Abstraction
The City of Sanford initiated work on their Parks and Grounds City Project in 2004 with the development of Phase I of said undertaking in an attempt to make and construct a better community for metropolis occupants. In making so. they have been privy to obtaining assorted grants and funding that allowed them to widen the focal point on the undertaking to the Riverwalk and Seawall. while widening the stages of the Program to Street Revitalization. the Riverwalk Gateway. the Market at Seminole Towne Center. and shortly the Orlando Sanford International Airport. This papers will observe the cost-benefit analysis that took topographic point in the development of the undertaking. It will besides province how such analysis is used for doing determinations sing public outgos. the function the economic theory played in carry oning research for this peculiar undertaking every bit good as the influence of economic theory on the cost benefit analysis for this undertaking.
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Public Finance Proposal Part I: Cost Benefit Analysis
The consideration of costs and benefits in the rating of an approaching metropolis undertaking is a instead logical procedure. In fact. it is of import for metropolis directors to take into history the undertaking costs and benefits prior to execution of said undertaking. The procedure of developing the undertaking thought is indispensable and therefore consideration for the best class of action becomes indispensable to the procedure. Once these steps have been weighed out it is critical to compare the costs associated with implementing the classs of action addressed in the development stage.
Decision-Making through Analysis
Through the usage of Cost Benefit Analysis. the City of Sanford City Management and board of county commissioners addressed the costs and benefits to the undertaking at a clip when the economic system was get downing to take a downswing. It was hence critical to measure the undertaking exhaustively and find the feasibleness of the costs to the metropolis budget. Though cost benefit analysis likely could be best used in doing speedy and simple fiscal determinations ( Mind Tools. 2012 ) . one surely can take away from this procedure the brainstorming involved in the initial determination devising. Surely the metropolis directors involved in the development of the metropolis of Sanford Riverwalk Project addressed the demands of the community prior to development of the undertaking. In fact. cognizing the city’s history is critical in understanding the Department of Parks and Recreations focus on implementing such a program.
The City of Sanford’s focal point on economic growing and the revival of the historic riverfront for which it is best known for is merely one illustration of its attempts. Sanford’s focal point on community development is clearly shown in its committedness to leisure activities designed to heighten metropolis resident’s quality of life. Although the metropolis is known for its charming and traditional nineteenth century downtown country. it is besides going more available to bordering communities through its vibrant and fast paced interstate corridor. This corridor is best known to travellers from out of town by manner of the Orlando Sanford International Airport every bit good as through the environing interstate ( Metro Orlando Economic Development Commission. 2009 ) .
It is clear that metropolis directors focused on the development of the metropolis in implementing the undertakings that would non merely heighten the quality of life of occupants. but besides with the economic activity would besides assist better the metropolis through acknowledgment by besides supplying advantages. In this instance the benefits of implementing the metropolis undertakings far outweighed the cost. and showed to be executable plenty to implement through usage of federal grants such as the Community Development Block Grants and through partnerships with County Government in supplying effectual bundles for such undertakings as these.
The Role of Economic Theory
Economic theory is an indispensable portion in economic research. and even more so when discoursing the development of metropolis undertakings. The thought that the execution of policies in budgetary issues would better people’s lives is attractive to budget decision makers and metropolis decision makers likewise ( Varian. 1989 ) . In fact. it is most utile for measuring the replies to common jobs faced by local organisations. The finding factor is based on the attack taken to measure the effectivity of the undertaking.
The usage of Cost Benefit Analysis in City Projects. such as the Sanford Riverwalk. provides strategic analysis and planning of the recreational inducements for metropolis occupants. The metropolis is based around environing popular metropoliss known for their Parkss and diversion. The City of Altamonte Springs. Daytona Beach. and the City of Orlando are known for their province Parkss and touristic countries. Because the development of such a undertaking would lend to a competitory market and heighten the face value of the metropolis. it is portion of the overall analysis of the research conducted on this peculiar undertaking.
Influence of Economic Theory
Economic theory was surely influential in cost benefit analysis of this undertaking. After all. in sing the allotment of resources and financess to be contributed to this peculiar undertaking it is of import to see how the execution of policies and usage of budgetary points contribute to the sweetening of day-to-day life. In turn toing economic developments for the metropolis it is critical to allow procedures of analysis and betterments that provide a service to the development of the community and supply the ability to run into the Department representatives to discourse site specific development issues ( City of Sanford Government. 2011 ) .
Reports generated over the old ages confirm the economic impact generated in the metropolis in this past twelvemonth to reflect over $ 15 million ( City of Sanford Government. 2011 ) . therefore another illustration of the economic influence to the city’s development of said undertaking. In the long tally. the usage of cost benefit analysis in development of community undertakings is a comparatively easy tool that can be used to make up one’s mind if a alteration is necessary in the community. Consideration of economic theory and the influence of that theory on the analysis of undertaking development is indispensable in finding if the undertaking will be effectual and executable for the local authorities.
Mentions
City of Sanford Government. ( 2011 ) . City Manager’s 2012 Annual Report. Sanford: City of Sanford. Metro Orlando Economic Development Commission. ( 2009 ) . Sanford Stats. Orlando: Metro Orlando Economic Development
Commission. Mind Tools. ( 2012. December 10 ) . Retrieved from Mind Tools: hypertext transfer protocol: //www. mindtools. com/pages/article/newTED_08. htm Varian. H. R. ( 1989 ) . What usage is Economic Theory? University of California at Berkeley.
