Professor Gaylia Clark
February 25, 2013
The City of Philadelphia spends millions and millions of dollars each year trying to make Philadelphia a better and safer place for its citizens to live. Most may wonder well, what they really spend the money in budget on, and where does this money come from. I asked my immediate family, “How do you think the City of Philadelphia spends their money and where do you think the money comes from?” They couldn’t really come up with any good answer because they don’t know and just like many others, the only way they can see the city getting money is by the high taxes they are charged with their purchases food and taxes taken from their pay checks. This may in fact be true but there are other sources for Philadelphia’s revenue. The city of Philadelphia has way more expenditures than what we think or what we may care to know about. In this paper you will read about three revenue sources that help the City of Philadelphia continue providing for the city the way they do. The budget set aside allows Philadelphia to have certain expenditures and because of these expenditures important financial decisions must be made. Just like in our private lives the budget set aside has to be managed carefully so we will not over spend. There has to be rules and guidelines set in order to be able to budget such large sums of money and the rules help delegate how the money is spent.
One of the revenue sources for the city of Philadelphia is the business privilege taxes. This tax is amongst the top three revenue sources for Philadelphia. This source of revenue comes directly from net income which is left over after taking away what is spent from a company’s earnings. The money calculated and subtracted from a company’s earnings are the interest and taxes just to name a few. The business...