- City finance officers report that the fiscal condition of most cities has improved in 2013 compared to 2012 as the economic recovery continues. However, challenges remain such as high unemployment, pension obligations, and uncertainty about federal spending.
- While city revenues declined for most of the past decade, a small increase is projected for 2013 as property, sales, and income tax revenues experience slow growth. Expenditures are also expected to rise slightly.
- Factors placing pressure on city budgets include increasing costs for healthcare, pensions, and infrastructure, while federal and state aid levels have decreased for many cities. To address these issues, cities have increased fees and made cuts to personnel costs.
The household debt service ratio (DSR) measures the percentage of disposable personal income that goes toward paying household debt including mortgages and consumer debt. A higher DSR means consumers have more debt burden and are likely to cut back on spending, potentially leading to economic downturn. Data from the Federal Reserve shows the US DSR rose sharply during the 2007-2008 financial crisis but has since stabilized around 9-10%, indicating consumer financial stability. Graphs comparing consumer spending, GDP growth, and government budgets in the US and UK suggest consumer spending levels correlate with overall economic and fiscal conditions.
CCIC - Statistical Analysis of Official Development AssistanceSebastien Winsor
This document analyzes trends in official development assistance (ODA) provided by countries in the Organization for Economic Cooperation and Development (OECD). It finds that while total ODA has generally increased over time in current prices, the rate of increase has not kept pace with economic growth. As a percentage of gross national income, ODA levels have fluctuated and remain well below the UN target of 0.7%. The analysis also examines trends in Canadian ODA and budget cuts that have decreased Canada's ODA in recent years.
2008_Past Economic Downturns and the Outlook for Foundation Giving_Steven Law...Steven Lawrence
The document examines how foundation giving was impacted during previous economic downturns and recessions to provide context for understanding the potential effects of the current economic crisis. During prior recessions from 1975-2007, foundation giving in the US did not decline and slightly increased after adjusting for inflation. However, after the 2001 recession, foundation giving declined marginally over three years from 2001-2003, representing the first consecutive years of decreased foundation giving. Several factors helped moderate the impact on giving during the last downturn and will likely do so again, including the establishment of new foundations, continued donations to existing foundations, and foundations determining grants based on rolling average asset values. The impacts on giving in 2009 will depend on whether the stock market rebounds or continues
This document discusses options for addressing budget shortfalls faced by state and local governments. It argues that creating public banks owned by states is a viable alternative to cutting services, raising taxes, or relying on borrowing. The Bank of North Dakota is presented as a successful model, having maintained strong credit ratings and returned profits to the state treasury for over 20 years. Establishing public banks could allow states to leverage their existing liquid assets to generate loans and income, similarly to how private banks operate, in order to stabilize revenues without federal assistance or taking on high interest debt.
The document discusses the financial fragility of the bottom 50% of U.S. households based on an analysis of their asset and debt positions. Key findings include:
- The bottom 50% have negative adjusted net assets (-6%) due to high debt levels and illiquid housing/durable assets.
- Their financial position is highly sensitive to housing/equity price changes due to high leverage.
- Debt levels have increased sharply over the past 3 years while incomes have risen little, suggesting worsening financial health.
- The bottom 30-50% likely have negative savings rates and are spending beyond their means.
Budget Deficit and Economic Growth in Liberia: An Empirical InvestigationAJHSSR Journal
: This paper investigates the relationship between budget deficits and economic growth in Liberia.
The study employed: the Classical Ordinary Least Squares Technique (OLS); The Augmented Dickey Fuller
(ADF) and Phillip Perron unit root tests for stationarity; the Co-integration test using Engle-Granger Two-Step
procedure (EGTS); and a parsimonious Error Correction Model of the relationship between Budget deficit and
economic growth in Liberia. It is evident from the analysis that there exists a long run relationship between Budget
deficit and economic growth in Liberia. There also exists a positive and significant relationship between Budget
deficit and economic growth in Liberia. Therefore, a 1.0 percent increase in deficits will result in an increase of
approximately 0.42 percent in economic growth in Liberia. The study recommends that government, policy makers
and the monetary authorities should ensure an appropriate mix of monetary and fiscal policies such that would
deliberately and strategically maximize the growth potentials of deficits in Liberia.
JEL Classification : C2, E1, E2, O4, O5
KEYWORDS: Budget Deficit, Economic
Atradius Country Report - United States – April 2014Salih Yilmaz
Atradius country reports are designed to support you in trading safely abroad. Our overviews give you short, concise information on large Western economies´ economic performance and insolvency development and on main emerging markets´ current political and economical situation and outlook.
This document is a slideshow presentation on public banking. It discusses three main topics: 1) the budget problem faced by states and municipalities, with limited options for resolving budget shortfalls, 2) why establishing a public bank could help address budget issues by creating money through lending, and 3) what actions could be taken to establish public banks. Some key points made include that public projects spend a large portion of their budgets on interest payments to private banks, and that states with more community banks have fewer foreclosures and more lending during economic downturns compared to states dominated by large banks.
The household debt service ratio (DSR) measures the percentage of disposable personal income that goes toward paying household debt including mortgages and consumer debt. A higher DSR means consumers have more debt burden and are likely to cut back on spending, potentially leading to economic downturn. Data from the Federal Reserve shows the US DSR rose sharply during the 2007-2008 financial crisis but has since stabilized around 9-10%, indicating consumer financial stability. Graphs comparing consumer spending, GDP growth, and government budgets in the US and UK suggest consumer spending levels correlate with overall economic and fiscal conditions.
CCIC - Statistical Analysis of Official Development AssistanceSebastien Winsor
This document analyzes trends in official development assistance (ODA) provided by countries in the Organization for Economic Cooperation and Development (OECD). It finds that while total ODA has generally increased over time in current prices, the rate of increase has not kept pace with economic growth. As a percentage of gross national income, ODA levels have fluctuated and remain well below the UN target of 0.7%. The analysis also examines trends in Canadian ODA and budget cuts that have decreased Canada's ODA in recent years.
2008_Past Economic Downturns and the Outlook for Foundation Giving_Steven Law...Steven Lawrence
The document examines how foundation giving was impacted during previous economic downturns and recessions to provide context for understanding the potential effects of the current economic crisis. During prior recessions from 1975-2007, foundation giving in the US did not decline and slightly increased after adjusting for inflation. However, after the 2001 recession, foundation giving declined marginally over three years from 2001-2003, representing the first consecutive years of decreased foundation giving. Several factors helped moderate the impact on giving during the last downturn and will likely do so again, including the establishment of new foundations, continued donations to existing foundations, and foundations determining grants based on rolling average asset values. The impacts on giving in 2009 will depend on whether the stock market rebounds or continues
This document discusses options for addressing budget shortfalls faced by state and local governments. It argues that creating public banks owned by states is a viable alternative to cutting services, raising taxes, or relying on borrowing. The Bank of North Dakota is presented as a successful model, having maintained strong credit ratings and returned profits to the state treasury for over 20 years. Establishing public banks could allow states to leverage their existing liquid assets to generate loans and income, similarly to how private banks operate, in order to stabilize revenues without federal assistance or taking on high interest debt.
The document discusses the financial fragility of the bottom 50% of U.S. households based on an analysis of their asset and debt positions. Key findings include:
- The bottom 50% have negative adjusted net assets (-6%) due to high debt levels and illiquid housing/durable assets.
- Their financial position is highly sensitive to housing/equity price changes due to high leverage.
- Debt levels have increased sharply over the past 3 years while incomes have risen little, suggesting worsening financial health.
- The bottom 30-50% likely have negative savings rates and are spending beyond their means.
Budget Deficit and Economic Growth in Liberia: An Empirical InvestigationAJHSSR Journal
: This paper investigates the relationship between budget deficits and economic growth in Liberia.
The study employed: the Classical Ordinary Least Squares Technique (OLS); The Augmented Dickey Fuller
(ADF) and Phillip Perron unit root tests for stationarity; the Co-integration test using Engle-Granger Two-Step
procedure (EGTS); and a parsimonious Error Correction Model of the relationship between Budget deficit and
economic growth in Liberia. It is evident from the analysis that there exists a long run relationship between Budget
deficit and economic growth in Liberia. There also exists a positive and significant relationship between Budget
deficit and economic growth in Liberia. Therefore, a 1.0 percent increase in deficits will result in an increase of
approximately 0.42 percent in economic growth in Liberia. The study recommends that government, policy makers
and the monetary authorities should ensure an appropriate mix of monetary and fiscal policies such that would
deliberately and strategically maximize the growth potentials of deficits in Liberia.
JEL Classification : C2, E1, E2, O4, O5
KEYWORDS: Budget Deficit, Economic
Atradius Country Report - United States – April 2014Salih Yilmaz
Atradius country reports are designed to support you in trading safely abroad. Our overviews give you short, concise information on large Western economies´ economic performance and insolvency development and on main emerging markets´ current political and economical situation and outlook.
