When it comes to taxes, no one wants to have an increase in taxes. I completely understand this. For the City of Newark, the dislike for taxes is a greater rate as residents feel the University of Delaware should be contributing to the expenses of the city as the largest entity within the city of Newark limits. As part of research to create a plan for taxes, I met with the Newark City Manager to get a full understanding of what the City of Newark’s financial picture looked like. This conversation helped me to determine the following areas of focus for the City of Newark taxes:
To prevent the need to increase taxes for residents and businesses:
CUT EXPENSES: With Entrepreneurship as my background, my experience with starting businesses and my experience working with successful business owners, I am aware that the first way to increase profit is to cut expenses. There are several opportunities within the City’s budget that could yield a positive return for the residents of Newark. A great example of this is the plan that was presented to change the City of Newark’s current trash collection and removal process. This one change would have saved approximately $700,000 per year for the City. Why this solution did not pass in Council is not clear. However, creative and forward thinking like this is required to take the City of Newark to the next level and more importantly relieve the residents of the undue financial burden.
U of D FINANCIAL ACCOUNTABILITY: There is a plan presented to Newark City Council that would impose a head tax on each student for the University of Delaware to pay every year. This would be a strong first step in obtaining financial support needed from the University of Delaware. I would work with the leadership at UD and the City Council to come to an agreement for this additional revenue for the City of Newark.
ADDITIONAL REVENUE STREAMS: One of the least resistant ways to prevent tax increases within a municipality is to create revenue streams for the city that directly goes to the City of Newark’s bottom line. I have researched and have begun discussions for 3 revenue streams that have the potential of generating a minimum of $1.3 million in revenue in addition to jobs for Newark residents.