Economics Major to take city finance department to task for their poor economic contingency plan?

Mark Weber, a Sioux Falls resident with an advanced degree in economics, will be giving a presentation on; Local Labor Market and Sales Tax

 

I also thought his name sounded familiar and found this from an Argus Leader story;

But Mark Weber, a Sioux Falls resident with an advanced degree in economics, warns that city officials would be wise to plan for a scenario where tax revenues actually decrease from the previous year. Rising unemployment levels will impact sales tax collections and lead to greater delinquencies in property taxes.

“Nowhere in this contingency plan is a plan for a more drastic alternative,” Weber said. “I believe their department is in a world that doesn’t reflect the reality that’s coming.”

Despite slowing growth last year, the city actually finished with $1.6 million more than budgeted, caused by some one-time funds and better-than-expected revenues from investment income.

I can’t wait to hear the presentation.

I thought it was peculiar because citizens are not really allowed to speak at informational meetings unless invited or asked to by invitation from the city or a councilor. He would have had to ask permission. I heard that some councilors were surprised he got the permission, because they have a feeling he is going to chastise the Finance department.



2 comments ↓

#1 Ghost of Dude on 04.23.09 at 7:22 am

If the city doesn’t have any economics majors working for them, how have they been making their revenue projections?

#2 l3wis on 04.23.09 at 7:31 am

Consultants. And that’s no lie.