This document is a slideshow presentation on public banking. It discusses three main topics: 1) the budget problem faced by states and municipalities, with limited options for resolving budget shortfalls, 2) why establishing a public bank could help address budget issues by creating money through lending, and 3) what actions could be taken to establish public banks. Some key points made include that public projects spend a large portion of their budgets on interest payments to private banks, and that states with more community banks have fewer foreclosures and more lending during economic downturns compared to states dominated by large banks.
The Local Economic Impact of Participating Short-Term Rentals in ChicagoSTRadvocacy
This document analyzes the economic impact of short term rentals in Chicago through participating properties listed on STRAC member company platforms. It finds that in 2013, these short term rentals generated $108 million in total economic output and supported 920 jobs in the local Chicago economy. The document provides context on Chicago's tourism industry, noting its importance to the local economy, and outlines trends showing recovery from recession impacts.
The Local Economic Impact of Participating Coachella Valley Short Term RentalsSTRadvocacy
In California’s Coachella Valley, residents and local tourism economies are enjoying the enormous economic benefits of short-term rentals, according to a new study commissioned by the Short Term Rental Advocacy Center (STRAC). In 2013, short-term rentals in Coachella Valley generated $272 million in overall economic activity and supported 2,539 jobs.
The document provides a summary and analysis of New York City's financial plan for fiscal years 2014-2017. It finds that while the city projects a surplus in FY2013 and a balanced budget for FY2014 based on reasonable assumptions, it faces budget gaps in outyears due to reliance on nonrecurring resources in FY2014. Key risks include delays in taxi medallion sales and costs of new labor agreements. The city has recovered faster than most from recession but still faces challenges like volatile Wall Street profits and potential cuts to federal aid.
The New York Senate Finance Committee reviewed and analyzed the economic and revenue projections contained within the Executive Budget for SFY 2010-11.
Power point slide presentation of the final projectobjectivediMARK547399
The document provides guidelines for creating a PowerPoint presentation for a final project. It states that PowerPoint presentations can be a powerful tool to accompany oral presentations but must be carefully prepared to not distract from the speaker. It provides tips for the presentation such as keeping it between 7-15 slides, using readable fonts, and checking it against the grading rubric.
The document discusses two topics: reducing the federal government's discretionary powers and achieving a balanced government budget. For reducing discretionary powers, it summarizes the advocates' view that government spending is inferior to private spending and the critics' view that government spending disrupts efficient allocation of resources. For balanced budgets, it outlines the advocates' position that it increases investment and economic responsibility and the critics' argument that it ties the government's hands and could worsen recessions. The author concludes by supporting the critics' views on both topics.
FRB-Richmond_ unsustainable fiscal policy_ implications for monetary policyFred Kautz
Economic research suggests that high debt levels ultimately could overwhelm a central bank’s efforts to keep prices stable. This essay will argue that these outcomes should be avoided in the United States by putting fiscal policy on a sustainable path.
The document summarizes the 2014-2015 annual operating budget for Naperville, Illinois. It discusses how the city has been impacted by the economic recession but has improved its budget since 2008-2009. The budget was developed by the Finance Department to meet the fiscal needs of the city government. Key points of the budget include a decline in property values and taxes, issues with funding the electric utility, and a $9 million reduction due to pension contributions. The largest sources of general fund revenue are sales tax, property tax, and state income tax.
This document discusses a debate about whether federal R&D spending should be cut to help reduce the deficit. The main points made against cutting R&D are:
1. Cutting federal R&D funding will not guarantee that taxes remain the same or provide enough savings to meaningfully impact social programs or the deficit.
2. Cutbacks to R&D funding can have negative effects on agencies and universities through fewer grants and reduced funding levels.
3. Critical innovations that drive economic growth and competitiveness could be delayed or not developed if R&D funding is cut, potentially weakening the economy.
4. Reducing U.S. investment in R&D risks falling behind other nations that
Douglas Elmendorf, director of the Congressional Budget Office, gave a presentation on the federal budget and possible policy changes. He outlined that under current law, spending on Social Security and Medicare will increase relative to GDP by 2023 while the deficit will be larger than its 40-year average. The House Republican plan would balance the budget through large cuts to non-defense discretionary spending. The Senate Democratic plan would decrease the deficit through tax increases and modest cuts to defense and non-mandatory spending. Putting the debt on a sustainable path will require taxes increases or benefit cuts that impact the middle class.
Douglas Elmendorf, director of the Congressional Budget Office, gave a presentation on the federal budget and possible policy changes. He outlined that under current law, spending on Social Security and Medicare will increase relative to GDP by 2023 while the deficit will be larger than its 40-year average. The House Republican plan would balance the budget through large cuts to non-defense discretionary spending. The Senate Democratic plan would decrease the deficit through tax increases and modest cuts to defense and non-mandatory spending. Putting the debt on a sustainable path will require taxes increases or benefit cuts that impact the middle class.
The document discusses 10 major themes for 2010 and beyond related to offsetting economic forces. Some of the key themes discussed include: 1) The US dollar may be neutral in early 2010 but weaken later in the year as US economic weakness persists relative to other economies. 2) Rising US government borrowing needs may be offset by increasing consumer savings and shifts to fixed income. 3) The need for the US to cut spending and raise taxes may be offset by the US simply printing more money to avoid difficult political choices.
Luxury home prices have plateaued while middle-class home prices have appreciated 5% in the past year. Utahns' confidence in the economy decreased slightly in January while rising nationally, with Utahns more positive about future conditions than present. A new coworking space concept is growing and providing affordable shared office space for small businesses and startups.
The document discusses the national debt of the United States, which currently stands at over $18 trillion. It explores the history of rising US debt levels and the economic effects of increasing versus consolidating the debt. Increasing debt leads to higher interest rates, less investment, and reduced GDP growth. Consolidating debt has short-term negative effects but long-term benefits like lower interest rates and more funding for programs. The document also examines threats of sovereign default and financial crises based on examples from other countries.
Profiting without Producing: Confronting Financialisation: Costas Lapavistas ...usilive
Financialization refers to the increasing role of financial motives, markets, actors and institutions in the operation of the domestic and international economies. It has led to the growth of financial profits and new sources of profit for banks and corporations. Financialization has transformed relations among enterprises, banks and workers through greater involvement of corporations with the financial system. It has also increased household borrowing for mortgages and consumer credit through financialization in developing countries driven by the role of the dollar and capital flows. Confronting financialization requires changes to public policy regarding investment, enterprises, public ownership of banks, and public provision of services.
The Benefits of a Public Bank for New York State; the Derivatives explosion (nominal value of $1.2 quadrillion); The joint FDIC-Bank of England Proposal to forcibly swap deposits (incl. state deposits) for equity in a failing bank; The Public Banking model based on the Bank of North Dakota; The specific state bill for New York state; What the Fed can and can't (or won't) do to save municipalities
The document provides an overview and assessment of the U.S. residential housing market for the third quarter of 2020 by Adkins Capital Management. It summarizes unexpected increases in new and existing home sales despite the pandemic and economic impacts. It also analyzes the Federal Reserve's monetary policy actions in response. Additionally, it identifies the top five most overpriced and underpriced cities based on an analysis of each city's median home price, household income, and justified mortgage interest rate. The document concludes by encouraging prospective home buyers to use its valuation tools to make prudent home purchasing decisions.
Accounts payable is a liability account that represents amounts a company owes to its vendors for goods and services purchased on credit. When a company receives an invoice from a vendor, it records the amount in the accounts payable account as a liability. It will later pay this amount by debiting accounts payable and crediting cash. Companies use a three-way match process to verify vendor invoices by comparing the invoice to the purchase order and receiving report before recording the liability in accounts payable. Maintaining an accurate accounts payable process is important for a company's financial reporting and cash management.
The Luna Moth has a distinct life cycle that includes four stages: egg, larva/caterpillar, cocoon/pupa, and adult moth. As a larva/caterpillar, it sheds its skin five times before entering the cocoon/pupa stage, which lasts around two weeks. Finally, it emerges as an adult Luna Moth, which lives for only seven days to mate before dying, as it does not eat or drink during this final stage.
The Local Economic Impact of Participating Short-Term Rentals in ChicagoSTRadvocacy
This document analyzes the economic impact of short term rentals in Chicago through participating properties listed on STRAC member company platforms. It finds that in 2013, these short term rentals generated $108 million in total economic output and supported 920 jobs in the local Chicago economy. The document provides context on Chicago's tourism industry, noting its importance to the local economy, and outlines trends showing recovery from recession impacts.
The Local Economic Impact of Participating Coachella Valley Short Term RentalsSTRadvocacy
In California’s Coachella Valley, residents and local tourism economies are enjoying the enormous economic benefits of short-term rentals, according to a new study commissioned by the Short Term Rental Advocacy Center (STRAC). In 2013, short-term rentals in Coachella Valley generated $272 million in overall economic activity and supported 2,539 jobs.
