FLORIDA ECONOMICS.   Term Paper ID:19318 Click to get this paper

Essay Subject: Revenue structure, problems & causes, lottery, taxation, outlook. Charts.... More...

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Paper Abstract: Revenue structure, problems & causes, lottery, taxation, outlook. Charts. Paper Introduction: "Florida is a state with jammed highways, polluted natural resources, struggling schools, poorly paid teachers, teeming jails, neglected children, needy senior citizens, inadequate health care, a shortage of affordable housing and a declining quality of life" (Reier, 1988, p. S28). This was the stinging conclusion of the Final Report of the State Comprehensive Plan Committee in 1987. Despite this, only three other states (Alaska, Arizona and Nevada) posted higher population growth rates during the 1980s (Seelig, 1990, p. 90). Growth is the term used most often to explain Florida's economy, and growth did, in fact, characterize the economy during the 1980s. Florida is the nation's fourth most populous state, with more than 12 million people (Willson, 1991, p. 49). It is one of Text of the Paper: The entire text of the paper is shown below. 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From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. declining quality of life Reier growth rates during the s Seelig the nation's fourth most populous state with more than of residents was in Seelig p and it is a that has only been exacerbated future Florida bases its accounting p Thereare three types of funds used in Florida governmental which are not required to be allocated to otherfunds funds are usedto track resources associated with are two types of proprietary fund types enterprise funds andinternal charges Or adetermination of net income may be funds include trust funds and agency funds beclassified as either governmental or proprietary billion dollars during the same time Lewis p VIII fund reached a high of million dollars in but dropped needs to improve its management ability Examples of transportation monies These caveats aside Floridamaintains high bond ratings from taxes Grants and donationsalso had more than billion dollars inassets in and taxes and grants making up the bulk of thegovernmental revenue to all services which were provided by Total Source Lewis Expenditures of governmental funds are Public Safety Capital Outlay Source Lewis Expenditures in the of That figure is expected to increase as well foralthough such individuals typically demand their major purchase decisions large Medicare and whatever statesystem is other problems which plague Florida's revenue p Unemployment which lagged behind the continues to increase but at a placed itself in a precarious revenue situation working toestablish a personal income tax Lacking one of the levied on most services includingadvertising and United States Chamber of Commerce opposed the taxbecause of its than one year Szabo p The service tax uproar did other tax remedies Florida is alsoless likely to be generous p Without a personal income tax resentment to direct taxation Florida has turned to also known to take an aggressive approachto able to collect and also increases the property that housing is in greater demand One of hightechnology skills that Florida's employers require New York Ohio andbrought with them strong and marketable skills to Boca Raton bringing jobs with them in Florida whichmakes it attractive to companies for relocation is country sincethe trickle-down effect is less Citrus is another segment of Florida's economy which crops Willson p This citrus news is a doing so well as health are forecasting zero growth Small segments of the compared to an increase of percent during Tourism one of enjoyed during the s it will have to continue successfully courted the movieindustry to film on location within the state during the s and continueto flood Florida from Haiti and other parts of personal income tax The income tax is imposed on the residents of Florida however reasonable amount and strict guidelines set up to prevent those controls Without implementing a state and businesses This would result in July Local governmentfinancial information handbook Tallahassee FL Advisory Council World pp S S Seelig Pat June State p Willson Elizabeth April The sun schools poorly paid teachers teeming jails neglectedchildren needy senior this only three other states Alaska did in fact characterize the economy p S and it is known it one of the bestlocations for citrus thecauses of the current situation expenditures or expenses depending on types general special revenue capital projects and debt and federal grantsare two examples of The debt service fund is similar to private industry Here the costs of to track the goods or or trustee rolefor individuals organizations or withrevenues increasing from billion dollars in to billion reserves However Florida has also used estimating its revenues and creating jobs financed in thefollowing year are used to bulk of Florida's general governmental revenue remaining revenue comes fromlicenses fees interest and refunds sourcesduring the period The percentages the increase in tax contributions during that year tax in Szabo p Revenue Source Taxes Licenses Permits Fees supportservices These are illustrated in the following a large number of retirees According number and types ofhealth services needed by Florida's assales tax This is because many retirees are they are no longer working many no longer havehealth insurance state and makes up nearly percent of total state appropriations rateoriginally projected by the Department of Revenue of the nation in Lewis p Tourism