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The paper is about budget in Akron, OH, and the sources arent in order per the TA, so I need you to put them correct sources for all the work cited you did. He literally highlighted the sentences and the sources in each sentence and asked me what was going on in this paper! Paper is well written; only edit the sources Thank you
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1
Project #1
Arkon City Annual Comprehensive Financial Report
Analysis
Student
Class
Professor
October 27, 2023
Executive Summary
2
This extensive analysis examines the financial and economic health of Akron City in
great detail, and the Executive Summary captures the substance of that research. Its goal is to
provide readers with a bird’s-eye view of the city’s finances by summarizing the present situation
and highlighting critical developments over the past five years. It also includes a thorough
SWOT analysis, which assesses the city’s possibilities and dangers and its internal strengths and
weaknesses. Finally, the report provides actionable recommendations that zero in on problem
areas that need fixing. The ultimate goal is to give the Mayor and local authorities the
information they need to make educated decisions in severe financial and economic difficulties
(1). As a map, this study outlines the way for Akron City to a brighter future marked by
increased wealth and security for its citizens.
Economic Indicators
From a peak of roughly 199,000 in 2012, Akron City’s population has steadily declined to
its present level of around 190,000. This yearly loss of 1.0% is much higher than the state’s
annual reduction of 0.4%. Such stark differences indicate that Akron is losing people faster than
elsewhere in Ohio. The shrinking number of residents impacts multiple facets of the local
economy. Not only will the city see reduced economic activity and tax revenues, but businesses
also face a shrinking labor pool and declining consumer demand. Further decline could threaten
Akron’s ability to sustain itself in the long run. City leaders must investigate what drives people
away and devise strategies to reverse these trends (2). Approaches include boosting job
opportunities, making the city more attractive to younger generations, and marketing Akron’s
cultural assets to recruit new residents. Reversing population loss will be crucial for Akron’s
economic and fiscal health. Measures to counteract this trend include:
•
Advertising the area as a desirable place to live.
3
•
Increasing the availability of low-cost housing.
•
Boosting the local economy.
The size of the working-age population and their rate of employment in the economy are
two key metrics. About two-thirds of the city’s adult population participates in paid employment
in Akron. This proportion is instructive because it shows how much economic development and
job creation Akron can handle. A more active workforce is likely to have a greater labor force
participation rate, which can boost economic growth. Akron might benefit economically from
measures to raise the city’s labor participation rate. Training and development programs might be
developed or improved to meet the ever-changing demands of local businesses. The city’s labor
force may be strengthened through partnerships with educational institutions that provide skillbuilding and vocational training.
As of 2021, Akron’s unemployment rate was 6.7%, down significantly from the 10.1%
recorded the year before; this downward trend in unemployment mirrors encouraging national
and state patterns, which bodes well for the city’s efforts to reduce unemployment and foster a
thriving job market. The fight to lower unemployment is essential to Akron’s economic growth
(3). Promoting job creation requires thinking about ways to encourage small and medium-sized
businesses (SMEs) and entrepreneurship. These initiatives have the potential to foster economic
diversity, level the city’s economic playing field, and equalize employment opportunities.
The city’s most prominent businesses influence most of Akron’s economy. Companies
like Akron General/Cleveland Clinic, the Summit County government, Goodyear Tire, First
Energy, and Group Management are some of the largest employers in Akron. Akron
General/Cleveland Clinic is the city’s top employer, providing work for 37.66% of Akron
residents. These massive corporations are ubiquitous because of their crucial role in the city’s
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economy. Maintenance of job prospects for Akronites depends on the longevity and expansion of
these businesses. Working together is in everyone’s best interest for the city and these significant
companies. Collaborations of this sort can boost employment opportunities, job stability, and
economic growth.
While the report explains some economic statistics well, it needs additional critical
information. The need for more information on vital economic indicators such as Akron’s per
capita income, total income, poverty rate, market value, and taxable (assessed) value is deeply
problematic. Akron must devote resources to data gathering and analysis to accurately gauge the
city’s economic health and develop effective plans for revitalization (4). This expenditure will
give us a complete view of the city’s economic and demographic landscape. Akron’s legislators,
local authorities, and companies can boost economic growth and the city’s citizens’ standard of
living using in-depth economic statistics.
