Atlanta
Analyzing its tax burden, Atlanta, Georgia’s minimum 2023 sales tax rate is 8.9%. The combined state, county, and city sales taxes are shown here. 4% is the current sales tax in Georgia, and the county levies a 3% sales tax (Atlanta, Georgia Sales Tax Rate, n.d.).
Atlanta, GA, had 498k people in 2020, with a median age of 33.2 and a typical family income of $64,179. Atlanta’s population increased by 1.81% between 2019 and 2020, from 488,800 to 497,642, while its median household income increased by 7.06%, from $59,948 to $64,179. Black or African American (Non-Hispanic) (49.3%), White (Non-Hispanic) (38%), Asian (Non-Hispanic) (4.74%), Two+ (Non-Hispanic) (2.43%), and White (Hispanic) (2.42%) are the five most populous ethnic groups in Atlanta, GA, which is the same demographics for the city of South Fulton (Atlanta, GA, n.d.). None of the Atlanta, GA families reported speaking a non-English language as their primary common language at home. The indicator does not consider a household’s possible multilingual character but just the principal self-reported language spoken by all family members.
In 2020, the typical property value in Atlanta, GA, was $314,400, with a 44.8% homeownership rate. Most Atlanta residents traveled alone to work, and the average commute was 27.5 minutes (Atlanta, GA, n.d.). In Atlanta, GA, the average household owned two automobiles. The economy of Atlanta, GA, employs 257k people. The largest industries in Atlanta, GA, are Professional, Scientific, & Technical Services (44,036 people), Educational Services (28,118 people), and Health Care & Social Assistance (23,813 people).
The highest-paying industries are Finance & Insurance ($88,911), Finance & Insurance, & Real Estate & Rental & Leasing ($81,761), and Professional, Scientific, & Technical Services ($80,082) (Atlanta, GA, n.d.). Males in Georgia have an average income of 1.35 times higher than that of females, which is $51,276 (Atlanta, GA, n.d.). The income inequality in Georgia (measured using the Gini index) is 0.476, which is lower than the national average.
Considering the main issue, Atlanta needs a larger unemployed labor force to address the skill gap. Employers and decision-makers might consider additional strategies to address some of the longer-term structural barriers to labor participation in the city. Even amid uncertainty in the global economy, Atlanta is well-positioned to invest in solutions that address fundamental, long-term issues in its economy. With up to $189 billion in potential GDP growth over the following ten years, Atlanta can set up its economy for long-term success and guarantee that all Atlantians are part of the action.
Considering its financial trends, Atlanta’s GDP is anticipated to expand by 7.3% in 2022 and 3.3% in 2023. While job growth is expected to be 2.6% in 2022 and 3.2% in 2023 (Atlanta, GA, n.d.). Atlanta is anticipated to regain its lost employment in Q3 2023 because of its broad economy, which has had significant development in various industries, including education, which is different from the City of South Fulton. Atlanta is predicted to see net job growth from 2019 to 2025 of 3.2%, ranking 23rd among the top 51 metros, and its 13.1% net GDP growth rate is ranked 15th.
South Fulton
The City of South Fulton, which borders the Fulton Industrial District and is only 10 miles from downtown Atlanta, is well-positioned for considerable economic expansion. The city is concentrated on growth and income augmentation. At the same time, the economy continues to recover and endure the effects of the COVID-19 epidemic, unlike Atlanta, which concentrates on eliminating unemployment. With the four-year contract with Jacobs ending, the municipal staff is prepared to manage all public works tasks internally, according to an analysis of its future growth. This project is expanded upon by the FY 2023 budget, which allocates about $12.7 million to programs and services (City of South Fulton Department of Finance and Administrative Services, n.d.).
Several significant additions to the department’s fleet and operating sectors, such as the transportation division, illustrate the transition of in-house public works services. The department’s budget outlines the commitments made to the residents of South Fulton and offers an in-depth look at our financial and operational future. Here, important expenditures totaling more than $172.2 million in vital sectors, including technology, parks and recreation, sanitation, and public works, will be discussed.
The proposed budget upholds our Council’s strategic plan principles and fulfills our shared commitment to providing top-notch services to every citizen of South Fulton. Creating a five-year Capital Improvements Program (CIP) Plan, which concentrates the city’s spending on our infrastructure, technology, equipment, and fleet, is an example of this dedication. The proposed FY 2023 allocates funds to programs that complement your vision for the city as well (City of South Fulton Department of Finance and Administrative Services, n.d.). The city’s yearly financial operations plan is the budget.
The general fund, special revenue funds, capital projects funds, and TSPLOST funds are all included in the yearly budget, which covers the fiscal year from October 1 to September 30. The Mayor and Council must receive a recommended budget from the City Manager (City of South Fulton Department of Finance and Administrative Services, n.d.). Each fund in this budget has to be in balance. In principle, the budget must be approved before the start of the new fiscal year; however, under specific conditions, local legislation permits the city to function without an authorized budget for up to 30 days.
Therefore, keeping a minimum General Fund balance reserve equal to two and a half months’ worth of operating expenses from the previous fiscal year is advised. As of September 30, 2023, the General Fund balance was $27,813,731, or 47.8% of yearly operating expenses. Non-recurring expenses shall be covered by excess fund balances exceeding reserve needs. It is advised to create a rolling 5-year capital plan to guide how this surplus money should be used.
The office of the Fulton County Tax Commissioners bills and collects the City of South Fulton’s property taxes, sometimes referred to as ad valorem taxes. The millage rate for 2020 is 12.899 (0.012899) and will be put into effect on September 2, 2020. Fulton County’s minimum combined 2023 sales tax rate is 8.9%. It represents the sum of the state and local sales tax rates, and the sales tax in Fulton County is 3%.
References
Atlanta, GA. (n.d.). Datausa.io. Web.
Atlanta, Georgia Sales Tax Rate. (n.d.). Tax rates. Web.
City of South Fulton Department of Finance and Administrative Services. (n.d.). Comprehensive annual financial report for the fiscal year ended September 30, 2020. Web.