December 10, 2012
The City of Sanford initiated work on their Parks and Grounds City Project in 2004 with the development of Phase I of said project in an effort to create and build a better community for city residents. In doing so, they have been privy to obtaining various grants and funding that allowed them to extend the focus on the project to the Riverwalk and Seawall, while extending the phases of the Program to Street Revitalization, the Riverwalk Gateway, the Marketplace at Seminole Towne Center, and soon the Orlando Sanford International Airport. This document will note the cost-benefit analysis that took place in the development of the project. It will also state how such analysis is used for making decisions regarding public expenditures, the role the economic theory played in conducting research for this particular project as well as the influence of economic theory on the cost benefit analysis for this project.
Public Finance Proposal Part I: Cost Benefit Analysis
The consideration of costs and benefits in the evaluation of an upcoming city project is a rather logical process. In fact, it is important for city managers to take into account the project costs and benefits prior to implementation of said project. The process of developing the project idea is essential and thus consideration for the best course of action becomes essential to the process. Once these measures have been weighed out it is critical to compare the costs associated with implementing the courses of action addressed in the development phase. Decision-Making through Analysis
Through the use of Cost Benefit Analysis, the City of Sanford City Management and board of county commissioners addressed the costs and benefits to the project at a time when the economy was starting to take a downturn. It was therefore critical to...