Analytical paper: Budget Crisis During the COVID-19 Pandemic
For this final project, I conducted an in-depth analysis of the budget crisis during the COVID-19 pandemic, examining its causes and implications.
Final Project: Budget Crisis During the COVID-19 Pandemic
Executive Summary and Introduction to the Problem
The occurrence of COVID-19 has massively affected the economy in many countries globally. The United States of America is one of those nations that experience economic disruption (Desilver, 2020). Desilver adds that the economic downturn continues in this country due to a significant loss of jobs, incomes, and death tolls that will eventually cause a budget deficit at every level of this government, including federal, state, and local governments (2020). Ohio has taken quick actions to solve the budget deficit issues; as in early May 2020, Mike Devine, Ohio Governor, announced a budget-cutting plan, effective in July 2020, to sustain the state budget balance (NBC4, 2020). Colombo (2020) reports the total amount of $775 million is withheld from the 2020 Ohio state’s budget instead of immediately using the rainy-day fund for emergency relief, and approximately 60% of the budget cut falls into the education industry, K- 12 Foundation, higher education, and other educational items. Like many other counties and cities, the education program in Dublin City is affected by this cutting. Dublin is down about $3.5 million on the school budget account, representing 1.6% of the overall budget and approximately 16% of state aid (Neese, 2020). As suggested by Bland (2020), the best strategy to solve the pandemic crisis is to fix the budget quickly. The Dublin City Manager began working on its budget adjustment by laying off some administrative staff and shifting the full-time to part-time, which was implemented by the end of July 2020 (Neese, 2020).
To read more, click on the file: