The Consultant shall provide expertise in demographic/economic analysis and the use of this analysis in forecasting the City of Cincinnati’s Income Tax Revenue over the period 2023-2028. The Consultant shall work with an internal City team, including staff of the Finance Department’s Accounts and Audits Division, and others (the "City Team"). The selected Consultant shall prepare a comprehensive report for the City of Cincinnati to provide context for the City's long-term financial forecast. An example of the report provided for the last forecasting contract is attached (see Attachment 5). Specific deliverables to be included in the report: • Deliverable 1: Economic Trends and Five-Year Outlook Review economic characteristics significant for public policy development. Some examples include economic growth, job and wage growth, employment/unemployment, job type, income, inflation, interest rates, construction, and real estate market, etc. The Consultant shall include an analysis of the national and regional economies and their relation to the local economy. • Deliverable 2. Net Profit Analysis The Consultant shall complete a historical analysis of the impact national and regional economies have specifically on local net profit income taxes. • Deliverable 3: Comparison to Other Areas Comparisons of the City’s demographic and economic profile to the PMSA, state, and region. • Deliverable 4: Analysis and Conclusions Based on the trends and outlooks, an analysis and policy-level summary with conclusions. The Consultant shall prepare a qualitative comparison of economic and demographic indices on the City income tax revenue projections.