Fiscal Indicators
Revenue for Akron City fell to $401.5 million in 2021 from the previous year, a sizeable
sum. Income taxes, property taxes, and state-shared local government revenue are the city’s three
primary sources of revenue. Particularly encouraging is the 10.17 percent rise in income taxes
that year, which will add considerably to the city’s coffers. Cash property taxes also increased by
11.79% during the same period. Local government’s portion of state revenues increased by a
healthy 13.15% that year (5). These increases are promising, but the city of Akron’s overall
revenue decline calls into doubt its long-term financial health. It is vital to investigate the causes
of this deterioration; this involves looking at how external variables, such as economic swings,
have affected the city’s revenues and analyzing the individual components of revenue, including
prices for services. Akron has to dig further into the nature of these revenue streams to find ways
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to improve and diversify them.
The year 2021 saw the city’s budgetary management come into focus as a report
disclosed the financial distribution. Business activities received $147.7 million, while
governmental operations obtained $340.5 million, amounting to $488.1 million. However, the
current financial plan represents an 8.53% reduction from the previous fiscal year, which may
generate capital but raises significant concerns given the austerity principles at play. Results
from saving money can generate both positive and negative outcomes. Evidence of a welldevised budget, economical utilization of resources, and proficient cost management can be
gleaned from these statistics. Yet, decreased funding for infrastructure upkeep and community
development programs are direct consequences of trimming the public budget. The impacts of
these limitations on Akron’s future prosperity and standard of living must be carefully
considered.
The city’s budget surplus or deficit is a critical financial indicator. There will be a deficit
in 2021 due to a disparity between receipts of $395.2 million and expenditures of $435.4 million.
The deficit is cause for alarm since it casts doubt on the city’s financial stability and ability to
fulfill its debts. A sustainable fiscal policy is essential to preserve the city’s long-term financial
stability, even though deficits can be addressed in the near term by borrowing or reserving
money (6). Because of the deficit, responsible fiscal policy and careful budgeting are more
crucial than ever. To achieve its long-term economic goals, Akron has to look hard at its income
streams, spending priorities, and debt management techniques. Deficits can be reduced and fiscal
viability preserved through open budgeting and wise use of available funds.
The city of Akron has taken on more debt after accumulating an additional $36.5 million
in debt during the current fiscal year. Both general obligation debt and revenue debt comprise the
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city’s overall debt structure. To emphasize the monetary responsibilities connected with repaying
debt, the debt service for 2021 included principal payments of $738.5 million. Akron must take
swift action to address the significant issue of rising debt levels. A city’s ability to invest in
essentials like public safety and basic infrastructure may be hampered if it takes on too much
debt and its interest payments rise. A comprehensive debt management plan is essential for
keeping debt under control and debt service payments manageable (7). The economic climate of
Akron, Ohio, is very nuanced and impacted by a wide range of factors. An awareness of these
variables is essential to design a sustainable and prosperous financial future for the city. The
existence of significant businesses like Akron General/Cleveland Clinic contributes to the city’s
economic stability, which is one of Akron’s greatest strengths. Because of this consistency, the
local labor market thrives, providing individuals with several career possibilities. The local
populace will have a more secure source of income, which will lead to higher levels of
discretionary expenditure. The city may capitalize on this strength by encouraging partnerships
between significant local businesses and universities. By working together, these companies can
ensure they will always have access to skilled workers who can meet their ever-changing
demands.
If more people visited, Akron’s diverse cultural and historical offerings could be a boon
to the city’s economy. Tourists sometimes spend much money at museums, other attractions, and
cultural events, which is excellent for the economy. Akron would promote and develop its
cultural and historical resources to build on this strength. Putting money into marketing to
tourists may boost revenue for local companies and bring in new ones (8). Akron’s educational
prestige is a boon to the city’s overall prestige and intellectual capital. These organizations
promote ground-breaking research and development to help the creative process forward.
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Creating a highly trained labor force that may propel the expansion of new sectors is an
economic benefit. The city might use this strength even more if it encouraged greater
cooperation between universities and private-sector enterprises (9). The educational system must
adapt its programs to meet the local economy’s needs to ensure a skilled worker supply.
