Government Finance Review

Editorial Members of the Government Finance Officers Assn (GFOA) expressed disappointment over the proposed GASB infrastructure policy during the 1999 annual business meeting in Nashville, IN. It was stressed that the reporting policy adopted by GASB does not only contribute to the complexity of historical cost of infrastructure, but also yield insignificant value to decision makers. GFOA members also criticized the burgeoning infrastructure cost levied to local government units, which are a...

Maintaining credit quality.

Public finance initiatives The adoption of a proactive approach to managing credit quality proved instrumental in the success of Portland, OR's citizen initiative program. Through the help of counsel and public finance professionals, local financial managers were able to maintain a triple A bond rating by employing strategies aimed at mitigating the adverse financial impact of citizen initiatives. Outlining tax limitation measures also proved effective in increasing revenue diversity, while ...

Capital budgeting practices among Tennessee municipal governments.

Efforts to improve capital budgeting intensify at the local government level, as officials underscore the need for improving budgetary processes. One of the most interesting capital financing methods currently employed by municipal governments is the traditional scheme, which centers on the use of general obligation bonds, special assessment bonds and tax increment bonds to alleviate financial constraints. In Tennessee, however, municipal governments have made beneficial use of a separate cap...

Strategies for financial recovery: the city of New Haven experience.

Competitiveness and efficient management practices were key to the recovery of New Haven, CT's financial sector. As one of the richest cities in the US in terms of cultural, historical and scientific resources, the city has shown signs of improved economy since the financial crisis in the early 1990s. By making its tax policy ideal for companies, the city was able to attract a number of promising business enterprises and residents, which later proved instrumental in enhancing the area's econo...

Budget retreats for financial planning: the City of Cape Coral experience.

Local officials at the City of Cape Coral, FL, were able to maintain a high degree of financial stability amidst rapid population increase. Such a success may be attributed to the city's highly successful budget framework, which integrates financial performance with planning, trend and forecasting analyses. The framework did not only serve as a strategic planning work session, but a citizen's guide to municipal financial management, as well. As part of its budget program, local officials cond...

Disclosure requirements for bonds in an electronic era.

The Internet continues to create waves to government finance, changing the mode of billing services, accounting management and bond disclosure procedures in the sector. Introduced on Feb 1995, the use of electronic media in the Securities and Exchange Commission was aimed at simplifying the dissemination and disclosure of bonds through the use of CD-ROMS, electronic mail and Internet Web sites. Under the rules adopted by the agency, electronic disclosure documents must be prepared and updated...

PILOTs: a comparative analysis.

Payments-in-lieu-of-taxes Local government officials are considering the use of payment-in-lieu-taxes (PILOT) as an alternative source of capital. Although the concept of PILOT may embody a wide array of payment systems, it typically refers to the payment of money by charitable non-profit institutions to local taxing authorities. Despite its potential in providing financial leverage to municipal governments, implementation of PILOT is believed to cause substantial policy changes.