Economist Bill LaFayette, Ph.D. and the owner of Regionomics LLC, presented his fiscal analysis of the City of Delaware to City Council on Monday, December 5.
The study was commissioned by the City as a supplement to the recently released Comprehensive Plan Update, Delaware Together. The study’s objective is to assess the City’s long-term fiscal sustainability, and to estimate the impact of primary development types on net revenues. The study includes demographic and employment projections, which are needed to project revenues and expenditures.
According to the Delaware Gazette, the report identified ways to increase City revenue. It shared, “Ultimately, the report suggests an increase of the city’s current income tax rate of 1.85% to 2.25% would be the most productive way to address the narrowing excess of revenues over expenditures.”
The Gazette article can be read here.