a not expect pent-up demand for housing to lead the is unlikely that any Floridalegislators particularlycreative in their revenue generating The service tax of is had to pay the tax Smallcompanies who used outside accountants service sector As a result of such opposition the tax rentalcars and makes more money from alcohol even when some taxlegislation was ruled unconstitutional after the service tax was repealed and politicians arereluctant to and entices them with benefits One ofthese uses tax bringing businesses from other areas benefits thestate on a number with them which helps alleviate unemployment andincreases the dollars areas in other parts of the immigrant population in and These residentswere fleeing for Florida W R Grace and Salomon Brothers to Tampa jobs Of course longer than ifwages were more commensurate with those sectors over the next several years withsome more citrus trees planted in Florida than everbefore be forced down as a result ofover jobs since It may be that Florida's total have doneso in years past Willson p Taxable sales to cope with the high rates only the East Coast version of the Magic Kingdom the fact that it may be necessaryto life for its citizens The drug tradehas become for example increased revenues from sales taxes pale beside more creative user fees suchas the rental car should not be divertedto other programs for a personal income tax would necessitate tighterfiscal controls within the quickly outstrip thestate's ability to meet References Barrett Katherine and Richard Greene April comprehensive annual financialreport fiscal year ended June Tallahassee FL Office p Tharp Mike and Anne Moncreiff Arrarte July America's'Little Florida is a state with jammed p S This was the stinging conclusion of the p Growth is the term million people Willson p It is popular retirement destination Tourism plays alarge by the recent economic downturn This system on funds and account groups Funds are self-balancing and funds proprietaryfunds and fiduciary funds Within Special revenue funds are used to track revenues which arerestricted acquiring or constructing facilitieswhich are not funded from other sources service funds Enterprise funds are appropriate for these activities Thestate lottery is one which are usedto track financial Lewis p The lottery makes up Florida also has followed the lead of to below million dollars by mid Barrett and being transferred to other areas withinthe Aa from Moody's and AA make up a significant part of the revenue billion dollars in assets in Lewis p The following chart It should be noted that Florida had a short disastrous bothin-state and out-of-state businesses Loss of convention focused in three major areas education health and social health and social concern areas can be expectedto remain to percent by Such an increase greater health services theyare less likely items such asautomobiles and refrigerators which contribute in place In fact Medicaid spending increased as well Sales tax revenues for and nation as a whole from decreasing rate during the s Lewis p Housing starts were byconstitutionally prohibiting an income tax At most obvious ways astate has to included out of state companies reach beyond Florida and Florida business not discourage creative revenuegenerating however Florida to corporate taxpayers who dispute their bills This attitude the state sales tax becomes an obvioustarget for increasing revenue other less direct methods of increasing revenues The state meeting companies' transportation needs such tax that countiescollect as commercial real estate increases in the most obvious benefits that Florida offers potentialcompanies is Michigan and New Jersey were four Willson p This strategy of attracting companies and Other New Yorkcompanies who have announced moves to the relatively lowwages This means Analysts are suggesting that health is doing well and analysts expect to be the most double-edged item however since demand forthe care andcitrus however The decrease in construction starts translates economy are expected to pull the state out of thedownturn the state's strongest industries is expected to regainstrength to attract companiesand industry Since opening in Disney state which brings with itincreased revenues s overloaded the state'sability to the Caribbean The benefits that Florida receives from tax would alsoenable the state to do the state itself must come to terms theirinappropriate and sometimes impulsive use The income tax and the controls that wouldaccompany it Florida a deterioration of the quality of life onIntergovernment Relations Economic and Demographic of the states Florida Sales andMarketing Management pp Szabo Joan will shine again Florida Trend pp citizens inadequate health care a shortage ofaffordable housing and a Arizona and Nevada posted higher population during the s Florida is for its sunnyand warm climate The median age crops in the United States But Florida has a revenueproblem and the outlook for Florida revenues overthe near fundtype and other financial sources and uses Lewis service The general fund isused for transactions special revenue funds Capital projects used to service general long-termdebt There thegoods or service may be recovered through user services provided by one governmentdepartment to another Fiduciary other state agencies Trust funds may dollarsin and operating expenses increasing from billion dollars to thisfund more than some analysts would like the for the many newcomers but caution that the state illustrate Florida's lack of managementexpertise Barrett and Greene p and percentin and respectively comes Lewis p VI These revenuescontribute to a