PA Unit VIII Project Topic part 3

Unit VI Project Topic

James Bell

Waldorf University

Local Government that has not signed Bankruptcy Petition

In the era where the economy has a lot of uncertainties, many local governments are not able to meet their financial obligations. This is one thing that is making the local governments file for bankruptcy. Signing for bankruptcy is a measure that is considered as being extreme. One of the local government that has no doubt be faced with economic turmoil in California. In the year 2009 California signed bankruptcy. With the signing of the bankruptcy, the local government has not engaged in the signing of a petition in order to get out of the bankruptcy issue(Huang,2012).

Distribution of Income

The income gap has been rapidly on the increase in the past three years in the state of California. Most people in the state of California have been losing ground as compared to other people in other states. However, the state has been facing a lot of decline in the steep earnings of the poor and the low-income earners in the state of California. The gap between the rich and the poor has rapidly grown in California than in any other state in the nation(Hyman,2014). When it comes to the distribution of income in the three-year period, the male workers in California have seen their position go down and get eroded. These are aspects that have been affected due to the recession in the world and which affected the US a lot.

Trends in revenue sources

The major revenue trends that have been witnessed in California and other states are in the case in which the institutions of finance get to be part of lives for people daily. This means if the institutions are providing services to government or even other population, it is then in order for the service and the revenues to be reviewed. The trends should also have some aspects of rewarding coupled with fun too. Trends of revenue sources will also have to put into use the tools that are digital to discover and meets the needs of people(Huang,2012). With the provision of the funds together with the surplus, it then becomes critical for government to have a restriction on how the budget gets to be used.

Ethical Practices of the Financial Policy in regards to Fees Taxes and Charges

The main ethical practices when issues to do with charges, fees and taxes are involved are to do with transparency, honesty and even accountability. When the taxes are collected, they should be kept safe and as they are used there should be accountability on the projects that they are used in. Charges should not be hiked but should be retained at the normal rate and there should be honesty on the side of those that are collecting the charges(Hyman,2014). Same with the fees, there should also be integrity and the fees should not be overcharged or misused for wrong reasons.

Internal/External opportunities and challenges of revenue sources

Technology is one of the best ways in which the revenue resources can be Improved and even monitored. Technology is used to make the revenue resources to get to be efficient making money and other things to be well taken care of. Despite the opportunities, challenges are there in the form of misuse of the technology to steal from the revenue resources and even divert money to own and selfish gains. Technology should be used to make revenue resources more efficient(Huang,2012).

References

Huang, C. (2012, April 24). Recent studies find raining taxes on high-income households

would not harm the economy. Retrieved from http://www.cbpp.org/research/recent- studies-find- raising-taxes-on-highincome-households-would-not-harm-the-economy

Hyman, D. N. (2014). Public Finance: A contemporary application of theory to policy (11th

ed.). Stamford, CT: Cengage Learning.