The document provides a summary and analysis of New York City's financial plan for fiscal years 2014-2017. It finds that while the city projects a surplus in FY2013 and a balanced budget for FY2014 based on reasonable assumptions, it faces budget gaps in outyears due to reliance on nonrecurring resources in FY2014. Key risks include delays in taxi medallion sales and costs of new labor agreements. The city has recovered faster than most from recession but still faces challenges like volatile Wall Street profits and potential cuts to federal aid.
The New York Senate Finance Committee reviewed and analyzed the economic and revenue projections contained within the Executive Budget for SFY 2010-11.
Power point slide presentation of the final projectobjectivediMARK547399
The document provides guidelines for creating a PowerPoint presentation for a final project. It states that PowerPoint presentations can be a powerful tool to accompany oral presentations but must be carefully prepared to not distract from the speaker. It provides tips for the presentation such as keeping it between 7-15 slides, using readable fonts, and checking it against the grading rubric.
The document discusses two topics: reducing the federal government's discretionary powers and achieving a balanced government budget. For reducing discretionary powers, it summarizes the advocates' view that government spending is inferior to private spending and the critics' view that government spending disrupts efficient allocation of resources. For balanced budgets, it outlines the advocates' position that it increases investment and economic responsibility and the critics' argument that it ties the government's hands and could worsen recessions. The author concludes by supporting the critics' views on both topics.
FRB-Richmond_ unsustainable fiscal policy_ implications for monetary policyFred Kautz
Economic research suggests that high debt levels ultimately could overwhelm a central bank’s efforts to keep prices stable. This essay will argue that these outcomes should be avoided in the United States by putting fiscal policy on a sustainable path.
The document summarizes the 2014-2015 annual operating budget for Naperville, Illinois. It discusses how the city has been impacted by the economic recession but has improved its budget since 2008-2009. The budget was developed by the Finance Department to meet the fiscal needs of the city government. Key points of the budget include a decline in property values and taxes, issues with funding the electric utility, and a $9 million reduction due to pension contributions. The largest sources of general fund revenue are sales tax, property tax, and state income tax.
This document discusses a debate about whether federal R&D spending should be cut to help reduce the deficit. The main points made against cutting R&D are:
1. Cutting federal R&D funding will not guarantee that taxes remain the same or provide enough savings to meaningfully impact social programs or the deficit.
2. Cutbacks to R&D funding can have negative effects on agencies and universities through fewer grants and reduced funding levels.
3. Critical innovations that drive economic growth and competitiveness could be delayed or not developed if R&D funding is cut, potentially weakening the economy.
4. Reducing U.S. investment in R&D risks falling behind other nations that
Douglas Elmendorf, director of the Congressional Budget Office, gave a presentation on the federal budget and possible policy changes. He outlined that under current law, spending on Social Security and Medicare will increase relative to GDP by 2023 while the deficit will be larger than its 40-year average. The House Republican plan would balance the budget through large cuts to non-defense discretionary spending. The Senate Democratic plan would decrease the deficit through tax increases and modest cuts to defense and non-mandatory spending. Putting the debt on a sustainable path will require taxes increases or benefit cuts that impact the middle class.
Douglas Elmendorf, director of the Congressional Budget Office, gave a presentation on the federal budget and possible policy changes. He outlined that under current law, spending on Social Security and Medicare will increase relative to GDP by 2023 while the deficit will be larger than its 40-year average. The House Republican plan would balance the budget through large cuts to non-defense discretionary spending. The Senate Democratic plan would decrease the deficit through tax increases and modest cuts to defense and non-mandatory spending. Putting the debt on a sustainable path will require taxes increases or benefit cuts that impact the middle class.
The document discusses 10 major themes for 2010 and beyond related to offsetting economic forces. Some of the key themes discussed include: 1) The US dollar may be neutral in early 2010 but weaken later in the year as US economic weakness persists relative to other economies. 2) Rising US government borrowing needs may be offset by increasing consumer savings and shifts to fixed income. 3) The need for the US to cut spending and raise taxes may be offset by the US simply printing more money to avoid difficult political choices.
Luxury home prices have plateaued while middle-class home prices have appreciated 5% in the past year. Utahns' confidence in the economy decreased slightly in January while rising nationally, with Utahns more positive about future conditions than present. A new coworking space concept is growing and providing affordable shared office space for small businesses and startups.
The document discusses the national debt of the United States, which currently stands at over $18 trillion. It explores the history of rising US debt levels and the economic effects of increasing versus consolidating the debt. Increasing debt leads to higher interest rates, less investment, and reduced GDP growth. Consolidating debt has short-term negative effects but long-term benefits like lower interest rates and more funding for programs. The document also examines threats of sovereign default and financial crises based on examples from other countries.
Profiting without Producing: Confronting Financialisation: Costas Lapavistas ...usilive
Financialization refers to the increasing role of financial motives, markets, actors and institutions in the operation of the domestic and international economies. It has led to the growth of financial profits and new sources of profit for banks and corporations. Financialization has transformed relations among enterprises, banks and workers through greater involvement of corporations with the financial system. It has also increased household borrowing for mortgages and consumer credit through financialization in developing countries driven by the role of the dollar and capital flows. Confronting financialization requires changes to public policy regarding investment, enterprises, public ownership of banks, and public provision of services.
The Benefits of a Public Bank for New York State; the Derivatives explosion (nominal value of $1.2 quadrillion); The joint FDIC-Bank of England Proposal to forcibly swap deposits (incl. state deposits) for equity in a failing bank; The Public Banking model based on the Bank of North Dakota; The specific state bill for New York state; What the Fed can and can't (or won't) do to save municipalities
The document provides an overview and assessment of the U.S. residential housing market for the third quarter of 2020 by Adkins Capital Management. It summarizes unexpected increases in new and existing home sales despite the pandemic and economic impacts. It also analyzes the Federal Reserve's monetary policy actions in response. Additionally, it identifies the top five most overpriced and underpriced cities based on an analysis of each city's median home price, household income, and justified mortgage interest rate. The document concludes by encouraging prospective home buyers to use its valuation tools to make prudent home purchasing decisions.
Accounts payable is a liability account that represents amounts a company owes to its vendors for goods and services purchased on credit. When a company receives an invoice from a vendor, it records the amount in the accounts payable account as a liability. It will later pay this amount by debiting accounts payable and crediting cash. Companies use a three-way match process to verify vendor invoices by comparing the invoice to the purchase order and receiving report before recording the liability in accounts payable. Maintaining an accurate accounts payable process is important for a company's financial reporting and cash management.
The Luna Moth has a distinct life cycle that includes four stages: egg, larva/caterpillar, cocoon/pupa, and adult moth. As a larva/caterpillar, it sheds its skin five times before entering the cocoon/pupa stage, which lasts around two weeks. Finally, it emerges as an adult Luna Moth, which lives for only seven days to mate before dying, as it does not eat or drink during this final stage.
El documento presenta una línea de tiempo sobre la realidad socioeconómica y cultural de la región de Tacna. La línea de tiempo describe cómo los lugares de Tacna solían ser de difícil acceso y poco conocidos, pero ahora son más accesibles con transporte moderno y caminos más seguros. El turismo en Tacna está creciendo y es importante fortalecer esta industria.
Este documento resume tres sistemas operativos basados en Linux: Ubuntu, capturas de escritorio de Ubuntu, y Linux Mint. Ubuntu es un sistema operativo gratuito y de código abierto con un entorno de escritorio llamado Unity, diseñado para ser fácil de usar. Linux Mint es otra distribución de Linux basada en Ubuntu o Debian, también enfocada en la usabilidad. Ambos sistemas operativos usan principalmente software con licencias libres.
La arquitectura es el arte y la ciencia de diseñar y construir edificios y estructuras. Involucra el diseño de espacios funcionales, estéticos y sostenibles que satisfacen las necesidades de los usuarios. La arquitectura se ha desarrollado a lo largo de la historia para satisfacer las necesidades de vivienda, trabajo y recreación de las personas.
- O documento descreve as atividades e coleções do Instituto Agronômico de Campinas (IAC), incluindo a manutenção de bancos de germoplasma e herbários com mais de 200.000 acessos de plantas. O IAC também realiza pesquisas sobre recursos genéticos, propagação de plantas, preservação de áreas naturais e educação ambiental.
Halloween es una fiesta de origen celta que se celebra el 31 de octubre y que tiene sus raíces en la conmemoración celta del Samhain y la festividad cristiana del Día de Todos los Santos. Se caracteriza por actividades como el truco o trato, fiestas de disfraces, hogueras y películas de terror. Aunque originalmente tenía un sentido religioso, ahora se celebra principalmente como una fiesta secular asociada a colores como el naranja y símbolos como la jack-o'-lantern.
Mike Wazowski is a character from the 2013 Pixar film Monsters University, which tells the story of how Mike and Sulley met as students at Monsters University, a school for monsters. Mike Wazowski is one of the main characters in both Monsters University and its sequel Monsters SA.
1) Puerto Rico's economy has contracted for most years since 2007, with real GNP declining by 13.8% total over that period. Persistent fiscal deficits and high levels of public debt exceeding 100% of GNP are major issues.
