Economic Vitality Incentive Program

The state of Michigan has eliminated one third of the statutory revenue sharing it provides to cities, including Royal Oak, due to budget constraints at the state and federal levels.  In order to receive the remaining two-thirds of statutory revenue sharing funds, cities must meet three specific requirements established by the state of Michigan.

The three requirements are:

  • Establishing the Citizen’s Guide to Finances and Performance Dashboard. Beginning in October, each city must provide detailed data that helps measure quality of life. The report reflects the city’s stability, economic strength and public safety. While Royal Oak has always compiled this data, it was geared more towards finance wizards than the average citizen. This new system is compiled in layman’s terms and is very easy to understand – even if you aren’t a CPA.financial stability chart

    Some interesting facts from the Dashboard

    ** Our debt burden per capita continues to decrease.

    ** 84.2 percent of Royal Oakers were registered to vote in 2011 -- 628 more than in 2010.

    ** Crimes and Fire related property loss were down in 2011 compared to the year before.

 

- Complete Citizen's Guide to Finance and Performance Dashboard

  • Planning for Cooperation/Collaboration. Royal Oak has been a leader in this area and we continue to work with surrounding communities to find ways to increase efficiency and lower costs. Every idea is being explored, and many steps have already been taken that have saved taxpayers thousands of dollars.

    - Report on Collaboration, Cooperation and Consolidation Efforts (Jan. 29, 2014)

     

 

We’re all facing these uncertain financial times together.  Please don’t hesitate to contact us with suggestions on how we can live leaner while still maintaining Royal Oak as a wonderful place to live, work and visit.

Visit here for more Financial Dashboard Reports.

 

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