Fiscal sustainability: the long view.

• Author: Kinney, Anne Spray
• Position: From the editor - Editorial

The GFOA advocates long-term financial planning as a way--and perhaps the only way--to anticipate and address cyclical and structural budget issues. The Great Recession proved that jurisdictions need sound fiscal policies to help them plan for the future, and in this issue of Government Finance Review, you will find articles that address different aspects of planning for sustainability

Probability management is an emerging tool governments are using to help them take the long view. It does not provide specific answers so much as spark the right questions, helping a government make intelligent decisions about its chances of meeting targets and the level of risk it feels comfortable with. In "Probability Management in Financial Planning," Sam L. Savage and Shayne Kavanagh explain how the method works.

The role of a jurisdiction's pension plan in determining its long-term sustainability cannot be overstated. In "Managing against Escalating Pension Investment Fees," Girard Miller demonstrates the vital importance of controlling the fees paid by public pension funds that invest in non-traditional strategies and fund structures.

A comprehensive strategic plan is one of the most important tools an organization can have in defining its mission and vision. In "Rock Hill and the Importance of the Strategic Plan," David...