Local Governments Turn to Creative Methods to Bridge Infrastructure Financing Gaps
New ICMA-GFOA report offers recommendations for local government managers considering the use of alternative infrastructure financing options.
WASHINGTON, Jan. 9, 2017 /PRNewswire-USNewswire/ -- While municipal bonds will continue to be the central option for how local infrastructure in financed, local governments are using a combination of traditional and alternative approaches to finance their public infrastructure investments.
According to a new white paper, "Infrastructure Financing: A Guide for Local Government Managers," issued by the International City/County Management Association (ICMA) and the Government Finance Officers Association (GFOA), alternative financing sources, properly selected and managed, can complement traditional sources to meet infrastructure needs. Tapping these sources not only leverages new resources, but also can make it possible to complete certain projects more quickly.
Local governments across the United States are facing a serious infrastructure deficit and are exploring new ways to finance needed expansions, upgrades, and repairs. Despite the fact that eroding infrastructure is seen as one of the most urgent issues facing the country, in 2012, infrastructure funding was at its lowest percentage of total local government expenditures in more than 50 years.
Prepared by Drs. Can Chen of Florida International University and John R. Bartle of the University of Nebraska at Omaha, the white paper explores how local governments are addressing the challenge of bridging infrastructure financing gaps. In this context, they:
- Describe the full range of infrastructure financing methods currently in use,
- Document emerging methods in local infrastructure financing,
- Illustrate cases where local governments have explored alternative methods of infrastructure financing, and
- Offer recommendations for local government managers who are considering the use of alternative infrastructure financing options.
To download a copy of "Infrastructure Financing: A Guide for Local Government Managers," click here.
About ICMA
ICMA, the International City/County Management Association advances professional local government management worldwide. ICMA's mission is to create excellence in local governance by developing and advancing professional management to create sustainable communities that improve lives worldwide. ICMA provides member support; publications; data and information; peer and results-oriented assistance; and training and professional development to roughly 11,000 city, town, and county experts and other individuals and organizations throughout the world. The management decisions made by ICMA's members affect millions of individuals living in thousands of communities, from small villages and towns to large metropolitan areas.
About GFOA
The Government Finance Officers Association (GFOA), founded in 1906, represents public finance officials throughout the United States and Canada. The association's more than 18,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. GFOA's mission is to promote excellence in state and local government financial management. GFOA has accepted the leadership challenge of public finance. To meet the many needs of its members, the organization provides best practice guidance, consulting, networking opportunities, publications including books, e-books, and periodicals, recognition programs, research, and training opportunities for those in the profession.
SOURCE ICMA
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