Audit Ananlysis
Based on the review of your city’s Financial Plan: What is the fastest-growing category of expenditures during the planning period? Justify the answer with examples.
After review of the 2015-16 annual fiscal year budgets it is determined that the fastest growing category of expenditure was in public safety with 26.4% of the budget being allotted for its care. Emergency Communications which had previously not had any request for funding requested over$1 million dollars in expense while the police department requested over $10 million dollars in funding. This represented about $2 million (2%) more than it had done previously as well. Figures for code compliance and the city jail also showed an increase in the requested balances for the fiscal year.
What percentage of your city’s revenue comes from the general property tax? How much is this tax growing in each year of the financial plan? Justify the answer with examples.
In fiscal year 2015 it was estimated $36 million dollars would be generated as revenue from taxes in the city of Petersburg. This figure equated to a projected 44.9% accountability for the budget.
The budget was prepared for a projected timeframe of three (3) years. Each year beginning with 2013 represented an increase from the previous year and for the forthcoming year. For example, a local tax in 2013 was shown to have an increase from 17.5% in 2013 to an increase of 18% in 2014ending with 19% expected increase in 2016. Property taxes also had an expected increase from 44.9% in 2015 to 49.1% in 2016. It should be noted this was the most significant increase.
Evaluate the existing capacity of refunding or reorganizing existing debt organizations.
For this fiscal year Petersburg city has joined in force with the Cameron foundation thus placing itself in position to reorganize debt in its