1 / 0

Understanding Local Government Finances

Understanding Local Government Finances. James J. Regimbal Jr. Virginia Municipal League Virginia Association of Counties Commission on Economic Development and Job Creation. Most Local Government Expenditures are Mandated or Regulated by the State.

fritzi
Download Presentation

Understanding Local Government Finances

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Understanding Local Government Finances

    James J. Regimbal Jr. Virginia Municipal League Virginia Association of Counties Commission on Economic Development and Job Creation
  2. Most Local Government Expenditures are Mandated or Regulated by the State Source: Auditor of Public Accounts Comparative Report of Revenues and Expenditures
  3. …Even Though the State Provides Only 32% of Total Local Funding
  4. …And FY 2009 Was the High Water Mark for State Funding * Includes all state fund sources (mainly GF and Lottery) and appropriated federal stimulus $ 4
  5. Important to Keep a Mix of Local Revenues Locals depend too heavily on real estate taxes Note: BPOL is the Business, Professional and Occupational License Tax. M&T is the Machinery and Tools Tax Source: Auditor of Public Accounts Comparative Report of Revenues and Expenditures
  6. There is Wide Variation in Local Reliance on BPOL and M&T Taxes (Both in terms of percent of revenue and absolute dollars) Source: FY 2009 Auditor of Public Accounts Comparative Report of Revenues and Expenditures
  7. BPOL and M&T Growth Less Than Other Local and State Revenue Sources
  8. BPOL and M&T Revenues Are Similar in Amount to the Car Tax Reimbursement, Corporate Income and State Motor Fuel Taxes (If state corporate income tax ended, which programs should be cut?) 8
  9. Tax Reform Should Be Holistic Any tax change should be broad-based and not focused on “fixing” a single revenue source. Elements of tax change should include: Funding of core services (why we have taxes) Fairness to taxpayers Economic competitiveness (VA currently ranks high in business competitiveness)
More Related