Introduction and composition of the City of Jackson’ MS:
Table of Content
A city of Jackson “Mississippi” followed the local government law for reporting. The MS is required to publish the audited financial statements annually. The state government of the city is elected based on votes and the state government serves the city for four-year terms.
In the MS, its governor has the maximum power as he is head of the Executive Branch. Also, he serves the city and ensures its protection by playing his role as a commander in chief of the state’s military forces.
The governor is responsible to enforce the state laws, and the power to either approve or veto bills passed by the Mississippi legislation, to convene the legislation and any time. There are also other bodies and government personnel that keep the city safe.
These include Lt. Governor, secretary of the state, state auditor, and powerful court system. Today the MS is operated under the mayor-council form of government. The mayor and the appointed seven council members make the policy and have the legislative authority.
In CAFR, the various individual fund, propriety funds, and other unit’s related information are included. The government of Mississippi is using several types of funds such as general fund, federal fund, improvement fund, and non-governmental funds. General funds and federal funds are major.
Financial Analysis of MS
Ratio analysis is considered an important tool in the assessment of the company or city’s financial performance or position. The city is generating revenue per capita is approximately $ 897.15 in the financial year 2014.
As compared to the previous years the revenue per capita is increasing which indicates the governing body can maintain the existing services levels. But according to the 2014 CAFR, a city of Jackson, MS relies heavily on the two sources which are property taxes and the revenue from the utilities.
If any downturn occurs in home sales and the owners become careless then the resale of the property will decrease. So the city is required to generate additional revenue sources. The employee per capita ratio is 1.53 approximately that is slightly lower than the previous year.
The rate of increasing population is higher than the employment rate. The operating position about the general fund in generating revenue is unsatisfactory.