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Revenue Management Plan and Forecasting Models Essay

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Updated: Jun 8th, 2021

Introduction

The questions that may arise during the city council meeting related to a new criminal justice facility. These questions can be subdivided into political, tax, demographic, and administrative issues that should be considered to understand how each factor will influence the tax structure and vice versa (Menifield 135). The answers to these questions will help to assess the revenue structure and determine the revenue management strategy.

Question List

Political Questions

  • What are the opinions of the dominant political parties towards the new project? Do they agree or disagree that a new facility may be needed?
  • What is the dominant political culture mixed or unified? The attitudes of which political parties matter the most?
  • Are there any political reasons not to raise taxes in the present circumstances?

Tax Questions

  • Are there any other sources of revenues that would help to avoid raising taxes?
  • Should the funds be earmarked from the current budget, or is additional profit required to cover the needs of the new facility?
  • Is there a legal way to raise taxes?

Demographic Questions

  • Will the increased taxes have an adverse economic impact on the population and business?
  • What demographic groups, industries, and organizations may benefit from the implementation of the proposed project?

Administrative Questions

  • Who will be in charge of ensuring the efficiency of the new facility constructions and operation?
  • Are there any additional administrative costs associated with building the new jail? If yes, what are they, and how will these expenses be covered?

Conclusion

The revenue management plan is a laborious undertaking that has an impact on various stakeholders, both local and federal. While discussing the plan, it is vital to address all the possible issues that may facilitate or stall the project. The city council is to review all the revenue streams and expenditures to find the funds for a wide variety of projects. Sometimes, a project may be opposed due to subtle reasons, such as government elections, which make increasing taxes impossible. In short, the revenue management plan elaboration is a complicated matter that requires the attention of highly qualified specialists.

Work Cited

Menifield, Charles. The Basics of Public Budgeting and Financial Management: A Handbook for Academics and Practitioners. 2nd ed., University Press of America, 2015.

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IvyPanda. (2021, June 8). Revenue Management Plan and Forecasting Models. Retrieved from https://ivypanda.com/essays/revenue-management-plan-and-forecasting-models/

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"Revenue Management Plan and Forecasting Models." IvyPanda, 8 June 2021, ivypanda.com/essays/revenue-management-plan-and-forecasting-models/.

1. IvyPanda. "Revenue Management Plan and Forecasting Models." June 8, 2021. https://ivypanda.com/essays/revenue-management-plan-and-forecasting-models/.


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IvyPanda. "Revenue Management Plan and Forecasting Models." June 8, 2021. https://ivypanda.com/essays/revenue-management-plan-and-forecasting-models/.

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IvyPanda. 2021. "Revenue Management Plan and Forecasting Models." June 8, 2021. https://ivypanda.com/essays/revenue-management-plan-and-forecasting-models/.

References

IvyPanda. (2021) 'Revenue Management Plan and Forecasting Models'. 8 June.

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