Diversity in the workplace strengthens Akron since it encourages new perspectives and
ideas. A more diversified economy is more resilient and responsive to market fluctuations and
other economic shocks. Because of its diverse population, the city can experiment with new
economic sectors and respond quickly to changes in demand. The result is a more robust and
flexible economy that can better weather financial storms (10). The city of Akron is vulnerable
due to its dwindling population. Fewer people in an area mean less money spent on products and
services, which might hurt the economy. Akron could mitigate this vulnerability by investing in
housing and community development initiatives targeting new inhabitants. The city’s dwindling
population can be cushioned by policies encouraging further development. The city’s mounting
debt is another concern that must be carefully managed to prevent wasteful expenditure. The
inability to make these investments may result from carrying too much debt. Akron’s financial
stability, the financial load on future generations, and the availability of cash for essential
programs and upgrades all depend on finding a solution to this problem.
A lack of relevant economic and demographic information hampers poor decisionmaking. With comprehensive data, the city may be able to make educated policy decisions and
develop effective plans for economic growth. Filling these data gaps and enhancing economic
assessments requires investments in data gathering and analysis. With complete information,
municipal officials and people can better shape the city’s financial destiny. There is room for
Akron to broaden its economic base (11). The city’s dependence on a limited number of
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significant employers can be mitigated by luring businesses from various sectors. The more the
city’s economic diversity, the better it can weather economic storms like declines in individual
industries. Akron may take advantage of the situation by offering various types of incentives to
companies in multiple industries. Akron’s strategy for economic growth relies heavily on
supporting local entrepreneurs and small businesses. It is common knowledge that small
companies are the backbone of every community, vital for economic growth, job creation, and
new ideas (12). Small company entrepreneurs can benefit from the city’s guidance and the
availability of training programs and grants. The success of these businesses is aided by this kind
of backing, which in turn boosts the economy.
Recommendations
The most important piece of advice for Akron is to stop avoiding its fiscal issues and start
fixing them. The city’s financial security depends on its capacity to cut expenses and increase
revenues; this may be attained by careful budgeting, self-control, and creative means of bringing
in money (13). The best way to find places to cut costs without cutting down on necessities is to
conduct a thorough budget assessment and reorganization.
Akron’s leaders should work to increase economic diversity to lessen the city’s
dependence on a small number of corporations. The city has to foster an atmosphere conducive
to business to draw in firms from a wide range of sectors. Financial incentives like tax breaks
and subsidies might encourage firms to relocate to Akron (14). Akron can better weather
economic storms and lessen the risk of relying on a restricted number of firms by fostering a
varied economic environment.
The city has to implement a sensible debt management plan to keep debt from spiraling
out of control. Overspending on debt servicing can make it difficult for a town to provide
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essential services and make strategic investments. Akron has to devise a plan to reduce its debt,
which may require renegotiating its financial obligations, obtaining new financing, or shifting the
city’s spending priorities. In addition to protecting the city’s financial health, lowering debt levels
makes more money available for public safety and infrastructure investments.
Akron has to fund workforce development programs to increase GDP and lower
unemployment. The skills gap must be closed, and schools and industries should work together
toward this goal (15). The municipal government has to implement innovative training and
promotion initiatives to keep up with the dynamic nature of the local labor market. Akron’s
ability to attract firms from a wide range of industries and supply them with the skilled workers
they need depends on the city’s commitment to cultivating a trained and adaptable workforce.
The city needs improved access to economic and demographic data so that its leaders can
make educated decisions about the economy. Policymakers really must put money into data
collecting and analysis. The city’s economic issues and prospects can be better understood using
thorough data. City officials will be better able to craft measures that respond directly to
residents’ concerns. Decisions made in an open and data-driven manner will better equip Akron
to overcome its economic woes.
The success of Akron’s small and medium-sized enterprises depends on the city’s efforts
to encourage entrepreneurship. Akron must ensure that SMEs can access mentoring, education,
and funding resources. Creating a thriving community of local companies is a sure way to boost
the economy. To diversify its economy and lessen its reliance on multinational enterprises,
Akron should encourage and assist local businesses in growing.