2) Out-migration, especially of working age residents, has increased substantially in recent years, reducing Puerto Rico's tax base. The population declined by around 8% from its 2004 peak.
3) The fiscal year 2016 budget assumes no deficit but revenues have frequently fallen short of projections, suggesting another deficit is likely. Cash flow problems necessitate short-term borrowing to start the fiscal year.
The document discusses Puerto Rico's recent economic performance and challenges. It notes that Puerto Rico's economy has contracted in most years since 2007, with real GNP growth of -1.8% on average from 2007-2014. Two other major issues facing Puerto Rico are its high and growing public debt level, which represents 103.2% of nominal GNP, and increasing out-migration of residents to the US mainland. Puerto Rico also faces difficulties with its healthcare system due to large cuts to Medicare and Medicaid funding compared to US states.
The City of Houston faces significant financial challenges, including over $3.3 billion in unfunded pension liabilities and another $3.3 billion in general obligation debt that must be repaid in the coming years. Workforce costs, including payroll and pension contributions, account for over half of the city's annual budget. While revenues have increased in recent years, expenses have risen at a faster rate, leading Moody's to issue a negative outlook on the city's finances due to concerns about its ability to balance budgets going forward.
This document summarizes a report by the Council of Development Finance Agencies analyzing 2013 private activity bond and volume cap trends in the United States. Key findings include that total private activity bond issuance decreased to $8.8 billion while available volume cap increased to nearly $90 billion. Industrial development bond issuance increased slightly to $356 million issued across 27 states, with the top states being Pennsylvania, Massachusetts, and Michigan. Overall, states used only 10% of available volume cap in 2013.
The document provides an analysis of the fiscal health of the 75 most populous U.S. cities based on their fiscal year 2018 financial reports. It finds that 63 cities had more debt than money to pay all bills, with a total unfunded debt of $323.2 billion. Unfunded retirement benefits, including $176.2 billion in pension debt and $149.8 billion in other post-employment benefits, were major contributors to the debt. The report ranks the cities based on their "Taxpayer Burden" or "Taxpayer Surplus" and assigns grades based on their financial condition. No cities received an A, 12 received a B, 27 a C, 32 a D, and 4 an F.
Total charitable giving in the United States rose 3.5% to $316.23 billion in 2012, with giving by individuals increasing 3.9% as the largest factor driving growth. Giving was up across most sources and recipient types except for foundations and religion. The report provides an overview and analysis of 2012 giving trends in the US broken down by source, recipient type, and other factors.
Gppss and state fund equity analysis 2013Brendan Walsh
This is a data analysis of the General Fund Equity levels of traditional public school systems in the State of Michigan following the 2012-13 school/fiscal year. The analysis focus additionally on Fund Equity in the Grosse Pointe Public School System.
- The report analyzes Multnomah County's financial condition over the past 10 years. It found that while operating revenues have increased modestly, they have not kept pace with population growth, resulting in declining per capita spending. Intergovernmental revenues from federal and state governments remain a major funding source for county programs and services. Spending on health and human services has increased due to additional intergovernmental funding, while most other program spending is down. The county has generally maintained strong financial reserves in line with best practices.
You are a broker at a brokerage firm. You are expected to prepa.docxadampcarr67227
This document discusses a project where the reader is asked to analyze the financial condition of a local government based on its Comprehensive Annual Financial Report and present their findings to prospective investors. It provides guidance on the expected contents of the paper and presentation, including an analysis of the environmental, organizational and financial factors of the government. It also includes sample sections analyzing these factors for the city of Rosemead.
San Joaquin Delta
Community College District
Office of Fiscal Services
5151 Pacific Avenue
Stockton, CA 95207
TO: Board of Trustees
Jeff Marsee Ph.D, Superintendent/President
District Leadership
FROM: Michael Hill, Administrative Consultant
Raquel Puentes-Griffith, Controller
SUBJECT: 2011-12 Adoption Budget
The budget development process has been much smoother this year than last. As you will see from the
presentation materials the changes from tentative to adoption are smaller in number and less dramatic
than 2010-2011. This is a more typical pattern for the unrestricted general fund portion of the budget.
The heavy lifting is normally done in preparation for the tentative budget. We do place added emphasis
on the restricted funds moving from the tentative to adoption budgets.
For the restricted funds there are no major surprises and with the effort made during this last year by the
fiscal services staff and program managers the restricted funds budgets are cleaner and reflect more
clearly the true status of programs.
Regarding the unrestricted general fund we are pleased to report that there is some revenue improvement
as a result of the state budget that was adopted but at the same time our estimate of the beginning fund
balance turned out to be higher than the actual results. We will expand on these points in this
memorandum.
We also want to provide you with a sense of what the current circumstance means for the 2012-2013
fiscal year. It has been the district strategy to approach the state funding loss in a multi-year plan and the
2011-12 budget represents the first year of the plan.
State Budget
The state budget had to confront a shortfall of $26 billion. About $13 billion was addressed back in
March through reduced funding of programs, the community colleges included. This became the best
case scenario in the evaluative process. Facing more cuts to close the gap for the remaining $13 billion,
extending taxes or a combination of both, the legislature and governor could not reach agreement on how
to proceed. The process bogged down in the usual political way.
The “May Revise” is that point where the state measures revenue flows and makes adjustments to the
revenue estimates for the next year. When that measurement occurred it was determined that the revenue
estimates could be increased which covered a portion of the $13 billion gap. In the final days of June to
get the budget out the door the revenue estimates were increased further but because there was a sense the
numbers were soft and unlikely to materialize, triggers were incorporated which would impose mid-year
cuts. The trigger date for making the determination is December 15, 2011. The triggers are as follows:
Tier 0
If between $3 and $4 billion of the new revenue materializes, no ad.
San Joaquin Delta
Community College District
Office of Fiscal Services
5151 Pacific Avenue
Stockton, CA 95207
TO: Board of Trustees
Jeff Marsee Ph.D, Superintendent/President
District Leadership
FROM: Michael Hill, Administrative Consultant
Raquel Puentes-Griffith, Controller
SUBJECT: 2011-12 Adoption Budget
The budget development process has been much smoother this year than last. As you will see from the
presentation materials the changes from tentative to adoption are smaller in number and less dramatic
than 2010-2011. This is a more typical pattern for the unrestricted general fund portion of the budget.
The heavy lifting is normally done in preparation for the tentative budget. We do place added emphasis
on the restricted funds moving from the tentative to adoption budgets.
For the restricted funds there are no major surprises and with the effort made during this last year by the
fiscal services staff and program managers the restricted funds budgets are cleaner and reflect more
clearly the true status of programs.
Regarding the unrestricted general fund we are pleased to report that there is some revenue improvement
as a result of the state budget that was adopted but at the same time our estimate of the beginning fund
balance turned out to be higher than the actual results. We will expand on these points in this
memorandum.
We also want to provide you with a sense of what the current circumstance means for the 2012-2013
fiscal year. It has been the district strategy to approach the state funding loss in a multi-year plan and the
2011-12 budget represents the first year of the plan.
State Budget
The state budget had to confront a shortfall of $26 billion. About $13 billion was addressed back in
March through reduced funding of programs, the community colleges included. This became the best
case scenario in the evaluative process. Facing more cuts to close the gap for the remaining $13 billion,
extending taxes or a combination of both, the legislature and governor could not reach agreement on how
to proceed. The process bogged down in the usual political way.
The “May Revise” is that point where the state measures revenue flows and makes adjustments to the
revenue estimates for the next year. When that measurement occurred it was determined that the revenue
estimates could be increased which covered a portion of the $13 billion gap. In the final days of June to
get the budget out the door the revenue estimates were increased further but because there was a sense the
numbers were soft and unlikely to materialize, triggers were incorporated which would impose mid-year
cuts. The trigger date for making the determination is December 15, 2011. The triggers are as follows:
Tier 0
If between $3 and $4 billion of the new revenue materializes, no ad ...
1) Poverty in inner cities can be reduced by stimulating private sector investment and job creation within inner cities.
2) Research shows that inner city businesses that hire locally and invest in workforce development have lower turnover and higher productivity.
3) The organization's research aims to uncover barriers to capital investment in inner cities and identify policy solutions to reduce inner city poverty, such as maximizing local assets and infrastructure.
Susquehanna Bancshares provides an investor presentation for the 3rd quarter of 2013. The presentation includes forward-looking statements and cautions investors that actual results may differ due to risks and uncertainties. It provides an overview of Susquehanna, including its market presence, financial information, and strategies to drive organic loan growth, defend its net interest margin, grow fee revenue, maintain efficiency, and accelerate capital generation and returns. Highlights from the 2nd quarter of 2013 include steady loan growth, continued focus on core deposit growth, strong profitability, and solid credit quality.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
- Three-quarters of the fastest growing metro economies in 2012 were in developing Asia, Latin America, and Africa/Middle East, while almost 90% of the slowest growing metro economies were in Western Europe and North America.
