Suchergebnisse

The federal government and over thirty states nationwide offer a tax credit in lieu of certain expenditures incurred as part of historic rehabilitation projects. Several economic impact studies have shown the positive effect of the credit on job creation, property values, and environmental friendly behavior in Louisville, KY (Gilderbloom, Hanka & Ambrosius, 2009) and in the state of Maryland (Frizzell & Mitchell, 2002). Most of the studies of historic preservation credits are, however, nonempirical and evaluate only the economic impact of the credit. The societal benefit-cost analysis conducted in this manuscript is the first study of its kind of the Ohio Historic Preservation Tax Credit (OHPTC) program. In addition, this study provides an OHPTC fiscal impact analysis (benefit-cost analysis from the government perspective).The data for the analysis come from the county auditors' offices, and multiple proprietary sources, including administrative estimates provided by the agencies managing the OHPTC program, and online survey of the developers. The sensitivity analysis accounts for the differences in discount rates and other factors. The study finds that the overall societal benefits will outweigh overall societal costs by 2023. From the fiscal perspective, the program begins to pay for itself in 2025, but the overall program costs will remain higher than overall benefits during the considered study period (until 2030).

"It is difficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan, or Orange County, California bankruptcies. While guides for responsibly managing government finances exist, problems often originate not because of poor financial reporting or financial deficiencies, but because issues external to financial wellbeing arise, such as economic, demographic, political, legal, or even environmental factors. Exacerbating the problem, there is not much advice in the existing literature on how to act when municipalities face financial struggles. Filling this important gap, this book explores fiscal health and fiscal hardships, municipal defaults and bankruptcies, and many other aspects to help guide local governments during fiscal distress. Fiscal hardships negatively affect the quality and availability of public goods and services, and, consequently, the well-being of residents and businesses living and working in distressed municipalities. Turned off streetlights, unmaintained public parks, potholes, inconsistent garbage pickup, longer response time from emergency services, and multiple other issues that residents of the struggling municipalities deal with, lead to higher crime rates, lower quality of K-12 education, dangerous road conditions, lower housing values, outmigration of wealthier population, and numerous other problems. The COVID-19 pandemic put additional unprecedented pressure on municipal finances nationwide. In this book authors Tatyana Guzman and Natalia Ermasova evaluate distressed cities and municipalities and provide practical recommendations on improving their financial conditions. What are conditions and signs to look for to not to find yourself in similar situations? What can be done if your municipality is already experiencing fiscal hardships? What are the consequences of fiscal misfortunes? How to exit a fiscal emergency? This book answers these and other questions and serves as a guide to fiscal health and prosperity for U.S. municipal governments, students and researchers in public finance and general public management fields"--

This comparative case study explores the capital budgeting before, during, and after municipal bankruptcy in three U.S. local governments: Jefferson County, AL; Central Falls, RI; and Vallejo, CA. This in-depth examination of capital budgeting challenges reveals a pattern across all cases—a significant decrease in capital spending on infrastructure and maintenance before and during municipal bankruptcy. In fact, the mismanagement and underinvestment in capital infrastructure were some of the causes of municipal bankruptcy in all three local governments. The comparison of the reforms adopted after the bankruptcy shows that all three local government went through a similar two-stage process of recovery and restructuring, employing the emergent strategy to exit the bankruptcy and the problem-oriented innovative strategy to recover. These results show that even though all three local government significantly decreased spending on capital investments and maintenance as part of the emergent strategy, investment in public infrastructure during the recovery, and reconstructing became a priority across all selected cases.

In this paper, we survey the cost differentials by debt issue purpose and the method of underwriting. We find that cost differentials are a function of the purpose for which the debt was issued, with bond purposes traditionally considered riskier facing higher borrowing costs. However, this effect is not uniform and varies by credit quality portfolios. Moreover, the method of bond sale is an important factor for true interest costs. Overall, the competitive method of sale consistently performs better than the negotiated method of sale in all regression models, even after correcting for self‐selection.