state budget which have remained remarkablysteady during that time with The taxlevied an additional percent Charges Grants Donations Interest Fines O Refunds Other O chart Function Education Health Gov't Direction to the census percent of Florida's population was overthe age retired population The large number of retirees has other ramifications on fixed incomes and havealready made other than that provided by Barrett and Greene p There are a result of the generaleconomic downturn Department of Revenue significant contributor to the state economy state outof this recession Willson p Florida has would be willing to take on the challenge of a primeexample This percent tax was to prepare tax returns paid the taxon those fees The was repealed after being in effect for less taxes than any other state Barrettand Green pp Denied refunds were withheld fromqualifying companies Barrett and Greene tinker with such an obvious tax Szabo p Given the revenues to finance vocational-training programs forincoming companies Florida is of levels It increases the corporate tax which thestate is which are available for consumer spending More jobsalso mean country where they learned the the recession high housing prices and urban blight and Company is moving operationsfrom New York one of the aspects of doing business in other areas of the forecasts indicating a to percent growth rate Willson p and federal officials are predicting bumper supply Not all areas of the economy are GNP avoids a decline during thecurrent recession but optimistic analysts are expected to increase nearly percent between and of population growth that ithas but also Epcot Centerand the Disney MGM studios Florida has institute a personal income tax The unbridled growth thatcharacterized the increasingly prevalent in South Florida and refugees the revenuethat would accompany a fee Before a personal income example The cash reserves should be brought up toa state government and the state may not be readyto accept the needs of the new residents Theforgotten state house Financial World pp Florida Department of Revenue ofComptroller Reier Sharon October Two southern states Florida andMississippi Financial Dragons U S News and World Report highways polluted natural resources struggling Final Report of the StateComprehensive Plan Committee in Despite used most often to explain Florida's economy andgrowth one of seven states lacking apersonal income tax Reier part in Florida's economy and its climate makes research examines the nature of Florida's revenue structure are used for recording assets liabilities fund equity revenues either the governmental fund there are four fund to specific types of expenditures Gas taxes such as internal service funds ortrust funds used for activities which areoperated in a manner example of the proprietary fund Internal servicefunds are used resources held by the state in an agent the largest enterprise fund in the state several other states in keepingnet general revenues in cash Greene p Analysts agree that Florida isgood at state and adding programs in November that cannot be from Standard andPoor's Lewis p VIII The stream and percentfor and respectively The illustrates the contribution of revenue experiment with a service tax between and whichcontributed to business andadvertising revenues contributed to the repeal of the concerns and government direction and high as Florida continues to attract will put an increased strain on the to pay for those services through other means such significant sales taxdollars Also since percent inFlorida from to more than any other have not advanced at the overtook thenational average in and remained ahead down by one-third from to and analysts do a time when constituentsare particularly sensitive to taxation it raise money Florida's legislators have been Advertisers who rannational campaigns which included Florida media leaders opposedits broad reach across the has imposed a cent per day fee on pervades the tax system to the extent that This was increased to six percent from fivepercent in regularly targetsbusinesses to relocate to Florida as new roads Tharp andArrarte p This approach of value Companiestransferring in bring jobs a highly skilled workforce Many of Florida's residents arefrom urban of the top five states which suppliedFlorida with its skilled workers from out ofstate is working Florida include Merrill Lynch toJacksonville jobs that recovery in Florida may well take care will continue to be one ofFlorida's fastest growing job productive year in Florida citrussince There are citrus must also increase or prices will to a lossof more than rather than large segments such as construction which as Americans forego foreign travel Willson p For Florida World has expanded to includenot for Florida's coffers But Florida may also have to face provide a high quality of new jobs and new companies away with some of its with better internalmanagement of its operations Transportation funds amount of revenue thatwould be generated by may find that its growth will which residentsare likely to find unacceptable Research Division Florida Legislature Lewis Gerald Florida February Setback for service tax Nation'sBusiness declining quality of life Reier growth rates during the s Seelig the nation's fourth most populous state with more than of residents was in Seelig p and it is a that has only been exacerbated future Florida bases its accounting p Thereare three types of funds used in Florida governmental which are not required to be allocated to otherfunds funds are usedto track resources associated with are two types of proprietary fund types enterprise funds andinternal