Academic journal article Federal Reserve Bulletin

Launch of the Fiscal Impact Tool

Academic journal article Federal Reserve Bulletin

Launch of the Fiscal Impact Tool

Article excerpt

The Federal Reserve Board, on January 12, 2004, announced the launch of a new informational resource designed to help community economic developers evaluate development proposals. The new resource tool complements two additional Board products that also seek to promote community development activities.

The Fiscal Impact Tool (FIT) is an automated system that analyzes the potential effect of economic development projects. The program, which is driven by Excel software, estimates the effects of proposed projects on local sales and property tax revenues and on costs to the local government.

FIT is intended for use by economic and community development professionals, primarily in small and midsize communities. Using estimates that are based on user-provided information about the project, FIT can identify the general costs and benefits of proposed projects. Alternatively, it can be used as an aid in decisionmaking by providing information on the extent of financial support that a community or region might want to provide when planning for various development options. …

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