According to the city's budget office, expected expenditure for 2021 is $16,430,619,064. A large portion of this amount, $11,263,645,982 to be exact, will be covered by revenue from non-tax sources such as grants from higher levels of government, interest income, and fees. The remainder, $5,166,973,081, will need to be covered by property and sales taxes. This information is summarized in the table below. According to the forecasts that you reported in step (6), will property and sales tax revenue cover the remainder in 2021? If there are vast differences in the forecasted amounts, which forecast do you expect to be the most reliable?

Expected Expenditure and Non-Tax Revenue, 2021

Total Expenditure

$16,430,619,064

Total Non-Tax Revenue

$11,263,645,982

Remainder

$5,166,973,081

Answer rating: 100% (QA)

To determine if property and sales tax revenue will cover the remainder of 5166973081 in 2021 we nee... View the full answer