Akron’s tourism and cultural industries might benefit significantly from the city’s many
historical sites and museums. Economic revitalization and public pride may be fostered via
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investments in cultural events, preservation, and marketing (16). Akron should set aside funds to
protect and exhibit its rich history to benefit tourists and locals. This investment is wise for the
town because tourism and the arts can potentially boost the economy considerably.
To safeguard the longevity of its major corporations, Akron should build closer ties with
them. More than just working together, these partnerships must also strategically link local
educational institutions with the needs of the local labor population. This method will contribute
to developing a robust labor market by ensuring a constant supply of skilled workers. Akron can
positively contribute to economic growth and stability by meeting the labor demands of these
major companies.
Conclusion
Akron City’s economic and monetary situation is precarious. A dwindling population,
persistent deficits, and mounting debt pose significant difficulties. However, the city has assets
that may be used to spur economic development, such as large enterprises, a low unemployment
rate, and a culturally varied workforce. Targeted economic diversification and debt management
are examples of preventative actions necessary to address challenges, including population
reduction, deficits, and heavy debt (17). The city may take advantage of various paths forward
for Akron’s economy, workforce, and entrepreneurs. Akron can protect itself against possible
dangers by investing in data analysis, strengthening ties to the city’s big companies, and creating
backup plans. Akron can create a more stable and prosperous future for its inhabitants and
companies by adopting solutions and tackling significant economic and budgetary concerns.
Bibliography
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Student:
Class/Group: Akron
Jurisdiction:
Category
Date:
Period(s):
Detail
Analysis
Green, Yellow, Red
Trend Analysis,
Growth or
Decline
Total revenues for 2021 were $401,534, a decrease from 2020;
charges for services decreased by $9,961 due to the continued
effects of the COVID-19 pandemic; received a significant
amount of COVID grants, and as COVID-19 restrictions were
relaxed. This is attributed to the $24,418 increase in income
taxes.
Income Tax: The City’s income tax collections increased by
approximately 10.17% in 2021. The primary source of revenue
that funds various programs of the City of Akron is reported as
income taxes.
Yellow flag
(Decrease in
charges for
services)
Revenue
Total Revenue
Largest Sources
of Revenue
Revenue
Components
Tax Revenue
Green flag (Growth
in key revenue
sources)
Largest Sources
as Percentage of
Total Revenue
Property Taxes: On a cash basis for 2021, property taxes in the
general fund increased by 11.79%.
Revenue Trends
State-Shared Local Government Revenue: The state’s local
government revenue to the City increased by approximately
13.15% in 2021.
Percent of total
revenue:
Divided by
types of taxes.
Trends over
total revenue decreased in 2021 when compared to 2020
Income Taxes: The City’s cash income tax collections
increased by approximately 10.17% in 2021. The City has
pledged future income tax revenues to repay $146 million in
income tax revenue bonds and bond anticipation notes.
Green flag (Growth
in key tax revenue )
15
Student:
Class/Group: Akron
Jurisdiction:
Category
Period(s):
Detail
Analysis
time growth or
decline
Property Taxes: On a cash basis for 2021, property taxes in the
general fund increased by 11.79%. Property taxes include
amounts levied against all real and public utility property
located in the City.
% of total
revenue; Trend
over time, %
growth or
decline
Charges for
business
(enterprise) type
activities, Trend
over time,
percent of total
revenue
Fees and
Charges
Date:
Intergovernmental Revenue (Federal or state)
Water: Charges for water services amounted to $35,104,122
(Page 225).
Sewer: Charges for sewer services were $102,089,333 (Page
225).
Oil & Gas: Charges for oil and gas were $18,505 (Page 225).
Parking Facilities: Charges for parking facilities were
$7,565,409 (Page 225).
Golf Course: Charges for the golf course were $1,293,622
(Page 225).
Airport: Charges for airport services were $1,589,723 (Page
225).
The total revenue for business-type activities from these
charges was $147,660,714 (Page 47).
Green, Yellow, Red
Green flag (Growth
in
intergovernmental
revenue)
Yellow
flag(Fluctuations in
charges for
business-type
activities)
16
Student:
Class/Group: Akron
Jurisdiction:
Category
Period(s):
Detail
Revenue
generated
locally
(primarily taxes
and fees); % of
total revenue;
trends over time
“Own Source”
Revenue
Date:
Analysis
The total revenues for 2021 were previously mentioned as
$401,534 (in thousands). Using this as a reference, the charges
for business-type activities ($147,660,714) constitute
approximately 36.77% of the total revenue.