"It is difficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan, or Orange County, California bankruptcies. While guides for responsibly managing government finances exist, problems often originate not because of poor financial reporting or financial deficiencies, but because issues external to financial wellbeing arise, such as economic, demographic, political, legal, or even environmental factors. Exacerbating the problem, there is not much advice in the existing literature on how to act when municipalities face financial struggles. Filling this important gap, this book explores fiscal health and fiscal hardships, municipal defaults and bankruptcies, and many other aspects to help guide local governments during fiscal distress. Fiscal hardships negatively affect the quality and availability of public goods and services, and, consequently, the well-being of residents and businesses living and working in distressed municipalities. Turned off streetlights, unmaintained public parks, potholes, inconsistent garbage pickup, longer response time from emergency services, and multiple other issues that residents of the struggling municipalities deal with, lead to higher crime rates, lower quality of K-12 education, dangerous road conditions, lower housing values, outmigration of wealthier population, and numerous other problems. The COVID-19 pandemic put additional unprecedented pressure on municipal finances nationwide. In this book authors Tatyana Guzman and Natalia Ermasova evaluate distressed cities and municipalities and provide practical recommendations on improving their financial conditions. What are conditions and signs to look for to not to find yourself in similar situations? What can be done if your municipality is already experiencing fiscal hardships? What are the consequences of fiscal misfortunes? How to exit a fiscal emergency? This book answers these and other questions and serves as a guide to fiscal health and prosperity for U.S. municipal governments, students and researchers in public finance and general public management fields"--

It is difficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan, or Orange County, California, bankruptcies. While guides for responsibly managing government finances exist, problems often originate not because of poor financial reporting or financial deficiencies but because issues external to financial wellbeing arise, such as economic,demographic, political, legal, or even environmental factors. Exacerbating the problem, there is not much advice in the existing literature on how to act when municipalities face financial struggles. Filling this important gap, this book explores fiscal health and fiscalhardships, municipal defaults and bankruptcies, and many other aspects to help guide local governments during fiscal distress. Fiscal hardships negatively affect the quality and availability of public goods and services and, consequently, the wellbeing of residents and businesses living and working in distressed municipalities. Turned off streetlights, unmaintained public parks, potholes, inconsistent garbage pickup, longer response time from emergency services, and multiple other issues that residents of the struggling municipalities deal with, lead to higher crime rates, lower quality of K-12 education, dangerous road conditions, lower housing values, outmigration of wealthier population, and numerous other problems. The COVID-19 pandemic put additional unprecedented pressure on municipal finances nationwide. In this book authors Tatyana Guzman and Natalia Ermasova evaluate distressed cities and municipalities and provide practical recommendations on improving their financial conditions. What are conditions and signs to look for to not to find yourself in similar situations? What can be done if your municipality is already experiencing fiscal hardships? What are the consequences of fiscalmisfortunes? How does one exit a fiscal emergency? This book answers these and other questions and serves as a guide to fiscal health and prosperity for U.S.municipal governments, students and researchers in public finance, and general public management fields.

AbstractObjectivesThere is abundant research on crime contributors but not the cost of crime to society. In this article, we fill the gap in the literature by studying how crime affects government entities, specifically, their credit worthiness. Issues with crime may shift government expenditures away from education, welfare, and other crucial areas to law enforcement and may necessitate higher overall expenditures. Crime may also create a risk to investment, negatively affect economic development, contribute to higher poverty and unemployment rates, and to racial injustice. All these may damage credit ratings.MethodsBecause of the ordinal nature of the dependent variable (credit ratings), models are estimated by ordered probit.ResultsThe findings in this article demonstrate that cities with higher violent (but not property) crime have consistently lower credit ratings. Policing expenses are also negatively correlated with credit ratings, although the association is only marginally significant.ConclusionsOur goal in this article was to further the literature and discussion on how cities can better recognize the facets of improving or declining credit ratings. We found that violent crime has a visible impact on the perceptions of credit risk.