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Growth And Stability Of Local Government Taxes: An Analysis Of The Lexington-Fayette Urban County Government’S Tax Revenue Portfolio, Nathan Phelps
Growth And Stability Of Local Government Taxes: An Analysis Of The Lexington-Fayette Urban County Government’S Tax Revenue Portfolio, Nathan Phelps
MPA/MPP/MPFM Capstone Projects
Adequate tax revenues are critical for a government to operate and maintain the delivery of services that its citizens depend. The stability of these revenues is necessary for a government to accurately forecast future revenue growth and to ensure that balanced-budget requirements are met. The Lexington-Fayette Urban County Government (LFUCG) depends upon five primary tax sources for nearly 95% of its tax revenue. These taxes comprise the city’s tax revenue portfolio and include the business net profits tax, employee withholdings tax, franchise tax, insurance premiums tax, and the property tax. Each of tax possesses unique characteristics that dictate their susceptibility …