Income Taxes: The primary source of revenue that funds
various programs of the City of Akron is reported in the
financial statements as income taxes (Page 30).
Property Taxes: Property taxes are another significant local
revenue source for the City (Page 14).
Local Fees and Charges for Services: The City has various
local fees and charges for services. However, charges for
services decreased by $17,037,634 in 2021 (Page 38).
Income Tax: The City’s cash income tax collections increased
by approximately 10.17% in 2021 (Page 14).
Property Taxes: On a cash basis for 2021, property taxes in the
general fund increased by 11.79% (Page 14).
Charges for Services: Charges for services decreased by
$17,037,634 in 2021 (Page 38).
Green, Yellow, Red
Yellow flag
(Decrease in
charges for
services)
17
Expenditures
Total Expenditures
Trend Analysis, Growth or
Decline, % growth or decline
Governmental Activities: The total expenses for
governmental activities in 2021 were $340,538
(in thousands) (Page 35).
Yellow flag (Decrease in
total expenditures)
Business-Type Activities: The total expenses for
business-type activities in 2021 were $147,661
(in thousands) (Page 35).
The combined total expenditures for both
governmental and business-type activities in 2021
were $488,199 (in thousands).
decline in expenditures from 2020 to 2021. The
decline is approximately $31,779 (in thousands),
which translates to an 8.53% decrease.
3 – 4 Largest
expenditure
categories
Percent of total spending; Trend
over time of each category, %
growth or decline
Public Safety: $139,429 (in thousands) (Page 35)
( 28.57% of total expenditures) growth of
approximately 0.84%.
Sewer (Business-type Activity): $102,089 (in
thousands) (Page 35) (20.92% of total
expenditures) growth of approximately 17.42%.
Public Service: $57,386 (in thousands) (Page 35)
(11.76% of total expenditures) reflecting a
decline of approximately 13.23%.
Yellow flag (Mixed trends
in expenditure categories)
18
General Government: $34,597 (in thousands)
(Page 35) (7.09% of total expenditures) reflecting
a decline of approximately 28.26%.
Surplus/Deficit
Surplus or Deficit
Operating Budget
Surplus or Deficit
Debt
Total Outstanding
Debt
% General Obligation
(GO) Debt
Trend over time, Total, % growth
or decline
Total revenues were $395.2 million, and
expenditures were $435.4 million. This resulted
in a deficit since the government spent more than
it collected. According to the ACFR, total
revenues stayed within a close range (between
338.4 M and 400 M) between 2012 and 2019,
with ups and downs stretching during that
duration. Revenues decreased in 2021, with
2020’s = $436.2 M. Expenditures fluctuated a
little more, with decreases and increases
happening between 2021 and 2021. Expenditures
only declined roughly 7 M in 2021, with the most
substantial jump happening between 2015 and
2016 (373.6 M to 454 M).
Trend over time, Total, % growth Budgeted revenue for 2021 was $654.9 million,
or decline
and budgeted expenditures were $689.3 million.
(Page 80 in the 2021 budget.) According to the
2017 budget, budgeted revenues and expenditures
climbed incrementally each year since 2016,
excluding 2020 (in which it stayed more stagnant,
and revenues declined by several million). (Page
81 in the 2017 budget.)
General Obligation Debt, Revenue Debt
Amount and Trend Over Time
Akron’s total debt outstanding increased by
$36,479,874 (3.0%) during the current fiscal year.
Amounts range from $37,175,000 in 2012 to $0
in 2021
Yellow flag (Deficit in
2021, fluctuating revenues)
Yellow flag (Deficit in the
operating budget)
Yellow flag (Increase in
total outstanding debt)
Yellow flag (Decrease in
GO debt in 2021)
19
% Revenue Debt
Total Debt as a
Percent of Assessed
Value
Total Debt as Percent
of Debt Limitation
Amount and Trend Over Time
Total Debt Service
Is there a Capital
Budget Planning and
Budgeting Process
2017: 4.73% [Page 240]
2018: 4.42% [Page 240]
2019: 5.30% [Page 240]
2020: 5.11% [Page 240]
2021: 4.51% [Page 240]
2017: 45.04% [Page 240]
2018: 42.13% [Page 240]
2019: 50.52% [Page 240]
2020: 48.69% [Page 240]
2021: 42.92% [Page 240]
Debt Service for 2021:
● Principal: $738,531 (in thousands) [Page
238]
● Interest: Not explicitly mentioned in the
provided excerpts.
