Regression and Correlation analysis of budget
The Director of Budget and Finance has asked you to prepare a policy memo and a presentation to the Kelsey City Council to explain and forecast the major sources of Kelsey’s tax revenue for the upcoming year.
Resource: City of Kelsey Virtual Organization
Access the Virtual Organizations government portal. Click the City of Kelsey seal and choose the City Government tab at the top of the page. Review the Kelsey Profile and the Kelsey Comprehensive Annual Financial Report June 2005.
Write a 3-page policy memo in which you do the following:
Use a correlation analysis to explain and a regression analysis to forecast the three major sources of Kelsey’s tax revenue for the upcoming year.
Use the city’s historical data on population as the independent variable and its major tax revenue receipts as the dependent variables for these analyses.
Include all of your calculations and your hypothesis test of the calculated correlation at a 0.05 level of significance.
Provide any cautionary statements you believe given the analyses’ findings.
Prepare a 10- to 12-slide Microsoft® PowerPoint® presentation to the Kelsey City Council based on the information in the policy memo.
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