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Posted on March 24th, 2013, by

The city budget has a separate capital budget and capital improvement program for health care system, education, and transportation system in the city. In fact, there are three special programs, which have common goals and which attempt to stimulate the development of the high quality of health care services in the city, education and well-developed, modern, advanced transportation system. In this regard, it is worth mentioning the fact that the budget pays a particular attention to the immediate and long range plans for the development of health care services, education, and transportation system in Kingston. To put it more precisely, the budget has short-run plan for the maintenance and development of the local health care, education, and transportation system for the current financial year. In a short-run perspective, the budget attempts to attain current goals and cope with existing challenges. At the same time, the budget of Kingston has long-run plans concerning the development of its health care, education, and transportation system. In a long-run perspective, the city attempts to reach its strategic goals in terms of the improvement of its health care, education and transportation system. In terms of education and health care, the city budget has a plant to reach and outpace the existing national standards concerning the health care services and education. As for the transportation system, the budget has the plan to introduce the new concept of the smart transportation system, which is an advanced project that aims at the consistent improvement of the transportation capacity, development of the local community, residential and business areas, along with the implementation of environmental projects that decrease the negative impact of the transportation on the local environment.
In such a context, the revenue sources of the health care system, education, and transportation system become particularly important. In this regard, it is worth mentioning the fact that the health care system, education, and transportation system of Kingston rely upon the same revenue sources.

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The major source of revenue is taxes collected from the local community, such as property taxes. At the same time, Kingston has other revenue sources. At this point, it is important to place emphasis on the fact that the city has developed a number of programs to maintain the local health care system, education and transportation system and the local population can donate to the programs to enhance health care, education, and transportation system in the city. In addition, the city uses revenues from the fuel taxes on the development of the local transportation system, which is one of the major sources for the development of the new, smart transportation system in Kingston.
In actuality, the policy makers of Kingston attempt to diversify revenue sources to fund the health care system, education, and transportation system of the city. The recent economic recession has a negative impact on the local business activities and revenues of the city’s budget. For instance, the crisis in the housing market caused a drop in property taxes collection that led to the drop in the city’s budget revenues. In such a situation, the diversification of sources of revenue will make the budget less dependent on the current economic situation and changes in the business environment. For instance, the drop of revenues from some sources may be compensated by the rise of revenues from other sources, whereas such compensations and balancing of the budget’s revenues are impossible without the diversification of the city budget’s revenue sources.
The analysis of the state budget reveals the fact that there are some indications of financial problems the city’s budget has faced in regard to funding its health care, education, and transportation system. In fact, the city’s budget has poor revenues from property taxes and, at the moment, the city is looking for other revenue sources. In this regard, the city attempts to develop its programs to increase funding of the health care system, education, and transportation system. To put it more precisely, the city stimulates donations and support of programs that aim at the support of health care, education, and transportation programs in the city. At the same time, the city grants tax credits to organizations and individuals introducing innovations that lead to the consistent improvement of the quality of health care system, education and transportation system and allow saving costs spent on the maintenance of the health care system, education, and transportation system. In such a way, the city attempts to attract businesses and individuals to the introduction of innovations, which help the city to save costs and increase the efficiency of its education, health care, and transportation system. At the same time, it is important to point out that the revenues of the city’s budget and its expenses have increased since 2008, which was the most difficult financial year and the budget deficit was considerable that forced the city to limit its spending. Nevertheless, today, the city’s budget is still limited because of low revenues but the city has started to recover and the city has good prospects for the steady, sustainable development.
However, there are still financial danger signs which need to be monitored. In this regard, the consistent drop in housing prices and crisis in the housing market is the most disturbing trend in the development of Kingston. At the same time, the city has a possibility to use such a situation to accelerate its economic development because the trend to the housing crisis can be traced in other cities of the US and nationwide. In such a situation, the city needs to create favorable conditions for the economic development and development of its housing market. What is meant here is the fact that, if the city manages to create favorable conditions for the development of the local housing market, for instance, through provision of tax credits or through developing public funding of housing construction, investors and the population will start construction in Kingston that will stimulate the economic recovery and accelerate the economic growth of the city.
Finally, it is important to dwell upon the fund balance for the General Fund and the various enterprise funds. In this regard, it should be said that, after the economic recession, the city’s budget has suffered from misbalancing between the General Fund and the various enterprise funds. In fact, the General Fund has suffered from the shortage of financial resources, whereas some enterprise funds persisted to obtain sufficient financial resources. As a result, the General Fund needed to balance its revenues and to close the gap between different enterprise funds to balance the General Fund. In fact, some enterprise funds were growing, whereas others were contracting. In such a situation, the city’s budget attempts to make them adequate and to share revenues between different enterprise funds to balance the General Fund.
Thus, taking into account all above mentioned, it is important to place emphasis on the fact that the city’s budget of Kingston focuses on the development of the social and public welfare. In this regard, the city’s budget focuses on the development of the local health care system, education, and transportation system. The city pays a particular attention to the development of human resources and innovations, which can accelerate the economic development of the city and improve the quality of health care services, education, and transportation system. In spite of existing problems caused by the economic recession, Kingston still has managed to start recovering and balancing its budget.
References
Holcombe, R. (2006). Public Sector Economics: The Role of Government in the American Economy. New York: Allyson and Beacon.
Friedman, M. (Spring 1997). “John Maynard Keynes,”¯ Federal Reserve Bank of Richmond Economic Quarterly. Volume 83/2.
Piketty T. and Saez, E. (Winter 2007). “How Progressive is the US Federal Tax System?”¯ Journal of Economic Perspectives, Vol. 21, No. 1.

 

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