Local Governments’ Financial Vulnerability presents a conceptual framework developed to examine how vulnerable local finances were before and in the immediate aftermath of the COVID-19 pandemic crisis by mapping and systematising its dimensions and sources. The model is then applied to eight countries with different administrative models and traditions: Australia, Austria, Bosnia and Herzegovina, Germany, Italy, Portugal, Spain, and the United States. Comparative results reveal not only that COVID-19 impacts and policy tools had a lot of similarities across countries, but also that financial vulnerability has an inherently contingent nature in time and space and can lead to paradoxical outcomes. The book shows that the impact of the crisis on local governments’ finances has been postponed and that financial vulnerability is expected to increase dramatically for a few years following the pandemic, especially in larger and richer municipalities which are traditionally more autonomous and less financially vulnerable. The authors provide timely insights and analytical tools that can be useful for both academic and public policy purposes, to further appreciate local governments’ financial vulnerability, especially during crises. This book is a valuable resource for practitioners and academics, as well as students of public policy, public management, financial management, and public accounting. Local governments can use the framework to better appreciate and manage their financial vulnerability, while oversight authorities can use it to help local governments become less financially vulnerable or, at least, more aware of their financial vulnerability. Financial institutions, advisors, and rating agencies may use this publication to refine or revise their models of credit risk assessment.

Local Governments' Financial Vulnerability presents a conceptual framework developed to examine how vulnerable local finances were before and in the immediate aftermath of the Covid-19 pandemic crisis by mapping and systematising its dimensions and sources. The model is then applied to eight countries with different administrative models and traditions: Australia, Austria, Bosnia and Herzegovina, Germany, Italy, Portugal, Spain, and the USA. Comparative results reveal not only that Covid-19 impacts and policy tools had a lot of similarities across countries, but also that financial vulnerability has an inherently contingent nature in time and space and can lead to paradoxical outcomes. The book shows that the impact of the crisis on local governments' finances has been postponed and that financial vulnerability is expected to increase dramatically for a few years following the pandemic, especially in larger and richer municipalities which are traditionally more autonomous and less financially vulnerable. The authors provide timely insights and analytical tools that can be useful for both academic and public policy purposes, to further appreciate local governments' financial vulnerability, especially during crises. This book is a valuable resource for practitioners and academics, as well as students of public policy, public management, financial management, and public accounting. Local governments can use the framework to better appreciate and manage their financial vulnerability, while oversight authorities can use it to help local governments become less financially vulnerable or, at least, more aware of their financial vulnerability. Financial institutions, advisors, and rating agencies may use this publication to refine or revise their models of credit risk assessment.

This volume provides a unique insight into the ways local governments have maintained financial resilience in light of the significant challenges posed by the era of austerity. Taking an international perspective, it provides a practical analysis of the different capacities and responses that local governments deploy to cope with financial shocks.

The financial condition of local governments (villages, towns, townships, cities; fire, water, sewer, school districts; and counties) is of vital concern to all citizens, especially in these difficult financial times. Are you getting the most from your tax dollar? This book provides citizens, groups, and government employees with step-by-step guidance that goes far beyond bond ratings, to assess the short, medium, and long-term financial condition of local government. Written by the author of Local Government Budgeting in Georgia and We Only Pay the Bills (a study of Virginia's state and local debt), this is a must read for anyone concerned with local government financial condition. Whether you are thinking of your family's future, moving your business, or expanding an existing business, the information in this book will allow you to make a rational judgement, devoid of romance and hyperbole. What is 'non-debt debt' and how does it impact taxes? Is my government using one-shot fixes to cover long-term problems that will cost me in the future? This guide provides the methods and public sources of data needed to make an assessment.

Fiscal Health for Local Governments offers a how-to approach to identifying and solving financial problems. Its principal selling point lies in its assumptions: instead of using the vocabulary and research agendas of economist, finance scholars, and political scientists, it will appeal to readers who lack sophisticated knowledge in these areas and nevertheless need practical advice. The book stems from the Fiscal Health Education Program, an applied economics program at the University of Minnesota. It uses three measures of fiscal health — financial condition, trend analysis, and financial trend monitoring system — as the basis for advocating particular fiscal strategies. The book examines the tools that can be used to assess the condition of a local government's fiscal health and some of the policy causes or remedies for certain situations, as well as some of the strategies governments can pursue to maintain and improve health. It will serve as a primer for readers interested in understanding financial processes and alternatives, and as a practical guide for those who need access to fiscal measurement tools. How-to approach will appeal to readers who lack sophisticated knowledge Contains discussion questions and anonymous case studies of actual cities and municipalities Presents practical methods for identifying and solving common fiscal problems

Fiscal health of local governments and municipalities has remained an important issue since the crises of the 1970s in places like New York, Philadelphia and Cleveland. More recently, the bankruptcy of Orange County California raised the possibility of a different type of financial failure than earlier ones. The beginning of the 21st century has witnessed two major economic bubbles including the dotcom and housing bubbles. These economic cycles combined with increasing health care, pension and other structural costs continue to challenge the fiscal viability of many jurisdictions. In particular, the economic and financial crisis of 2007-2008 is likely to result in potentially serious fiscal challenges for local jurisdictions.