- Over half of metro areas outperformed their countries on employment growth in 2012 but only 40% achieved faster GDP per capita growth. Fifty-six metro areas were pockets of growth with both indicators expanding faster than national averages.
- Almost three-quarters of the 300 metro areas had higher employment and/or GDP per capita in 2012 than in 2007, with most developing metro areas avoiding recession or fully recovering, while only five North American metro areas managed a full recovery.
The Case for AAA Underlying Municipal BondsIan Welch
4
Intent
• Create AAA Underlying Portfolio
• Create Default Resistant Portfolio
• Take advantage of sell side pressure
• Take advantage of negative perception of municipal bond market to amass AAA bonds
Center for retirement research funding report 110525KernTax
The document summarizes the funding status of state and local pension plans in 2010. Key points:
- The funded ratio for 126 plans declined slightly from 79% in 2009 to 77% in 2010 when using the expected long-term yield to discount liabilities, but dropped from 53% to 51% when using a risk-free rate of 5% instead.
- The decline occurred because growth in liabilities outpaced growth in actuarial assets, which smooth market gains and losses over 5 years, so plans did not fully benefit from the stock market recovery in 2010.
- Funded levels varied significantly among individual plans, with some large plans like those in Illinois and Connecticut having ratios below 60%.
The Congressional Budget Office presentation discusses projections of growing US federal debt levels through 2051 if current laws do not change. Federal debt held by the public is projected to reach over 200% of GDP by 2051, the highest in US history, driven by rising budget deficits as spending grows faster than revenues. Spending increases are primarily for Social Security, Medicare, and interest on the debt as interest rates are expected to exceed economic growth in later decades.
“The prosperity the United States enjoys today is due in no small part to investments the nation has made in research and development at universities, corporations, and national laboratories over the last 50 years.”
"Our $559,667 sample also included four coaching-related payment requests, totaling $12,530, for training and meeting expenses. We found that three of the four sampled coaching-related payments, totaling $4,135, were not adequately supported. None of these three payment requests contained copies of the bills for which NYCLA requested reimbursement, such as an invoice from the venue in which a meeting was held."
This audit report summarizes the findings of a follow-up audit to evaluate whether the New York City Department of Education (DOE) implemented recommendations from a prior 2014 audit related to inventory controls over computer hardware. The follow-up audit found that DOE did not improve its inventory controls and that its decentralized inventory records remained inaccurate and incomplete. Specifically, DOE could not account for 4,993 out of 14,329 pieces of computer hardware inspected at 9 sampled sites. The audit makes 19 recommendations for DOE to implement a centralized inventory system, conduct regular monitoring of site inventory records, determine locations of unaccounted hardware, and provide sites with training and resources to improve controls. In its response, DOE did not acknowledge the
"From 2014 through fiscal 2017, for the first time on
record, New York City’s pension contributions exceeded
actual and projected (mostly bond-financed) capital
expenditures. In other words, the city has been spending
more to meet its pension obligations than to build
and renovate bridges, parks, schools, and other public
assets. In fiscal 2018, roughly 57% of contributions will
be needed simply to continue paying down what the
city still owes its pension systems, in order to continue
paying benefits promised to retirees. The rest will
cover the “normal” cost of added benefits earned by
city employees. In other words, if the pension systems
had been fully funded in the past, the city would have
saved more than $5 billion."
American Competitiveness Initiative:Leading the World in Innovation aci06-b...Luis Taveras EMBA, MS
The document summarizes the American Competitiveness Initiative announced by President George W. Bush in 2006. The initiative commits $5.9 billion in 2007 and $137 billion over 10 years to strengthen the United States' position as a global leader in science and technology through increased investment in research and development, education reforms, and workforce training programs. Specifically, it aims to double funding for physical science and engineering research at agencies like the National Science Foundation and Department of Energy, improve K-12 math and science education, and provide training for 800,000 workers annually. The goal is to sustain American innovation, productivity, and economic competitiveness in the face of increasing challenges from abroad.
"Council Speaker Melissa Mark-Viverito, a Manhattan Democrat, and Council woman Julissa Ferreras-Copeland, a Queens Democrat who is chairwoman of the council’s Committee on Finance, praised the administration’s efforts to find cost-saving measures but said they remain concerned about rising shelter and pension costs."
"As consumers, Latinos wield more than $1.3 trillion in buying power, and the number of affluent Hispanic households is growing much faster than for the overall population: In 2015, there were approximately 370,000 US Latino households with incomes over $200,000, an increase of 187 percent since 2005."
" The Success Academy Board of Trustees failed to adequately monitor aspects of the finance affairs of SA and did not consistently follow the procedures for operation required by its bylaws"
This document provides information about a school advisory service firm called Optimization with an Impact (OpIm). It offers three levels of financial advisory services to help schools optimize their budgets and purchasing. The basic service focuses on budget management and purchasing optimization for $25,000. Additional services include budget management optimization for $20,000 and purchasing optimization for $15,000. The goal is to improve instruction, the school environment, and local community through efficient use of school financial resources.
"In 2013, the Non-Profit Revitalization Act was signed into law, and requires the adoption by non-profit corporations of robust financial oversight requirements, conflict-of-interest policies, and whistleblower policies. Although the Non-Profit Revitalization Act improved the accountability of New York’s non-profit corporations, including the CUNY college foundations, the New York Not-for-Profit Corporation Law (which the Act amended) does not provide specific guidance regarding how non-profit foundations use their assets."
“OpIm relieves instructional leaders of non-instructional tasks so they can focus on student achievement and professional development of the teaching staff.”
New York State depends on Wall Street tax revenues even more than New York City, because the State relies more heavily on
personal and business taxes and does not levy a property tax as the City does.
This document lists 8 references used in another work. The references are books published between 2012 and 2015 that discuss topics such as the relationship between the public and private sectors, the impact of technology on jobs, issues with the sharing economy and capitalism, tax policy, corruption, and national security.
"You would be surprised that in some schools, the restriction appears to be implicitly understood, since they neither have a line for temporarily restricted funds on their balance sheet nor the statement below in their respective financial statement notes".
The Educational Impact of Broadband Sudsidies for Schools Under ERateLuis Taveras EMBA, MS
"The “universal service fund” pays for E-Rate with a 17.9 percent tax on long distance telecommunications. The term may sound odd; “long distance” is an artifact of the past for most Americans. However, international calls over plain old telephone network are still made, mostly by Latin American migrants living in the U.S. The telecommunications levy hits them particularly hard. More affluent households, on the other hand, use Facetime, Skype and other apps that avoid the tax."
http://www.politico.com/agenda/story/2016/08/stop-spending-money-connecting-schools-to-the-internet-000191
A San Francisco tech worker wrote an open letter complaining about the city's homeless population. He referred to them as "riff-raff" and said their "pain, struggle and despair" made commuting unpleasant for "wealthy" residents. The letter sparked backlash for its lack of sympathy. Homeless individuals interviewed expressed frustration with wealthy tech workers who do not care about others and want to "grab anything they can get." While the tech worker apologized for his word choice, he faced criticism for failing to acknowledge the daily challenges of homelessness.
a) Maintaining approximate compensation parity among employees within the same employment categories (for example, among junior software engineers);
b. Maintaining certain compensation relationships among employees across different employment categories (for example, among junior software engineers relative to senior software engineers)
Even among tech companies, Apple's rates are low. And while the company has remade industries, ignited economic growth and delighted customers, it has also devised corporate strategies that take advantage of gaps in the tax code, according to former executives who helped create those strategies.
Gleevec, a drug that treats a rare form of leukemia, was approved in 2001 with a list price of $26,400 per year. Since then, its price has steadily increased, reaching over $120,000 per year currently. While the drug has competition now, its price increases were incremental at first and accelerated even before competitors entered the market. The price hikes have helped make Gleevec a top revenue drug for its manufacturer, Novartis, even though it was initially not expected to be a major moneymaker due to the small patient population. However, critics argue there is a lack of meaningful competition in the drug market that would normally drive prices down.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Monthly Market Risk Update: June 2024 [SlideShare]
City Fiscal Conditions in 2013
1. Research Brief on America’s Cities
By Michael A. Pagano & Christiana McFarland1
OCTOBER 2013
City Fiscal Conditions in 2013
By Michael A. Pagano and Christiana McFarland1
The nation’s city finance officers report that the fiscal condition of cities in 2013 is improving, although they are
continuing to confront the prolonged effects of the economic downturn. 2 Recovering local and regional economies
experiencing slowly improving housing markets and increased consumer spending are strengthening local tax bases and
economic outlooks. However, high levels of unemployment, uncertainty about federal and state actions, and long-term
pension and health benefit obligations continue to constrain the fiscal outlook for many cities. Cities operate under an
annual balanced-budget requirement, which requires that they actively consider adjustments to their fiscal powers - both
revenues and expenditures - over the course of the fiscal year.
