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City Of Atlanta Essay

845 words - 4 pages

Revenue Trends
With the continued sluggish economy, Atlanta’s total revenue projections continue to decline from the budget dating back to 2010 when the current mayor Kasim Reed took office. The City’s property tax base is the primary component accounting for 40% of the City’s general fund revenues. Property tax revenues have continued to experience declines associated with decreased residential tax bases, negative reassessments, successful tax appeals and continued weakness in the housing market. The City has demonstrated a measured response by continuing to budget property tax revenue collection conservatively. To meet the projections, the collection rate in the proposed budget was set ...view middle of the document...

When preparing future budgets, the Budget Commission may not budget more than 99% of the normal revenues actually collected by the City in the previous year unless tax rates or fees are increased or if there was an accumulated cash surplus carried forward from the prior year. Grant revenue is another funding source for the City and it is budgeted in the community development and intergovernmental grant funds in the year in which the grant is awarded to the City, even if the funds are not received in the same year as the grant. The aforementioned revenue anticipations also help with the City’s in making forecasting decisions.
Revenue Forecasting Efforts
The City is able to identify future revenue and expense trends and expectations through its five-year planning process. This plan is a critical forecasting tool for the City; updated annually to ensure continued financial sustainability. The historical, current and future revenue and expense assumptions and policy decisions will continue to have a direct impact on the City’s ability to address unpredictable economic conditions. The City takes a conservative approach in revenue forecasting to ensure its revenue anticipations are representative of past assumptions and realistic in terms of future allotments. In addition to other forecasting methods, the Department of Finance continues a multi-year partnership with the Selig Center for Economic Growth at the University of Georgia to ensure City management is implementing modest forecasting efforts. Forecasting has focused on a few keys issues to ensure Atlanta’s economic stability including, long-term debt...

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