100%(5)5 out of 5 people found this document helpful
This preview shows page 1 - 3 out of 5 pages.
Running head: UNIT V1Unit VWilliam NortonColumbia Southern UniversityPublic Finance and BudgetingPUA 5305Dr. Waree Dorsey-WaitsMay 30, 2017
Briefly describe the municipality’s demographics.On July 18, 2013 the once mighty city of Detroit, Michigan filed for Chapter 9 bankruptcy, the largest United States city to do so. Because of World War II, Detroit’s industrial might was tapped to produce tanks, trucks, aircraft, and other items of war. This was the peak of the once industrious city and saw its population skyrocket to almost 2 million citizens in the mid-1950s. Detroit remained the home of America’s “Big Three” automobile manufactures, which began to improve on automation and cut humans from their payrolls. Now Detroit consists of just over 600,000 citizens and has countless abandon properties around the city.During this same time, Detroit experienced a major shift in its demographic make-up. From its peak of 98.75 percent in 1910, the Caucasian population has fallen to as low as 10.61 percent in 2010. The percentage of African-American citizen has diametrically opposed that of Caucasian population, from a low of 1.23 percent in 1910 to a high of 82.69 percent in 2010. Evaluate the previous three-year trend of the municipality’s major revenue sources and expenditures.In obtaining Detroit’s Comprehensive Annual Financial Report for 2014, 2015, and 2016, the lastthree complete fiscal years, the top three expenditures and revenues remained consistent. The