The National League of Cities’ (NLC) latest annual survey of city finance officers finds that:
• verall, a majority of city finance officers (72%) report that their cities are better able to meet financial needs
O
in 2013 than in 2012;
• s finance officers look to the close of 2013, they project a small year-over-year increase in general fund
A
revenues measured in inflation-adjusted dollars – the first increase since 2006:
– roperty tax revenues continued to decline in 2012 and are projected to decline in in 2013, reflecting
P
the lagged impact of real estate market declines;
– ales tax revenues and local income tax revenues experienced marked increases in 2012, with
S
projections for further growth in 2013;
– nding balances increased in 2012 as cities began to rebuild reserves that were used to help weather
E
the aftermath of the Great Recession.
• actors pressuring city budgets include infrastructure costs, public safety costs, employee-related costs for
F
health care, pensions, wages, and cuts in state and federal aid; and
• onfronted with these pressures and conditions, cities are maintaining local services while continuing to
C
reduce personnel costs for pensions, health care benefits, and employee wages.
1 ichael A. Pagano is Dean of the College of Urban Planning and Public Affairs at the University of Illinois at Chicago (UIC). Christiana McFarland is Interim Director of the City Solutions and Applied Research at the National League of Cities. Special thanks to Christopher
M
Hoene, former Director of the Center for Research and Innovation at NLC, who served as a key advisor to the project. The authors would like to acknowledge the respondents to this year’s fiscal survey. The commitment of these cities’ finance officers to the project is
greatly appreciated. The authors are also grateful to Shu Wang, doctoral student in the Department of Public Administration at UIC, for her assistance in collecting general fund data on the nation’s largest 100 cities.
A
2 ll references to specific years are for fiscal years as defined by the individual cities. The use of “cities” or “city” in this report refers to municipal corporations.
The financial support of the John D. and Catherine T. MacArthur Foundation, which helped make this year’s survey and report possible,
is greatly appreciated.
ISSUE 2013-1
The City Fiscal Conditions Survey is a national mail and online survey of finance officers in U.S. cities conducted in the
spring-summer of each year. This is the 28th annual edition of the NLC survey, which began in 1986.
2. RESEARCH BRIEF ON AMERICA’S CITIES
MEETING FISCAL NEEDS
Overall, the nation’s city finance officers report that their cities are better able to meet financial needs in 2013 than in
2012. In 2013, 72 percent of city finance officers report that their cities are better able to meet fiscal needs than in 2012
Figure 1: % of Cities Better Able/Less Able of their cities’
(See Figure 1). City finance officers’ comparative assessmentto Meet Financialfiscal conditions from year to year in 2013
improved significantly from their assessments in both 2012 Needs
and 2011, when 57 percent and 43 percent, respectively,
said their cities were better able to meet financial needs than in the previous year. The 2013 findings reflect gradually
improving economic conditions in many cities after several years of shortfalls and service cuts.
68%
65%
54%
69%
75%
73%
63%
58%
72%
70%
57%
56%
45%
33%
65%
37%
34%
21% 22%
43%
36%
19%
13%
% of Cities
12%
-35% -32%
-46%
-66%
-67%
-79%
-31%
-42%
-25% -27%
-44%
Less able
-28%
-3%
-37% -35%
Better able
-78%
-55%
-63%
-43%
-57%
-64%
-81%
-88%
-87%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Figure 1: % of Cities “Better Able/Less Able” to Meet Financial Needs
REVENUE AND SPENDING TRENDS
Revenue and spending shifts in 2012 and 2013 paint a mixed fiscal picture for America’s cities. General fund revenues declined
in 2012, the sixth straight year-over-year decline going back to 2007. 3 However, a very small increase in general fund revenues is
projected for 2013, suggesting that city finance officers are expecting little change in revenues from 2012 to 2013. Similarly, general
fund expenditures declined in 2012 and are projected to increase marginally in 2013.
3 The general fund is the largest and most common fund of all cities, accounting for more than half of city revenues across the municipal sector.
2
3. CITY FISCAL CONDITIONS IN 2013
In constant dollars (adjusted to account for inflationary factors in the state-local sector), general fund revenues in 2012 declined -0.9
percent from 2011 revenues, while expenditures declined by -0.2 percent.4 Looking to the close of 2013, city finance officers project
that general fund revenues will increase slightly by 0.1 percent and expenditures will grow by 1.5 percent (See Figure 2).
In comparison to previous periods, the past twelve years have been marked primarily by challenging city fiscal conditions. Recessions
in 2001 and 2008-09 were followed by lackluster economic recoveries. City revenue collections typically lag economic transitions.
The revenue and expenditure projections of city finance officers for 2013 point to continuing slow recovery. While conditions are
no longer deteriorating, the capacity of city budgets remains weakened coming out of the Great Recession. (For more on the lag
2013
(Budg
et)
between economic changes and city revenues, see page 11)
6.0%
4.2%
4.0%
3.8%
3.9%
3.6%
3.3%
2.9%
1.5%
1.2%
0.3%
2.6%
2.1%
2.0%
2.0%
2.0%
1.4%1.4%
1.3%
0.9%
0.8%
0.6%
0.5%
1.9%
2.0%
1.6%
1.1%
0.5%
1.9%
1.5%
1.0%
0.8%
0.4%
0.2%
0.1%
0.5%
0.1%
0.0%
0.0%
-0.1%
-0.5%
-0.2%
-0.2%
-0.5%
-0.2%
-0.7%
-0.8%
-0.6%
-1.0%
-1.5%
-2.0%
-0.2%
-1.0%
-0.9%
-1.2%
-1.6%
-1.7%
-2.7%
-4.0%
Recession trough 3/91
-3.4%
Recession trough 11/01
-4.5%
Recession trough 06/09
-5.1%
-6.0%
Change in Constant Dollar Revenue (General Fund)
Change in Constant Dollar Expenditures (General Fund)
Figure 2: Year-to-Year Change in General Fund Revenues and Expenditures (Constant Dollars)
TAX REVENUES
The fiscal condition of individual cities varies greatly depending on differences in local tax structure and revenue reliance. While
nearly all cities have access to a local property tax, more than half are also reliant upon local sales taxes, and some cities (fewer than
10% nationally) are reliant upon local income or wage taxes. Understanding the differing performance of these tax sources and the
connections to broader economic conditions helps explain the forces behind declining city revenues.5
Property Taxes. Local property tax revenues are driven primarily by the value of residential and commercial property, with property
tax bills determined by local governments’ assessment of the value of property. Property tax collections lag the real estate market
because local assessment practices take time to catch up with changes. As a result, current property tax bills and property tax
collections typically reflect values of property anywhere from 18 months to several years prior to their collection.
The effects of the downturn in the real estate market in recent years continue to be evident in city property tax revenues in 2012-13.
Property tax revenues in 2012 dropped by -0.4 percent compared with 2011 levels in constant dollars – the third straight year-over4 Constant dollars” refers to inflation-adjusted dollars. “Current dollars” refers to non-inflation-adjusted dollars. Constant dollars are a more accurate source of comparison over time because the dollars are adjusted to account for
“
differences in the costs of state and local government. To calculate constant dollars, we adjust current dollars using the U.S. Bureau of Economic Analysis (BEA) National Income and Product Account (NIPA) estimate for inflation in the
state and local government sector.
5 For more information on variation in local and state tax structures, see “Cities and State Fiscal Structure,” (NLC, 2008) at http://www.nlc.org/File Library/Find City Solutions/Research Innovation/Finance/cities-state-fiscal-structure-2008-rpt.pdf.
3
4. RESEARCH BRIEF ON AMERICA’S CITIES
year decline in property tax revenues. Property tax collections for 2013 are projected to decline, albeit only slightly, by -0.2 percent.
However, improving housing markets in many parts of the country suggest an improving outlook beyond 2013 (See Figure 3).
Sales Taxes. Changes in economic conditions are also reflected in city sales tax collections. When consumer confidence is high,
people spend more on taxable goods and services, and city governments with sales-tax authority reap the benefits through increases
in sales tax collections. For much of the past decade, consumer spending was also fueled by a strong real estate market that provided
additional wealth to homeowners. The struggling economy and the declining real estate market reduced consumer confidence,
resulting in less consumer spending and declining sales tax revenues. However, in 2012 as the national economy started to recover
and consumer confidence returned, city sales tax receipts increased over previous year receipts by a robust 6.2 percent, similar to
growth levels seen prior to the recession. Sales tax receipts are projected to increase again in 2013, although at a slower rate than in
2012, reflecting ongoing caution about the pace of economic recovery and consumer confidence.
