Revenue policy frameworks and implementation

Public Administration and Revenue Policy: How Vital is it to Develop Revenue Policy Aligned with Community Values?

Economic development is a vital aspect of a local economy that is healthy. Economic development is defined as "the process of creating wealth through the mobilization of human, financial, capital, physical and natural resources to generate marketable goods and services. The economic developer's role is to influence the process for the benefit of the community through expanding job opportunities and the tax base." (Business Park Land Strategy Technical Report, City of Davis, nd) According to the California Association for Local Economic Development (CALED) economic development can be defined as "…"…local economic development involves the allocation of limited resources - land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns, and fiscal solvency." (Ibid, nd)

I. Economic Development: Roles and Responsibilities

Economic development is a collaborative effort, which includes actors such as the "responsible governing body is a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth." (Ibid, nd) Naturally, the values of the locality are necessary for consideration when developing revenue policies and the considerations can be understood to include such as the following:

Collaborating with and supporting local business organizations

Partnering with regional economic development organizations

Project management

Facilitating business community networking/contacts

Promoting entrepreneurialism

Marketing, assisting, and facilitating business attraction/development prospects

Maintaining relationships with local commercial brokers

Monitoring the business climate

Maintaining a commercial land database

Maintaining available space listings

Creating annual Economic Indicators report (in-progress)

Conducting business outreach visits

Contracting for business consultations with the Small Business Development Center (Ibid, nd)

II. Municipal Role

It is reported that the city or municipality should "develop a broad range of services and businesses to meet the daily needs of the locality and its citizens for employment, shopping, education, and recreation…" ( Ibid, nd) As well, it is stated that promoted should be "economic vitality by developing a diversity of enterprises." (Ibid, nd) Other important elements of revenue the area and promoting the already existing businesses. It cannot be stressed enough that aligning the revenue policies of a locality with the values of the community is specifically critical so as to better serve the community and locality in which the revenue policies are developed and implemented.