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Essay / Research Paper Abstract
This 7 page paper looks at the revenue section of the annual accounts for the city of Ottawa, examining the different sources of revenue, the level of importance in the way that they have changed between 2005 and 2009 and whether this has lead to a deficit or a surplus. The bibliography cites 6 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEottawa.rtf
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Unformatted sample text from the term paper:
of revenue in order to manage their financial affairs. Ottawa City Council has to balance the budget, to do this they need to be able to assess the level of
revenues that they will be able to make accurate forecasts. Revenue comes form a number of sources, the main source is taxation, but this is not the only source
of revenue, the city council has made investments that yield revenue, receive government grants, there are fees and user charges and fines are also able to increase revenues. The table
below indicate the relevant importance of each source of revenue showing each source as a percentage of the actual revenue received. Figure 1 Revenue sources Revenue Source Amount received
Proportion of Revenues received Taxes for municipal purposes 1,286,044 47.69% Fees and user charges 623,350 23.11% Government grant 471,416 17.48% Contributed tangible assets 145,296 5.39% Development charges 81,392 3.02% Investment
income 26,071 0.97% Fines and penalties 23,567 0.87% Other revenue 10,369 0.38% Equity earnings from government business enterprise 29,414 1.09% Total 2,696,919 100.00% From this it is apparent that the
main source of income is taxes, as such we can look at this in more detail to see where these taxes are originating. We have a net tax revenue on
the revenue statement of 1,286,044, however the taxation received is actually greater than this as there is a education tax of 458,779 that the city has to pay. Therefore, when
looking at the revenue for taxes it is the gross amount that we will consider, which is coming from three main sources, the breakdown is shown below Figure 2 Sources
of taxation Taxation Sources Amount Percentage of taxes received Property Tax 1,576,361 90.35% Payment in lieu of taxes 163,687 9.38% Local improvements and other charges 4,775 0.27% Total 1,744,823 100.00%
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