8%
6%
4%
2%
0%
6.3%
6.0%
3.6%
1.2%
2.4%
1.5%
1.4%
0.9%
-0.1%
3.3%
2.8%
2.2%
2.0%
1.0%
-0.1%
0.6%
-0.2%
1.0%
3.0%
2.3%
-3.4%
-5.3%
-6%
Sales Tax Collections
-5.1%
Income Tax Collections
1.6%
1.3%
1.0%
-0.4%
-1.0%
-0.3%
-2.3%
-4%
2.3%
2.3%
2.2%
0.5%
-1.1%
-2%
4.4%
4.2%
4.0%
3.4%
2.0%
1.3%
4.4%
4.2%
6.2%
6.2%
-2.0%
-2.5%
-0.2%
-2.5%
-3.2%
-3.9%
-4.7%
Property Taxes Collections
-6.6%
-8%
-8.4%
-10%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 (Budget)
Figure 3: Year-to-Year Change in General Fund Tax Receipts (Constant Dollars)
Income Taxes. City income tax receipts have either been fairly flat or declined for most of the past decade in constant
dollars. Local income tax revenues are driven primarily by income and wages (not by capital gains). The lack of growth
in these revenues suggests that economic recovery following the 2001 recession was, as many economists have noted,
characterized by a lack of growth in jobs, salaries and wages. However, with economic conditions improving again in
2012-13, city finance officers reported year-over-year growth of 4.4 percent for 2012 and are projecting growth of 2.3
percent for 2013.
4
5. CITY FISCAL CONDITIONS IN 2013
Looking to 2014 and beyond, all indications point to improving conditions for city budgets, with national economic
indicators pointing to continued slow growth. External factors, however, could easily undermine cautiously optimistic
projections, including most notably the possibility of federal budget cuts.
FACTORS INFLUENCING CITY BUDGETS
A number of factors combine to determine the revenue performance, spending levels and overall fiscal condition of cities. Each
year, the survey presents city finance directors with a list of factors that affect city budgets.6 Respondents are asked whether each
of the factors increased or decreased from the previous year and whether the change is having a positive or negative influence on
the city’s overall fiscal picture. Leading the
list of factors that finance officers say have
increased over the previous year are health
benefit costs (84%) and pension costs
(80%). Infrastructure (79%) and public
safety (69%) demands were most often
noted as having increased among specific
service arenas. Increases in prices, or costs
of services, were also noted by the majority
of city finance officers (81%). Leading
factors that city finance officers report
as having decreased are levels of federal
aid (49%) and state aid (48%). In a shift
from prior years, more city finance officers
report increases in the local tax base (51%)
Figure 4: Change in Selected Factors From FY 2012 to FY 2013
and the overall health of the local economy
(66%) (See Figure 4).
When asked about the positive or negative
impact of each factor on city finances in
2013, at least seven in ten city finance
officers cited health benefit costs (80%),
pension costs (75%), and infrastructure
demands (73%) as negatively effecting city
budgets. Positive impacts cited include the
health of the local economy (65%) and the
local tax base (47%). (See Figure 5)
Figure 5: Impact of Selected Factors on FY 2013 Budgets and Ability to Meet Cities’ Overall Needs
6 he factors include: infrastructure needs/costs, public safety needs/costs, human service needs/costs, wages, pension costs, health benefit costs, prices and service costs, federal aid, state aid, federal mandates, state mandates, city
T
population, city tax base and the health of the local economy.
5
6. RESEARCH BRIEF ON AMERICA’S CITIES
REVENUE ACTIONS AND SPENDING CUTS
City finance officers were also asked about specific revenue and spending actions taken in 2013. As has been the case for
much of the past two decades, regardless of the state of national, regional, or local economies, the most common action
taken to boost city revenues has been to increase the amount of fees charged for services. Two in five (39%) city finance
officers report that their city has raised fee levels. Approximately one in four cities increased the number of fees that are
applied to city services (22%), and one in five (19%) cities increased the local property tax in 2013. Since the mid-1990’s,
irrespective of economic conditions, the percentage of city finance officers reporting increases in property taxes in any
given year has been reported at about this same level, reflecting state- and voter-imposed restrictions on local property
tax authority as well as the political
challenges of raising property tax
rates. Increases in sales, income or
35%
other taxes are even less common, as
30%
continued to be the case in 2013 (See
Figure 6).
tions taken in 2013, the most com-
Decreased
25%
% of Cities
When asked about expenditure ac-
39%
40%
Increased
22%
19%
20%
19%
15%
mon response was reducing the size
10%
of the municipal workforce (32%).
7%
6%
Three of five (62%) cities report in-
5%
3%
2%
1%
creases in public safety expenditures
6%
5%
3% 3%
3%
0
Property
Tax Rate
Fee Levels
Number
of Fees
Level of
Impact
Fees
Other Tax
Rate
Tax Base
Sales Tax
Rate
The 2010-2013 surveys also asked
related cuts enacted (See Figure 8).
In 2013, the most common cut so far
benefits (24%) or pension benefits
50%
(22%). However, the percentage of
% of Cities
40%
30%
in 2012 in all categories except pen-
20%
sion benefits.
10%
Many cities used some combination
of these types of actions in an effort
has resulted in a significant reduction
6
Income
Tax Rate
60%
one in five cities reduced health care
nation of these personnel-related cuts
Number
of Other
Taxes
70%
was a hiring freeze (38%). At least
to reduce personnel costs. The combi-
1%
Figure 6: City Revenue Actions in 2013
about specific types of personnel-
nel-related cuts in 2013 is lower than
0%
0
(See Figure 7).
city finance officers reporting person-
1%
0
Pub. Safety
Capital/Infra
Workforce
Human Serv.
Contracting
Decreased
4%
19%
32%
9%
4%
12%
2%
8%
Increased
62%
37%
20%
21%
21%
27%
21%
11%
Other City Services
Interlocal
Education
Figure 7: City Expenditure Actions in 2013
7. CITY FISCAL CONDITIONS IN 2013
in the size of local government workforces. The U.S. Bureau of Labor
38%
Statistics’ latest national unemploy-
Hiring freeze
ment numbers, as of August 2013,
Salary/wage reduction or freeze
revealed that total local government
is more than 500,000 jobs below the
have
also
9%
Furloughs
August 2008 level7 (See Figure 9).
budgets
10%
Early retirements
municipal government employment,
14%
19%
Reduce pension benefits
shortfalls and constraints. In many
0
cases, states have been reducing aid
15%
7%
0.1
18%
0.2
74%
54%
35%
2013
2012
22%
24%
17%
17%
16%
18%
15%
Revise union contracts
confronted with several years of
31%
68%
50%
25%
23%
11%
Reduce health care benefits
been
32%
17%
18%
Layoffs
employment in the U.S., including
State
15%
45%
2011
27%
2010
30%
22%
0.3
0.4
0.5
0.6
0.7
0.8
and transfers to city governments. Figure 8: City Personnel-Related Cuts 2010 - 2013
NLC’s 2013 survey asked city
finance officers about the types of state actions they’ve encountered since 2010, including cuts in general aid (39%),
cuts in state-shared and/or state-collected revenues (37%), revocation or reduction of reimbursement programs or other
transfers (26%), cuts in funding for services that cities and other local governments deliver on behalf of state governments
(21%) and transfer of state program responsibility (18%). Amid the politics of state budget-balancing, sometimes state
actions have also been taken that serve to reduce or limit local authority (21%).
This mix of state actions to balance state
39%
Cut state aid
37%
Cut state-shared revenues
26%
$Cut reimbursement or other transfers
Reduce/limit local authority
21%
– during economic downturns the decisions
that state and local leaders make to balance
8%
Other
0
Figure 9: State Actions Since 2010
5%
10%
15%
20%
confronting. Looking across state and local
pro-cyclical nature of state-local fiscal actions
18%
Transfer programs
that cities and other local governments are
actions in response to fiscal stress reveals the
21%
%Cut funds for state-required services
budgets adds to the cyclical economic pressures
25%
30%
35%
40%
budgets often exacerbate the effects of the
downturn for other levels of government, for
employment, and for the quality of life and
well-being of individuals and communities.
ENDING BALANCES
One way that cities prepare for economic downturns is to maintain adequate levels of general fund ending balances.
Ending balances are similar to reserves, or what might be thought of as cities’ equivalents to “rainy day funds,” in that
they provide a financial cushion for cities in the event of a fiscal downturn or the need for an unforeseen outlay. Unlike
7 ureau of Labor Statistics (BLS) seasonally adjusted data released for August 2013 show 14,084,000 local government employees, compared to 14,587,000 employees for August 2008, a difference of 503,000 positions. http://data.bls.gov/pdq/
B
SurveyOutputServlet
7
8. RESEARCH BRIEF ON AMERICA’S CITIES
states’ reserves, or “rainy day funds,” there is no trigger mechanism—such as an increase in unemployment – to force
release of the funds; instead, reserves are available for spending at any time or for saving for a specific purpose.
City ending balances, which are transferred forward to the next fiscal year in most cases, are maintained for many
reasons. For example, cities build up healthy balances in anticipation of unpredictable events such as natural disasters
and economic downturns. But ending balances are also built up deliberately, much like a personal savings account, to
set aside funds for planned events such as construction of capital projects. Bond underwriters also look at reserves as an
indicator of fiscal responsibility, which can increase credit ratings and decrease the costs of city debt, thereby saving the
city money in annual debt service costs. Finally, as federal and state aid to cities has become a smaller proportion of city
revenues over time, cities have become more self-reliant and are much more likely to set aside funds for emergencies or
other purposes.
