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Instructions
You are a municipal budget analyst. Using your favorite search engine, locate the budget of a municipality that has completed a petition to file bankruptcy. Some examples include Detroit, Michigan; Stockton, California; Central Falls, Rhode Island; San Bernardino, California; Prichard, Alabama; and Vallejo, California.Develop your case study findings and recommendations consisting of no less than 500 words in which you discuss the following:Briefly describe the municipalitys demographics.Evaluate the previous three-year trend of the municipalitys major revenue sources and expenditures.Analyze the impact of the issues contributing to the municipalitys budget deficiencies.Propose three alternative financing options.
Answer
City of Fairfield Files for Bankruptcy IntroductionMunicipalities like companies face the risk of bankruptcy. Typically, bankruptcy arises in the case, when sources of revenue do not generate enoughor the expenses rise to an unmanageable levels. One of the recent municipalities to file for bankruptcy is Fairfield, Alabama. This report explores the bankruptcy filing by the municipality, the reasons behind the move, and the possible solutions.Municipality DemographicsThe demographic factors of the city include ethnic composition, types of household, education, and poverty rate. The total population of persons in the city was 10,450. African-Americans are the largest ethnic group 92.62%. The other major race is whites and mixed-race with 4.88% and 2.30% respectively (Faulk and Koplowitz, 2020...
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