Socioeconomic and Political Factors - Orlando - Essay Example

? Financial Analysis Financial Analysis Socioeconomic and Political Factors Orlando is the of a located in the central expanse of the Florida state in the United States (Diana, 2012). It is also the center of the Greater Orlando municipal area, as well as the county seat of Orange County (Loschiavo, 2012). The city, in line with the 2010 United States Census, had a population of 238,300 people, making it the 79th largest municipality with regards to population in the United States. The Greater Orlando municipal area has a populace of 2,134,411, which makes it the 26th biggest metro area in the U.S. and the sixth biggest metro area in the Southeastern part of the United States. In addition, when these figures totaled up, the Greater Orlando municipal is the 3rd largest metro expanse in the state of Florida. Orlando is ranked fifth among the population sizes in the state, and it is the state’s largest inland municipal area. The geography or layout of the city is mostly wetlands, comprising of many swamps and lakes such as Lake Apopka (Loschiavo, 2012). The landscape is generally flat and low lying making it fairly wet. The city seats on 101 sq miles (261.6 km?) land terrain. The city has the biggest population of Puerto Ricans within its states, Florida. Orlando houses the fastest growing Puerto Rican community in the United States. From 1980 to 2010, Hispanic populace share rose by nearly 20% from 4.1 to 25.4%. Orlando also has the largest growing Caribbean populace in the U.S. In 2000, the area’s population became more open with 22.0% below the age of 18, 10.7% from 18 years to 24 years, and 55.9% from 25 years to 64 years and 11.3% who were 65 years of age and above (U.S. Department of Commerce, 2013). In the past, the unemployment rate in Greater Orlando region was deprived, which resulted in population growth that brought about urban sprawl in the neighboring area and, in together with the U.S. housing bubble, a huge increase in house prices. Orlando's joblessness rate in June 2010 was 11.1%, a 0.3% drop from April the same year. However, the unemployment rate was roughly 10% in the same time of year back in 2009 (Diana, 2012). As of June 2012, Orlando’s jobless rate was 8.6%. Home prices in the Greater Orlando region increased to 40.1% in one fiscal year, from a medium of $182,300 in June 2004 to $249,900 in June 2005, and finally peaked at $264,436 in June 2007. After that, with the financial crisis, prices plunged, with the medium dropping below $200,000 in November 2008, at one time falling at a yearly rate of 42.02%. The medium dropped below $100,000, in 2010, but later stabilised to $110,000, in 2011. As of April 2012, the median housing price was $116,000. High or secondary school graduates or higher in the city of Orlando fall at 86.7% People with a Bachelor's degree or higher, on the other hand, in the city of Orlando fall at 31.9%. This numbers act as a proof of how the city highly regards education. As of October 2011, Orlando area had an enrollment of almost 175,000 students in public schools, which made the city the 12th largest with regards to public school enrollment in the United States (Loschiavo, 2012). According to rankings by various studies dealing with criminal activities among major towns, which use the most up-to-date, as well as wholly vetted data with total national coverage that is attainable, Orlando is ranked 67th among the list of top 100 most unsafe municipal centers in the United States. Orlando is identified around the globe for its major entertainment attractions, particularly Walt Disney World, the film studios and Epcot. Representing a 4.7% growth from the earlier year, almost 45 million conventioneers and tourists visited Orlando in 2010, pumping almost $24.9 billion into the city’s economy. Major employers in the region include the aviation industry, the military service and the public schools. Orlando is governed and administered through the mayor-council system. The mayor is chosen from a citywide vote. The six members of the city council are each elected from the six districts (Diana, 2012). With regards to its political culture, while North Orlando overpoweringly was regarded conservative and South Orlando was regarded more liberal, a majority of Central Orlando citizens (52%) regarded their area modest; 7% regarded it liberal and 41% conservative. 42.08% of the population in Orlando, Florida, are sacred, meaning they linked to a certain religion. 0.96% are LDS, 13.06% are Catholic, 8.03% are Christians and 0.37% are Jewish. 1.10% of the population in Orlando belongs to the eastern faith and another 1.10% affiliates of Islam (U.S. Department of Commerce, 2013). Fiscal Factors Basing on the fact that Orlando is mostly an entertainment town, a majority of its budget is used to ensure that the entertainment culture is maintained since that is where the city gets most of its capital. Almost all dealings in the city are linked to its entertainment sector, which brings in a lot of revenue (Loschiavo, 2012). The city’s budget is also channeled towards the maintenance of its infrastructure, as well as keeping the city clean. Finally, a substantial amount of the budget is channeled to security matters of the city. The city’s primary and main source of revenue is sales tax. Orlando, however, does not inflict a personal income tax on its citizens. The main revenue source for the city is property tax. Main contributors to the city’s gross output are financial services, transportation, trade, public utilities, construction and manufacturing, respectively. In 2011 and 2012, the region’s budget was $70.5 billion, having attained a peak of $73.8 billion in 2006 and 2007 (U.S. Department of Commerce, 2013). Property values are mainly rooted in fair market price of the property on the assessment date. Fair market price in the Orlando city council has been defined as that value a willing and informed buyer would give to an unrelated informed and a willing seller where neither group is under obligation to perform. 14% was how much the Orlando Municipal wanted to raise property taxes to cater for its $30 million deficit. The city finalised its proposal in 2008, but it was after several court hearings. Following the 14% increase of property tax, a home with a taxable value of $64,000 saw a rise of $46 on the tax bill (U.S. Department of Commerce, 2013). Even though, they are released at the same period, the City’s CIP budget and operating budget are separate. This is due to the fact that capital infrastructure plans funded by the CIP budget are mainly large and costly, take many years to complete, and need unique financing sources outside the Orlando’s General Fund, which is the major money funding source for vital City services and functions determined by the city’s operating budget. The fiscal years of Orlando city begin on 31st July to still 31st July of the following year. This enables the city to plan well. The debt of this city was discussed earlier while discussing its property tax (Loschiavo, 2012). The city had a deficit of US$ 30 million that made it raise its property tax in order to settle the deficit. In accordance, or in line, with Section 218.415 of the Florida Statues, this Orlando’s investment policy applies to all investments and cash controlled or held by the Authority and shall be recognised as operating funds, bond funds or reserve funds of the city’s authority (the “Portfolio”). This is in connection with the asset of proceeds of bonds offered by the Authority (Diana, 2012). The authority’s main bond resolution granted investments will be, in addition to the permitted investments, in Section 15 of this Florida’s Statute. Investments are made with care and judgment, under conditions then established which persons of discretion, caution and intelligence, implement in the organisation of their own affairs, not for assumption. References Diana, E. (2012). Comprehensive annual financial report Orange County. Retrieved from http://www.orangecountygov.com/filestorage/124/1322/2494/2011_Comprehensive_Annual_Financial_Report.pdf Loschiavo, J. (2012). Annual financial report of MetroPlan Orlando. Retrieved from http://www.metroplanorlando.com/files/view/annual-financial-report-2012.pdf U.S. Department of Commerce. (2013). State & County QuickFacts. Orlando (city), Florida. Retrieved from http://quickfacts.census.gov/qfd/states/12/1253000.html Read More