Prior to the recession, as city finances experienced sustained growth, city ending balances as a percentage of general
fund expenditures reached an historical high - since the NLC survey was first administered-- of 25 percent. However,
as economic conditions made balancing city budgets more difficult, ending balances were increasingly utilized to fill the
gap (See Figure 10). In 2012, city finance officers projected ending balances to decline to 12.7 percent of expenditures.
Actual ending balances often register at higher levels than projected ending balances. For 2012, final ending balances
were reported at 21.5 percent of expenditures, suggesting that cities were once again turning to rebuilding these balances
as they emerge from the downturn. Looking to 2013, city finance officers project ending balances at 20.1 percent of
expenditures.
30%
25.2%
24.0%
25%
23.7%
24.4%
21.6%
20%
18.0%
15.0%
15.7%
16.2%
18.5%
19.6%
18.3%
19.%1
19.1%
17.1%
16.9%
17.2%
19.9% 19.7%
18.2%
19.0%
21.5%
20.8%
22.4%
16.1%
15%
24.3%
16.5%
20.1%
16.9%
10%
5%
0%
Actual Ending Balance
Budgeted Ending Balance
Figure 10: Ending Balances as a Percentage of Expenditures (General Fund)
8
9. CITY FISCAL CONDITIONS IN 2013
BEYOND 2013
The reports and projections from the nation’s city finance officers reveal a picture of a gradually improving economy
and parallel improving city fiscal conditions. However, the pace and scope of the economic recovery to date is not
sufficient to help cities recover from a deep and sustained economic downturn. While projections for final 2013 revenues
and expenditures show that city fiscal conditions are no longer declining, those projections also suggest that cities are
confronting little growth in the near future. Positive indicators, including growth in local sales tax and income tax
revenues, are offset by stagnant receipts from real estate taxes as cities continue to register the lagged effects of depressed
housing markets. Beyond 2013, a number of factors will be key to the fiscal conditions of cities:
• trengthening real estate markets (although regional markets will vary considerably) will help cities
S
turn the corner from property tax revenue decline to growth, but the effects will be spread out over
several years;
• ther economic conditions – improving consumer confidence, employment, and wages – will weigh
O
heavily on future city sales tax receipts and income tax revenues;
• Two of the factors that city finance officers report as having the largest negative impact on their ability
to meet needs are employee- and retiree-related costs for health care coverage and pensions. Pension and
health care costs will persist as a challenge to city budgets for years to come;
• onfronting a gradual economic recovery following a deep recession, cities are likely to continue to
C
operate with reduced workforces and service levels, and city leaders will likely continue to be cautious
about making significant infrastructure investments;
• ities’ fiscal conditions remain vulnerable to external policy shifts in the face of a gradual and
C
tenuous economic recovery, including cuts in federal spending and threats to global, national, and
regional-local economic conditions from political stasis on issues including the federal budget and
U.S. debt ceiling; and
• ecause cities are required to balance their budgets on an annual basis, cities will continue to assess
B
and adjust the appropriate package of fiscal policy actions for the purpose of providing services,
investing in infrastructure, and meeting the health, safety and welfare requirements of their
residents, taxpayers, workers and visitors.
ABOUT THE SURVEY
The City Fiscal Conditions Survey is a national mail and email survey of finance officers in U.S. cities conducted annually
from April to June. Surveys were mailed and emailed to city finance officers for a sample of 1,140 cities, asking for their
assessments of fiscal status, actions taken, and factors affecting their fiscal conditions. Budget and finance data were also
requested in the survey from all cities with the exception of the 100 largest cities by population. Budget and finance data
from those cities were collected directly from on-line city budget documents. In total, the 2013 data are drawn from 350
cities, for a response rate of 31 percent. The data allow for generalizations about the fiscal condition of cities.
9
10. RESEARCH BRIEF ON AMERICA’S CITIES
Throughout the report, the data are occasionally compared for cities with different tax structures and population sizes.
The response rates for these categories are provided in the table below.
Categories
Survey Responses
%
350
100.0%
300,000
60
17.2%
100,000-299,999
139
39.7%
50,000-99,999
84
24.0%
10,000-49,999
67
19.1%
Property
94
26.9%
Sales Property
227
64.8%
Income Property
29
8.3%
TOTAL
Population
Tax Authority
The number and scope of governmental functions influence both revenues and expenditures. For example, many
Northeastern cities are responsible not only for general government functions but also for public education. Some cities
are required by their states to assume more social welfare responsibilities than other cities. Some assume traditional
county functions.
Cities also vary according to their revenue-generating authority. Some states, notably Kentucky, Michigan, Ohio and
Pennsylvania, allow their cities to tax earnings and income. Other cities, notably those in Colorado, Louisiana, New
Mexico and Oklahoma, depend heavily on sales tax revenues. Moreover, state laws may require cities to account for
funds in a manner that varies from state to state. Therefore, much of the statistical data presented here must also be
understood within the context of cross-state variation in tax authority, functional responsibility and state laws. City
taxing authority, functional responsibility and accounting systems vary across the states.8
When we report on fiscal data such as general fund revenues and expenditures, we are referring to all responding cities’
aggregated fiscal data included in the survey. As a consequence, the data are influenced by the relatively larger cities that
have larger budgets and that deliver services to a preponderance of the nation’s cities’ residents. When asking for fiscal
data, we ask city finance officers to provide information about the fiscal year for which they have most recently closed the
books (and therefore have verified the final numbers), which we generally refer to as FY 2012, the year prior (FY 2011)
and the budgeted (estimated) amounts for the current fiscal year (FY 2013).
When we report on non-fiscal data (such as finance officers’ assessment of their ability to meet fiscal needs, fiscal actions
taken or factors affecting their budgets), we are referring to percentages of responses to a particular question on a oneresponse-per-city basis. Thus, the contribution of each city’s response to these questions is weighted equally.
8 For more information on differences in state and local fiscal structure see “Cities and State Fiscal Structure,” (NLC, 2008) at http://www.nlc.org/File Library/Find City Solutions/Research Innovation/Finance/cities-state-fiscal-structure-2008-rpt.pdf.
10
11. CITY FISCAL CONDITIONS IN 2013
ABOUT THE NATIONAL LEAGUE OF CITIES
The National League of Cities is the nation’s oldest and largest organization devoted to strengthening and promoting cities as
centers of opportunity, leadership and governance. NLC is a resource and advocate for more than 1,700 member cities and the 49
state municipal leagues, representing 19,000 cities and towns and more than 218 million Americans. Through its City Solutions
and Applied Research, NLC provides research and analysis on key topics and trends important to cities, creative solutions to
improve the quality of life in communities, inspiration and ideas for local officials to use in tackling tough issues and opportunities
for city leaders to connect with peers, share experiences and learn about innovative approaches in cities.
THE LAG BETWEEN ECONOMIC CITY FISCAL CONDITIONS
We often refer to the lag between changes in the economic cycle and the impact on city fiscal conditions.
What does this mean? The lag refers to the gap between when economic conditions change and when those
conditions have an impact on reported city revenue collections. In fact, cities likely feel the impacts of changing
economic conditions sooner. However, because reporting
of city fiscal conditions occurs, in most cases, on an annual basis, whether through annual budget reporting or
NLC’s annual survey, those impacts tend to not become
evident until some point after the changes have started
to occur.
How long is the lag? The lag is typically anywhere
from 18 months to several years, and it is related in large
part to the timing of property tax collections. Property tax
bills represent the value of the property in some previous
year, when the last assessment of the value of the property
was conducted. A downturn in real estate prices may not
be noticed for one to several years after the downturn began, because property tax assessment cycles vary across
jurisdictions: some reassess property annually, while others reassess every few years. Consequently, property tax
collections, as reflected in property tax assessments, lag
economic changes (both positive and negative) by some
period of time. Sales and income tax collections also exhibit lags due to collection and administration issues, but
typically no more than a few months.
Figure 2 shows year-to-year change in city general fund
revenues and expenditures and includes markers for the
official U.S. recessions from 1991, 2001 and 2008-2010,
with low points, or “troughs,” occurring in March 1991,
November 2001 and June 2009, respectively, according
to the National Bureau of Economic Research (NBER).
Comparing the dates of the recessions to the low point of
city revenue and expenditures as reported in NLC’s annual
survey (typically conducted between April and June of every year), the low point for city revenues and expenditures
after the 1991 recession occurred in 1993, approximately
two years after the trough of the U.S. economic recession
(March 1991 to March 1993). After the 2001 recession,
the low point for city revenues and expenditures occurred
in 2003, approximately 18 months after the trough of the
U.S. economic recession (November 2001-April 2003).
Our reporting on this lag is dependent upon when the annual NLC survey is conducted, meaning that there is some
degree of error in the length of the lag – for instance, had
the survey been conducted in November of 1992, rather
than April of 1993, we might have seen the effects of
changing economic conditions earlier. Nevertheless, the
evidence suggests that the effects of changing economic
conditions tend to take 18-24 months to be reflected in
city budgets.
11