fbpx

New Revenue Management Strategies are Crucial to Overcoming Budget Shortfalls

The COVID-19 crisis has disrupted tax revenue streams for many cities. That’s because tax revenue depends upon a flourishing and active local economy. But social distancing and lockdown regulations have dampened local economies, and many cities must now contend with anticipated budget shortfalls for their 2020-2021 budgets. These shortfalls threaten the ability of cities to provide valuable services and maintain engagement with their constituents.

To overcome impending budget shortfalls, cities need new revenue. The good news is that new revenue streams are within reach. By taking the right steps, cities can tap into and recover revenue lost to tax and licensing non-compliance, inefficient revenue management processes, and inaccurate data.

In his most recent op-ed for RouteFifty, our CEO, Paul Colangelo, discusses the six steps cities can take to generate new revenue. The key is for cities to take a proactive approach to maximizing tax compliance while improving the transparency of their internal data. Millions of dollars in revenue can be retrieved through software improvements, data reviews and automation, all of which can enhance every city’s ability to collect tax revenue and identify sources of funding.

Read on here.