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This document provides guidance on selecting and completing Fiscal Impact Estimate Forms for local fiscal impact analysis as required by the Commission on Local Government in Virginia.

How to fill out fiscal impact estimate forms

How to fill out Fiscal Impact Estimate Forms

1. Start by downloading the Fiscal Impact Estimate Form from the appropriate government website.
2. Read the instructions carefully to understand the requirements for the specific form you are filling out.
3. Gather all necessary documents and financial data relevant to the project or initiative being assessed.
4. Fill in the basic information, including your name, contact details, and the title of the project or initiative.
5. Provide a detailed description of the project, outlining its objectives, scope, and potential impacts.
6. Estimate the costs associated with the project, breaking them down into categories such as personnel, materials, and operational expenses.
7. Assess the expected revenues that may be generated by the project, including any grants, fees, or taxes.
8. Calculate the net fiscal impact by subtracting the estimated costs from the expected revenues.
9. Review your entries for accuracy and completeness before submitting the form to the appropriate authority.

Who needs Fiscal Impact Estimate Forms?

1. Government agencies considering new projects or legislation that may impact fiscal resources.
2. Local municipalities assessing the financial implications of community initiatives.
3. Non-profit organizations seeking funding or partnerships that require financial assessments.
4. Businesses proposing projects that require governmental approvals and may affect public finances.

People Also Ask about

What is the fiscal impact tool?

The Federal Reserve Fiscal Impact Tool (FIT) helps local economic developers answer that question by estimating tax gains as well as government costs associated with growth. The software provides a framework for developing a quick estimate of fiscal impact with limited effort and data gathering.

What is a fiscal impact statement?

What is a fiscal impact statement? A fiscal impact statement (FIS) provides an estimate of the impact a bill or resolution has on the District government's revenues and expenditures.

What are examples of fiscal stimulus?

For example, if one were analyzing a proposal to build a new baseball stadium, the new tax revenue from the building and property – as well as the costs for providing additional public security and emergency services (police, fire, ambulance, etc.) – would factor into the analysis.

What are fiscal impacts?

Fiscal impacts refer to the financial consequences and budgetary effects that a particular policy, program, or event can have on a government's revenues, expenditures, and overall fiscal position.

What is an example of a fiscal impact analysis?

These include aggregate demand for goods and services, employment, inflation, and economic growth. During a recession, the government may lower tax rates or increase spending to encourage demand and spur economic activity. Conversely, to combat inflation, it may raise rates or cut spending to cool down the economy.

What is an example of a fiscal impact analysis?

For example, if one were analyzing a proposal to build a new baseball stadium, the new tax revenue from the building and property – as well as the costs for providing additional public security and emergency services (police, fire, ambulance, etc.) – would factor into the analysis.

What does fiscal impact mean?

Fiscal stimulus, on the other hand, refers to actions taken by the government. Examples of fiscal stimulus involve increasing public-sector employment, investing in new infrastructure, and providing government subsidies to industries and individuals.

For pdfFiller’s FAQs

What is Fiscal Impact Estimate Forms?

Fiscal Impact Estimate Forms are documents used to assess the financial implications of proposed legislative changes or policies on government revenue and expenditures.

Who is required to file Fiscal Impact Estimate Forms?

Fiscal Impact Estimate Forms are typically required to be filed by legislators, government agencies, or any stakeholders proposing new laws or changes to existing policies that may influence fiscal outcomes.

How to fill out Fiscal Impact Estimate Forms?

To fill out Fiscal Impact Estimate Forms, one must provide detailed descriptions of the proposed measure, estimate its financial impacts, outline any assumptions made, and include relevant data and calculations to support the estimates.

What is the purpose of Fiscal Impact Estimate Forms?

The purpose of Fiscal Impact Estimate Forms is to provide a comprehensive analysis of the potential financial effects of legislative proposals, ensuring informed decision-making by policymakers regarding budgetary implications.

What information must be reported on Fiscal Impact Estimate Forms?

Fiscal Impact Estimate Forms must report information including anticipated revenue changes, expected expenditures, any cost savings, assumptions used in the estimates, and potential long-term financial effects.