Agenda - Council - 02/10/1981 - Laserfiche WebLink

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· Net farm self-employment income · Social Security and railroad retirement income · Public assistance income · All other income such as interest, divi- dends, veteran's payments, pensions, unemployment insurance, alimony, etc. The total represents the amount of in- come received before deductions for per- sonal income taxes, Social Security, bond purchases, union dues, medicare deduc- lions, etc. Receipts from the following sources are not included as income: Money received from the sale of personal property; capital gains; the value of income "in kind" such as food produced and consumed in the home or free living quarters; withdrawal of bank deposits; money borrowed; tax refunds; ex- change of money between relatives livin§ in the same household; gifts and lump sum inheritances, insurance payments, and other types of lump sum receipts. County Estimates At the county level, 1977 PCI estimates were developed by carrying forward the · 1970 census per capita amount for each in- come type listed above. Census wage and salary per capita income amounts were up- dated using the percent change in the IRS wage and salary per exemption. For the re- maining income types, the percent chang~ in the BEA per capita amounts were used. The 1977 per capita amounts for each in- come type were then multiplied by the April 1, 1970 population estimate, and the resulting county income aggregates were adjusted to State income aggregates.. For each county the aggregate amounts for each income type were added to get an estimated 1977 total money income, which was then divided by the estimated popu- lation to derive the 1977 PCI estimate. Subcounty Governmental Unit Estimates For all townships and municipalities, the . updates were also developed using per capita amounts. Updated census estimates of Adjusted Gross Income per capita were developed using the percent change in IRS Adjusted Gross Income per exemption. The estimates for Social Security, public as- sistance and other forms of transfer income were made by assuming that the 1970 Cen- sus per capita amounts for this income type grew at the same rate as that for the county. The rates of change in per capita income for governmental units with a 1970 popula- lion un~Jer 1,000 were computed in the same manner as those for larger areas. How- ever, the 1970 census per capita income figures were not used as the base figure for these small area estimates. The 1969 base per capita income estimates for these areas were developed by computing a weighted average of their 1970 Census value and a regression estimate. This procedure was used to improve the statistical accuracy of these estimates. The PCI estimates for all townships and for all municipalities outside of townships were adjusted to the county estimates to ensure conformity. The estimates for mu- nicipalities located within townships were adjusted to the township estimates. 7