Debt Service for 2020:
● Principal: $663,817,587 (in thousands)
[Page 238]
● Interest: Not explicitly mentioned in the
provided excerpts.
The City of Akron’s budgetary process is based
on accounting for certain transactions on a basis
other than generally accepted accounting
principles (GAAP). The actual results of
operations are presented in the Budgetary
Comparison Schedule in accordance with the
City’s budgetary process (budget basis) to
provide a meaningful comparison of actual results
with the budget. The legal level of budgetary
control is by category for each department within
each fund. The categories are wages/benefits,
other, and capital outlay. [Page: 153,154]
Yellow flag (Fluctuations in
debt as a percent of assessed
value)
Yellow flag (Fluctuations in
debt as a percent of debt
limitation)
Green flag (Stable debt
service amounts)
Yellow flag (Budget process
not fully compliant with
GAAP)
20
Bond Rating of the
Jurisdiction
Year and Rating
Rating by Standard & Poor’s Ratings Services:
“A+” [Page 42]
Rating by Fitch Ratings: “A+” [Page 42]
Green flag (Satisfactory
bond ratings)
190,000. Population has trended down from a
ten-year high of 199,000 in 2012.
-1.0%. This compares to -0.4% for the State of
Ohio and +0.6% in the nation as a whole. Akron
is shrinking faster than Ohio as a whole.
Yellow flag (Population
decrease)
Yellow flag (Slower
population growth compared
to state and national
averages)
Green flag (relatively stable,
with 63% of the population
age 16+ participating in the
labor force.)
Economic, Demographic, Social, Operational Indicators Total Population
Annual Population
Growth
Amount and Trend Over Time
Percent, Comparison with State,
Nation and Region
Amount, Trend Analysis
63% of the population age 16+ is in the labor
force.
Percent, Comparison with State,
Nation and Region
total workforce amount and its trend over time is
not explicitly mentioned.
No information about the annual growth in the
workforce population or its comparison with the
State, Nation, and Region.
Total Workforce
Annual Growth in
Workforce Population
Unemployment –
Number
Number, Trend over time
Percent, Trend over time,
comparison with state, nation and
region
2021: 6.7% [Page 245]
2020: 10.1% [Page 245]
2019: 4.9% [Page 245]
2018: 5.3% [Page 245]
2017: 5.8% [Page 245]
2016: 5.8% [Page 245]
Amount, Trend over time,
comparison with state, nation and
region
No info about the per capita income amount, its
trend over time, or comparisons with the state,
nation, and region for the City of Akron.
Unemployment – Rate
Per Capita Income
Yellow flag (Fluctuations in
unemployment rate)
21
Composition, comparison over
time, trends
Largest Employers
Largest Taxpayers
Other indicators to
consider
Principal Employers as of 12/31/2021:
Yellow flag(Reliance on a
1- Akron General/Cleveland Clinic – 36,910 Full- few major employers)
Time Employees (37.66% of Total City
Employment)
2- Summit County Government – 10,000 FullTime Employees (10.20% of Total City
Employment)
3- Goodyear Tire – 4,150 Full-Time Employees
(4.23% of Total City Employment)
4- First Energy – 3,468 Full-Time Employees
(3.54% of Total City Employment)
5- Group Management – 3,094 Full-Time
Employees (3.16% of Total City Employment)
Composition, comparison over
specific composition of the largest taxpayers,
time, trends
their comparison over time, and trends are not
provided in the extracted sections
School enrollment, government employment, operational performance indicators, number of building permits
(residential, commercial, industrial); Value of building permits (residential, commercial, industrial.
Trend Analysis, Change over time, Component makeup
– School Enrollment (2021): 56,760 [Referenced
from Page 34]
– Government Employment: The document
mentions the Ohio Public Employees Retirement
System (OPERS) and the impact of the Net Othe
