019, the City had a surplus; however, in the fiscal year 2020, the City had a deficit. The fiscal Year 2021 is expected to be a good year for the City. The City’s budget has been affected by changes in the City’s revenue and expenditure patterns. The City has been forced to cut back on spending to meet its financial obligations. To make up for the decrease in property tax revenue, the City has also turned to state revenue sharing. Ethical Practices of Financial Policy on Taxes, Fees, and Charges Taxes, fees, and charges in the City of Detroit are handled ethically. A progressive income tax, fair and equitable tax rates, and tax revenue used for public services are just some of the City’s ethical standards regarding taxation. Ethical practices for the City’s fees include charging appropriate and required fees and using fees to pay for the service’s cost (Walker, 2022). The budget of the City is affected by the City’s ethical tax, fee, and charge policies. Income taxes in New York City are progressive, meaning those who can afford them pay more. This generates cash for the City, allowing it to continue providing public services at a reasonable cost. As a result of the City’s fees, the City can maintain a balanced budget. The Impact of Budgetary Deficiencies on the Organization A lack of funds can have a significant influence on an organization. A lack of adequate funding might harm the reputation and trustworthiness of an institution. These factors impact service delivery, financial commitments, and operations. The organization’s budget can be significantly affected by budgetary shortcomings. As a result, the organization’s ability to offer services, meet financial obligations, and keep things running may be compromised. The organization’s reputation and credibility can also negatively impact budgetary shortfalls (Mohd Ali, 2021). A lack of funds may hinder the organization’s ability to provide services. Because of a lack of funding, the organization may have to reduce its services. The organization’s capacity to meet financial obligations might also be affected by budgetary shortfalls. Default on debt obligations may be necessary if the organization does not generate adequate money. If the company’s credit rating suffers, as a result, it will be harder for the organization to secure loans in the future. A lack of adequate funding might harm the reputation and trustworthiness of an institution. An organization’s reputation could be tarnished, making it more challenging to secure funding and recruit top-tier talent. An organization’s reputation might be tarnished if it cannot pay its financial responsibilities. Internal/External Opportunities and Challenges of Revenue Rources Regarding revenue streams, there are both internal and external opportunities and obstacles. Increasing taxes on individuals who can afford to pay more, raising fees or charges for services, or generating cash through public-private partnerships are all examples of internal potential. Budgetary opportunities and challenges arise from within and without the government. These include securing funding from private groups and individuals and bringing in money from visitors to the area: Internal problems include balancing the budget and lowering services to save money while also reducing spending. These include a downturn in the economy, which can affect the amount of money the government obtains via taxes, fees, and charges (Jonnalagedda, 2011). Taxes need to be collected, and public services must be provided. The government must also monitor the economy’s impact on revenue sources. References Aydin, B. (2010). Cyclicality of Revenue and Structural Balances in South Africa. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1750704 Jonnalagedda, S. (2011). Revenue Generation in the Information Era: Opportunities and Challenges. IIMB Management Review, 23(1), 4. https://doi.org/10.1016/j.iimb.2011.01.008 Mohd Ali, B. (2021). Organization Budgetary Control System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3794866 Walker, E. (2022). Legal Financial Obligations (LFOs) as Taxes, Regulatory Fees, or User Charges? An Analysis of Washington’s Criminal Legal System LFO Revenue. Federal Sentencing Reporter, 34(2-3), 175-185. https://doi.org/10.1525/fsr.2022.34.2-3.175
Unit #8 Project Part III Using the selected government budget from Parts I and II in the previous units, expand upon your previous work by discussing the prompts listed below. Discuss the privatizati
Evaluation of the past Three Years’ allocation of Private and Public Goods for Detroit Brandon Green Columbia Southern University Professor Shelley Taylor Evaluation of the past Three Years’ allocation of Private and Public Goods for Detroit Local government goods and services Residents of Detroit may expect to see increased investment in public goods and services from the city’s government. New light rail systems, water treatment plants, and a downtown arena have all been built in the last three years, thanks to city investments. Detroit has also implemented new programs to help low-income citizens pay their electricity bills and a new initiative to help the homeless find housing. People living in the city are essential to the local government’s mission. The city has invested in public goods and services to accomplish this goal. For example, the city’s new light rail system will make getting around the city easier for inhabitants. The city’s water quality will improve due to the construction of a new water treatment facility (Hanisah, 2021). In addition, the new downtown arena will serve as a venue for a wide range of cultural and sporting activities. Investments in social services are also being made to enhance inhabitants’ lives. Those struggling to pay their utility bills may find it easier now that a new program can assist them. As a result of this new initiative, homeless people will have a place to call home and an opportunity to rebuild their lives. For the benefit of its citizens, the city invests in public goods and services. Many substantial investments have been made so far, and they’ve made a difference. Internal and external challenges for providing goods and services Residents of Detroit have tremendous difficulties accessing city services. The city has a high level of blight due to a vast number of vacant and abandoned properties. As a result, there is a need for extra social services because the city has many citizens who need help. Unemployment is also high in the town, necessitating further job training and placement assistance. The local government has allocated resources to various agencies and programs to address these issues. Although the city has had to deal with substantial budget constraints in recent years, it has been unable to devote as much money to these initiatives as it would want. As a result of the city’s struggles to collect income, it has been forced to reduce the resources it can devote to these programs. Since then, the city has worked with the state, the commercial sector, and philanthropic organizations to find solutions to these problems. Despite this, the city has encountered significant difficulties in gaining further funding from these organizations (Murdita et al., 2020). Financial management techniques are also being improved in the town. There have been difficulties in the city’s implementation of the reforms. It has also been difficult for the city to ensure the long-term sustainability of changes. Budget Stabilization Measures To keep the city’s finances stable, the administration of Detroit has been allocating more private and public goods over the last three years. So that the city can continue to provide current services and infrastructure while making room for future initiatives and projects. To sustain the city’s budget, the city relies heavily on increased tax collection. Several taxes, such as property taxes, sales taxes, and gas taxes, have increased in Detroit. This has contributed to the city’s ability to raise additional funds for city services and projects. The town has kept its budget in check by slashing spending on some products. The city cuts to travel, overtime, and training costs (St. Clair, 2013). There is now more money available to spend elsewhere in the city because of this. Additionally, the city has been able to manage its budget by raising fees for a variety of municipal services. The city has increased construction permits, parking, and rubbish collection prices. This has contributed to the city’s ability to raise additional funds for city services and projects. Over the last three years, the city of Detroit has maintained a stable budget by increasing revenue and decreasing spending. As a result, the town has retained its current infrastructure and services while launching new ones. Recommendations Investment in private products should continue, but public goods should also be increased. This strategy allows the government to promote economic growth and job creation while delivering critical public services. References Hanisah, A. (2021). Fraud Prevention of Government Procurement of Goods and Services in Local Government. Jurnal Akuntansi, 25(2), 256. https://doi.org/10.24912/ja.v25i2.809 Murdita, I., Duarsa, D., & Sanjaya, I. (2020). Internal and external factors of providing quality traditional health services in public health centers in Tabanan District, Bali, Indonesia. Public Health And Preventive Medicine Archive, 8(2), 140. https://doi.org/10.15562/phpma.v8i2.309 St. Clair, T. (2013). The impact of budget stabilization funds on state pension contributions. Public Budgeting & Finance, 33(3), 55-74.

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