Term Paper: Cincinnati, Oh and Lawrenceburg

Pages: 4 (1463 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] With employment figures at all time highs and local income positively effected, Cincinnati and Lawrenceburg have contributed higher revenues in per capita taxes to their respective state coffers. The area currently boasts of higher revenues in the tourism industry such as hotels, motel, and convenience stores; the local travel industry such as gas stations, restaurant and entertainment facilities. Although the gambling revenues are not a complete solution for solving all revenue problems, the Cincinnati and Lawrenceburg area are enjoying the new found prosperity.

Provided a comparative analysis of states focus

Ohio is currently in the black. When all the books for the year were reconciled on Monday, state coffers wound up $180.7 million in the black, said Budget Director Tom Johnson. The extra cash will go into the state's zeroed-out Rainy Day Fund. (Ohio ends in black; Dems see red)

Indiana on the other hand is deep in red. Indiana legislators adjourned early this year, an improbable accomplishment considering what they faced in 2003: divided government, a projected deficit of $800 million for the next biennium and pressure to pass a major economic stimulus plan. Fixing the deficit was helped by early agreement on key issues by leaders in both parties: neither wanted to raise taxes, and both sought to increase education funding. (State targets economic expansion)

Products or capital contributing to the GSP through exports or imports

Lawrenceburg and Cincinnati are both major exporters utilizing the local Ohio River waterways. Cincinnati businesses expect to dramatically increase their exporting capabilities through new initiatives. Cincinnati is on the cutting edge of the global import/export experience and their local Chamber of Commerce was one of only 14 recipients in the United States to receive the President's Award for Exporting. Cincinnati's winning strategy included:

Develop international trade for member companies.

Create a globally educated community.

Support the global Cincinnati initiative.

Businesses that use the waterways to move their products were recently surveyed by Xavier University business majors who found that the expectations of increased levels of import and export for the region were very promising.

The area businesses in both Lawrenceburg and Cincinnati identified the top markets in which they plan to continue do business: Canada, Western Europe, Australia and New Zealand, and Taiwan.

Tax income

For Lawrenceburg, gaming taxes will continue to help build community tax revenues. "Lawrenceburg, the gaming facility in that community has contributed $129 Million for improvements to roads, the local river front, and the restoration of historic buildings. In 1997, the gaming facilities entered into a revenue sharing agreement with the neighboring communities southeast of Lawrenceburg. In the last four years, those towns have received more than $23 Million." (Myths & Facts - NH Citizens Against More Taxes)

Cincinnati has been gradually raising revenue expectations. "The revenues, which began falling below budget estimates after 2000 and decreased last year from the year before, typically have been a reliable early indicator of local and national economic trends. City officials, however, aren't yet ready to declare a recovery. During the first quarter of this year, the city's income tax collections were up $3.9 million, an increase of 8.7%, compared with the same period in 2002. Also, the city's total general fund revenues were up $6 million, an increase of 7.4%, compared to the same period last year. City officials are cautiously watching the trend, hoping that it means the economy has bottomed out and is starting to rebound from recession." (Osborne)

Indiana State Revenues

Ohio State Revenues

Works Cited

Alltucker, Ken. "Census Shows SE Indiana Perked Up By Prosperity" Cincinnati Enquirer [Cincinnati] 15 May 2002.

Drake might seek hefty hike in tax revenue. Ed. Dan Monk. Business Courier. 7 Dec. 03 http://www.bizjournals.com/cincinnati/stories/2003/10/20/tidbits1.html?jst=s_rs_hl.

Greater Cincinnati Chamber of Commerce earns President's Award for Exporting. Ed. Unknown. June 4, 2002. Cincinnati Chamber of Commerce. 3 Dec. 2003 http://www.gccc.com/quick_links/news/6_04_02export_award.asp.

Housing Profiles - Cincinnati, OH. Ed. Unknown. HUD. 3 Dec. 2003 http://www.huduser.org/periodicals/USHMC/summer03/oh.html

Lawrenceburg Downtown Development. Ed. Unknown. City of Lawrenceburg. 3 Dec. 2003 http://www.gbbn.com/portalpha/lawrenceburg.htm.

Myths & Facts - NH Citizens Against More Taxes. Ed. Unknown. NH Citizens Against More Taxation. 3 Dec. 2003 http://www.nomorenhtaxes.com/answers.htm.

Ohio ends in black; Dems see red. Ed. FreeRepublic. 7/02/2003. FreeRepublic.com. 3 Dec. 2003 http://www.freerepublic.com/focus/f-news/939190/posts.

Osborne, Kevin. "Higher tax revenues may signal recovery." Cincinnati Post [Cincinnati] 21 May 2003.

State targets economic expansion. Ed. Tim Anderson. 5/13/2003. NASVF. 3 Dec. 2003 http://www.nasvf.org/web/allpress.nsf/pages/6874.

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