Assessing Financial Condition

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Business Finance

Description

The regular evaluation of an organization's finances goes a long way toward establishing trust with stakeholders, such as tax payers, board members, clients, patrons, and funding agencies. Just as financial planning and budgeting are integral parts of an organization’s success, financial audits and evaluations are vital parts of the functioning of an organization. Evaluating the financial condition of an organization involves determining whether it has the revenue from taxes, fees, and other sources to meet its needs as well as if its assets exceed its liabilities. Assessing the financial condition is really just an analysis of the city's financial health.

In this Assignment, discuss the city in which you live and then evaluate its financial condition and opportunities for growth by addressing the bulleted statements below. Be sure to first review your readings and then research additional resources to assist in your evaluation. For example, it is helpful to examine available data and other public documents for that city. These resources are useful and should be incorporated into your paper, but remember that those resources do not count as scholarly (peer-reviewed, academic articles and texts).

To complete:

Write a 6- to 8-page paper (not including title page and reference page) that addresses the following:

  • Describe your local city or county entity. Include descriptive information as population, trends, and other important demographical information. (1 page)
  • Look at the largest source of taxes in the city, which could include sales tax, property tax or income tax. Is your entity’s revenue and expenditures balanced? Why or why not? In your assessment, consider the following three factors: amount of revenue that the entity is collecting, the percentage of total revenue contributed by sales tax, how much the city is spending. (2 pages)
  • Consider these six important factors that impact city revenue: Deterioration of revenue base, internal procedures or policies that may adversely affect revenue yields, over-dependence on obsolete or external revenue sources, changes in tax burden, poor revenue estimating practices, and inefficiency in the collection and administration of revenues. Select two that apply to your city, and then evaluate how these impact your city. (1- 2 pages)
  • You propose to increase city tax revenue, and you know from your course readings that price elasticity and demand are important considerations. Understanding the characteristics of your city, evaluate whether the following three tax increase options would be effective assuming all would be legally possible: 1) a .5% increase in sales tax, 2) a 3% increase in restaurant tax, and 3) a 5% increase in tourism tax. In your evaluation, consider price elasticity and positive and negative externalities for each type of tax.This is where knowing your city and its major sources of revenue are especially important. (1 – 1 1/2 pages) --------Aberdeen, Maryland is a city where Aberdeen Proving Grounds are located. We have a lot of military families that live here.--------
  • As part of your conclusion, provide one recommendation to improve the city’s financial health. Examples may include (but are not limited to) the need to shift public or customer service priorities or a need to shift policies because of a loss of competitive position. Be creative – one suggestion may be to research examples of other similar cities and determined what changes have worked for them. (1/2 - 1 page)

Use proper APA formatting and include the following:

  • A title page and running head
  • An introduction that states the purpose of the paper
  • Level 1 headings to define each part (bullet) of the paper
  • A conclusion to synthesize the entire paper
  • A minimum of three additional scholarly sources to support your paper
  • In-text citations as appropriate
  • A reference list

References

You must have access to this book: Mikesell, J. L. (2018). Fiscal administration: Analysis and applications for the public sector (10th ed.). Boston, MA: Wadsworth.

  • Chapter 3, "Budget Methods and Practices" (pp. 106-142)
  • Chapter 8, "Taxation: Criteria for Evaluating Revenue Options" (pp. 354-400)

Attached: Aikins, S. K. (2011). An examination of government internal audits' role in improving financial performance. Public Finance & Management, 11(4), 306–337. Retrieved from the Walden Library databases.

Attached: Linnas, R. (2011). An integrated model for the audit, control and supervision of local government. Local Government Studies, 37(4), 407–428. Retrieved from the Walden Library databases

https://www.aberdeenmd.gov/finance/pages/budgets

http://worldpopulationreview.com/us-cities/aberdeen-md-population/

https://datausa.io/profile/geo/aberdeen-md/

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Explanation & Answer

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Running head: ABERDEEN CITY INFLORIDA FINANCIAL ANALYSIS

Aberdeen inFlorida CountyFinancial Analysis
Student’s Name
Institution

1

ABERDEEN IN FLORIDA FINANCIAL ANALYSIS
Aberdeen in Florida County Financial Analysis
Aberdeen Description
Aberdeen is located in the United States of America in a state known as Florida in
Maryland County. According to census reports in 2010 the population of the county was at
around 15,361 (DATA USA, 2011). The city is in Florida County which was established in
1825. The city has major Spanish and English cultural influences. The total geographical
coverage of the county is around 616 square miles where 583 meters square is on land while 33
square miles is water. The main cities in the county include Chipley, Vernon among others. The
demographic nature of the population of the county has continued to grow at a rapid rate.
According to census reports in 2000 the population of the location stood at 10, 243
people with around $ 51, 956 households income rates (World Population Review, 2018). The
population density of the county has around 36 inhabitants per square mile. The racial
distribution of the county is such that 77.65 of the population 15.7% are black and 3.44% are
Hispanic (DATA USA, 2018). The county is considered to be the 53rd most populated county in
Florida.
The economic structure of the county is such that it is specialized with public
administration, construction and admin. The major industries in the county are mainly healthcare
and social assistance, retail trade and construction. The highest paying industry is the
transportation and warehousing industry. The median household income stands at around $ 38,
330. The male income is approximated to be around 1.54 times higher than the female incomes
(DATA USA, 2018). The key economic activity that contributes to the revenue accumulation of
the city is mainly service and industry segment. Agriculture contributes a small fraction of the

2

ABERDEEN IN FLORIDA FINANCIAL ANALYSIS
economy growth. The objective of the analysis is to study the financial attributes of Aberdeen
based on revenue accumulation and growth.
Largest Source of Taxes
The key sources of taxes for the county are mainly sales tax, i...


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