Paper need re-wording not to be considered plagiarized. The town of Hadleyville suffered the loss of a major employer which left the residents…

Paper need re-wording not to be considered plagiarized.The town of Hadleyville suffered the loss of a major employer which left the residents without jobs, forcing them to relocate. This essay will attempt to “analyze the towns overall budget and make suggestions to reduce the towns overall budget by 13%.” “Given the overall revenue projections provided, the essay will attempt to eliminate the deficit spending in three years and provide an analysis of current trends for each revenue type.” This essay will “propose solutions that will balance new revenue needs to include the impact of the financial crisis on the residential and political sectors.” The Town Manager has made all pertinent resources available and given outlines to reduce this budget.The town of Hadleyville lost a major employer and left many of its residents out of a job forcing them to relocate. Since, the town does not have another major employer, the residents moved to other areas to find employment. Once, the residents left it took revenue from the town. This leaves the town of Hadleyville in a financial crisis. A financial crisis affects town businesses, services, schools, facilities, residents and the government (Robert & Smith, 2004). Our team’s rationale for suggestions will be well supported through the application of the courses concepts. The following analysis will explain how the town budget will be impacted by the town’s financial crisis and we will give our opinions on ways to minimize the impact of the financial crisis to critical town services.The overall revenue decreased to $36, 488,470 from 59,440,850 this year alone (Budget Briefing Books, 2011). When a town, city or country sees this kind of decrease in revenue, the overall budget needs to be reorganized to avoid deficits and bankruptcy (Robert & Smith, 2004). The biggest chance for a recovery in many of these cities has been attracting new employers or major businesses. Businesses have typically been attracted through tax and financial incentives. If the town gives property to build on, tax exemptions for a period of time, and other incentives it will attract a new population to increase tax revenue (Greenstone & Morettie, 2003). A few suggestions that could bring revenue to the town in the near future are business relocation tax credit for new businesses that move to the city. They could get a training grant for current businesses to increase their workers skills and education. Economic development tax credits this could be established for the creation of new jobs and higher wages. Then, they could have corporate income tax credits this could lower the cost to conduct business. These are just a few suggestions that could potentially add future revenue to the town. Greenstone and Moretti (2003) conducted work on economic development incentives and the economic growth between the winning and losing counties competing for large corporations. There is an obvious increase in the winning county and economic growth. The best way to ensure a successful budget in the coming years and for the town of Hadleyville to get out of their financial crisis is to have the right program analysis, budget examination, planning, process analysis program evaluation and auditing (Robert & Smith, 2004). It is important to have a budget that has detailed summaries of their revenues and expenditures to keep their budget out of deficit. The town of Hadleyville has several revenue sources as a part of their budget. Some of these sources are general sales tax, water usage, parks, and recreational fees, property taxes, speeding tickets, red light cameras, general fines, licenses and other general town fees (Budget Briefing Books, 2011). If the town is losing businesses and people are moving out of Hadleyville, then the revenue sources are going to decrease until those businesses and people are replaced. It can be difficult trying to increase revenue and sometimes the only option is to raise taxes, this is sure way to increase revenue. Current revenues and expenditures, direct and entitlement obligations, and the towns departments are identified to critique Hadleyville’s operating budget. The major factors impacting Hadleyville’s 2011 budget are: economic climate, general town revenue, and industrial/employment. The overall budget information includes’ town staffing, policing and maintaining infrastructure/capital projects (Budget Briefing Books, 2011). The memorandum provides clear and concise objectives and debt management solutions along with a four year actual and projected revenue and expenditure.Our mission is to bring financial relief and restoration to this town. In order to balance any future revenue that the town will incur, there must be various solutions in place to assist with maintaining the progress that will be accomplished. The budget office can achieve coordination by first deciding who will actually attribute what to the budget and the calendar as well. The text goes on to mention that there are certain milestones that are utilized to assist with governmental agencies when preparing a budget plan (Lynch & Smith 2004). The first thing is to maintain proper documentation and record keeping. If pertinent information is not recorded or documented then there is no proof that it actually happened. Therefore, when creating a budget plan for Hadleyville, there should be a request of forms and which would include information regarding preliminary estimates of revenue. This information will be deemed as necessary to present to our budgeting committee and ultimately to utilize as a blueprint of our budget plan. This plan will stand for reproof and reconsideration as it is passed along to various committees and board members. Additionally, once our budget plan has been finalized, it should be up for review on a quarterly basis to insure accuracy and compliance.We have to decrease the budget by 13% in order for the town to operable. The things we can do to decrease the budget is freeze salaries for the next three years. It was not clear on how their often salary increases were given but we can stop the increases for 3 years and this could increase the revenue. We would eliminate all overtime for employees and maybe also work at 35 hour a week instead of 40 hours. We could hire more part-time employees vs. full-time employees. If we hire enough part-time it would eliminate a lot of the benefits that is given to full-time employees and this would be a huge savings. Outsource some of the services, merge purchasing with other local governments and see more federal grants. Outsourcing can be a huge savings for this town, if they outsourced most of their services, they would not have to pay any benefits with outsourcing. Most companies are outsourcing a lot of their services. It is a lot cheaper and they save millions of dollars by doing so. I think if the town would do the following things that have been mentioned I think this would decrease their budget. According to Hart (1954), “There is every reason to believe that such tax cuts will be effective. Remember that the problem here is to help consumers resist a cut in consumption standards. Suppose a rough rule of thumb that tax cuts for this purpose should aim to hold level the flow of disposable income. Since the losses of income in a recession would probably be rather concentrated, most households—with such types of income loss as elimination overtime, slow collections on receivables, and the like—could and presumably would maintain spending. Among those with a net loss of disposable income, those with volatile profit incomes would probably not cut nondurable spending much unless income stayed down—particularly if government policy included an effective floor under farm income.(Hart, 1954)”