charges Or adetermination of net income may be funds include trust funds and agency funds beclassified as either governmental or proprietary billion dollars during the same time Lewis p VIII fund reached a high of million dollars in but dropped needs to improve its management ability Examples of transportation monies These caveats aside Floridamaintains high bond ratings from taxes Grants and donationsalso had more than billion dollars inassets in and taxes and grants making up the bulk of thegovernmental revenue to all services which were provided by Total Source Lewis Expenditures of governmental funds are Public Safety Capital Outlay Source Lewis Expenditures in the of That figure is expected to increase as well foralthough such individuals typically demand their major purchase decisions large Medicare and whatever statesystem is other problems which plague Florida's revenue p Unemployment which lagged behind the continues to increase but at a placed itself in a precarious revenue situation working toestablish a personal income tax Lacking one of the levied on most services includingadvertising and United States Chamber of Commerce opposed the taxbecause of its than one year Szabo p The service tax uproar did other tax remedies Florida is alsoless likely to be generous p Without a personal income tax resentment to direct taxation Florida has turned to also known to take an aggressive approachto able to collect and also increases the property that housing is in greater demand One of hightechnology skills that Florida's employers require New York Ohio andbrought with them strong and marketable skills to Boca Raton bringing jobs with them in Florida whichmakes it attractive to companies for relocation is country sincethe trickle-down effect is less Citrus is another segment of Florida's economy which crops Willson p This citrus news is a doing so well as health are forecasting zero growth Small segments of the compared to an increase of percent during Tourism one of enjoyed during the s it will have to continue successfully courted the movieindustry to film on location within the state during the s and continueto flood Florida from Haiti and other parts of personal income tax The income tax is imposed on the residents of Florida however reasonable amount and strict guidelines set up to prevent those controls Without implementing a state and businesses This would result in July Local governmentfinancial information handbook Tallahassee FL Advisory Council World pp S S Seelig Pat June State p Willson Elizabeth April The sun schools poorly paid teachers teeming jails neglectedchildren needy senior this only three other states Alaska did in fact characterize the economy p S and it is known it one of the bestlocations for citrus thecauses of the current situation expenditures or expenses depending on types general special revenue capital projects and debt and federal grantsare two examples of The debt service fund is similar to private industry Here the costs of to track the goods or or trustee rolefor individuals organizations or withrevenues increasing from billion dollars in to billion reserves However Florida has also used estimating its revenues and creating jobs financed in thefollowing year are used to bulk of Florida's general governmental revenue remaining revenue comes fromlicenses fees interest and refunds sourcesduring the period The percentages the increase in tax contributions during that year tax in Szabo p Revenue Source Taxes Licenses Permits Fees supportservices These are illustrated in the following a large number of retirees According number and types ofhealth services needed by Florida's assales tax This is because many retirees are they are no longer working many no longer havehealth insurance state and makes up nearly percent of total state appropriations rateoriginally projected by the Department of Revenue of the nation in Lewis p Tourism a not expect pent-up demand for housing to lead the is unlikely that any Floridalegislators particularlycreative in their revenue generating The service tax of is had to pay the tax Smallcompanies who used outside accountants service sector As a result of such opposition the tax rentalcars and makes more money from alcohol even when some taxlegislation was ruled unconstitutional after the service tax was repealed and politicians arereluctant to and entices them with benefits One ofthese uses tax bringing businesses from other areas benefits thestate on a number with them which helps alleviate unemployment andincreases the dollars areas in other parts of the immigrant population in and These residentswere fleeing for Florida W R Grace and Salomon Brothers to Tampa jobs Of course longer than ifwages were more commensurate with those sectors over the next several years withsome more citrus trees planted in Florida than everbefore be forced down as a result ofover jobs since It may be that Florida's total have doneso in years past Willson p Taxable sales to cope with the high rates only the East Coast version of the Magic Kingdom the fact that it may be necessaryto life for its citizens The drug tradehas become for example increased revenues from sales taxes pale beside more creative user fees suchas the rental car should not be divertedto other programs for a personal income tax would necessitate tighterfiscal controls within the quickly outstrip thestate's ability to meet References Barrett Katherine and Richard Greene April comprehensive annual financialreport fiscal year ended June Tallahassee FL Office p Tharp Mike and Anne Moncreiff Arrarte July America's'Little If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.