Management Policies In Local Government Finance (Product #43062)

by Aronson, J. Richard; Schwartz, Eli

• ISBN13: 9780873261425
• ISBN10: 0873261429
• Edition: 5th
• Format: Hardcover
• Copyright: 2004-07-01
• Publisher: Intl City County Management Assn

Summary

Written for all practitioners of local government finance, ICMA¿s Management Policies in Local Government Finance has long been considered the most comprehensive, most on-target text for local government managers, finance directors, and economic development planners and directors. Now in its fifth edition, this classic on financial management will help you: Develop new revenue sources Design a budget process that includes performance reporting Conduct strategic economic development Understand debt management and bond sales Use modern information systems to improve financial decisions Meet the day-to-day challenges of financial management, from procurement to labor negotiations. Completely new chapters in this revised edition address school finance, cost-benefit analysis, enterprise resource management systems, procurement, cash and investment management, and risk and insurance management. All chapters have been thoroughly updated to reflect changes in federal and state practice, new professional guidelines, and underlying changes in global and national economies.

Table of Contents

Foreword	vii
Part one: The local government setting
The finance function in local government	3	(36)
Leonard I. Ruchelman
Patterns of urban development	8	(10)
The legal and institutional context	18	(4)
Local government structure	22	(4)
Organizing for financial administration	26	(4)
Financial decision making	30	(6)
Conclusion	36	(3)
Fiscal structure in the federal system	39	(22)
Wallace E. Oates
The division of functions	39	(3)
An overview of federal fiscal structure	42	(2)
Intergovernmental transfers	44	(10)
Historical trends in federal fiscal structure	54	(3)
Fiscal federalism: Problems and prospects	57	(1)
Summary	58	(3)
Public school finance	61	(18)
Mary H. Harris
Vincent G. Munley
Expenditure trends	61	(3)
Revenue trends	64	(2)
Revenue sources for state funds	66	(1)
Fiscal independence and referendum requirements	66	(5)
Revenue sources for locally raised funds	71	(1)
State aid programs	71	(4)
State aid classifications	75	(1)
Local bond issues	75	(1)
Summary	76	(3)
Local government expenditures and revenues	79	(22)
Roy W. Bahl Jr.
The fiscal roles of government	79	(5)
Expenditures	84	(6)
Revenues	90	(5)
The outlook for local finances	95	(3)
Conclusion	98	(3)
Part two: Management tools	101	(154)
Forecasting local revenues and expenditures	103	(30)
Larry D. Schroeder
Long-range forecasting	103	(4)
Medium-range forecasting	107	(10)
Revenue and expenditure forecasting: Applications and data requirements	117	(9)
Reporting and using projections	126	(1)
Building a forecasting model	127	(1)
Administrative and political issues in forecasting	127	(2)
Conclusion	129	(4)
Cost-benefit analysis and the capital budget	133	(22)
J. Richard Aronson
Eli Schwartz
The capital budget	133	(2)
Cost-benefit analysis	135	(5)
Forecasting fiscal resources and responsibilities	140	(5)
The schedule of capital improvements	145	(1)
Determining financing needs	146	(1)
Evaluating financing options	146	(6)
Pass-through financing	152	(1)
The capital budget and the fiscal plan	152	(3)
Budgeting	155	(52)
Paul L. Solano
Fiscal and accounting context	155	(11)
Capital budgeting	166	(2)
Budgeting for goal attainment: The operating budget	168	(17)
Budgetary control: A trade-off of purposes	185	(1)
The budget cycle	186	(12)
Multiyear budgets	198	(2)
Budgetary approaches	200	(4)
Conclusion	204	(3)
Financial accounting, reporting, and auditing	207	(18)
William W. Holder
Evolution of accounting and reporting standards	208	(2)
Users of accounting, reporting, and auditing information	210	(1)
The fund basis of accounting and reporting	211	(2)
Budgetary accounting and control	213	(4)
Other financial reporting	217	(4)
Auditing	221	(1)
Summary	222	(3)
Enterprise resource planning systems	225	(30)
Rowan A. Miranda
The evolution of financial systems	226	(1)
The components of enterprise resource planning systems	227	(10)
Technology architecture	237	(4)
Systems planning and acquisition	241	(9)
Real-time public management	250	(4)
Summary	254	(1)
Part three: Revenue sources	255	(98)
The property tax	257	(32)
Arnold H. Raphaelson
Background	258	(4)
Property tax administration	262	(11)
Continuing issues	273	(9)
Prospects for reform	282	(7)
General sales, income, and other nonproperty taxes	289	(26)
John L. Mikesell
Importance of nonproperty taxes in revenue structures	289	(4)
The local general sales tax	293	(10)
The local income tax	303	(6)
Other nonproperty tax revenue	309	(3)
Conclusion: Diversity in the local revenue structure	312	(3)
User charges and special districts	315	(38)
Edward J. Bierhanzl
Paul B. Downing
User charges	316	(3)
User charge design	319	(5)
User charges for individual services	324	(9)
Paying for growth and development	333	(4)
Comparison of revenue systems	337	(2)
Special districts	339	(6)
Privatization	345	(3)
Summary	348	(5)
Part four: Financial management	353	(204)
Economic development	355	(36)
Timothy J. Bartik
Overview of local economic development policies	355	(2)
Goals of economic development policies	357	(5)
The market theory of economic development	362	(2)
Special types of economic development programs	364	(18)
Organizing and managing local economic development	382	(2)
Evaluating local economic development policies	384	(1)
Conclusion	384	(7)
Debt management	391	(30)
Paul A. Leonard
Capital financing	391	(1)
Debt policy	392	(4)
The tax-exempt securities market	396	(6)
Issuing debt in the primary market	402	(6)
The secondary market for municipal bonds	408	(1)
Credit quality	409	(4)
Municipal bond defaults	413	(1)
Refunding a bond issue	413	(1)
Recent controversies in the tax-exempt securities market	414	(4)
Conclusion	418	(3)
Procurement	421	(30)
Khi V. Thai
Historical development of local government procurement	421	(1)
Goals of public procurement	422	(4)
The procurement function	426	(1)
The procurement process	427	(6)
Selecting a procurement method	433	(3)
Procurement methods	436	(2)
Cooperative purchasing	438	(3)
Innovations in procurement	441	(5)
Inventory management	446	(1)
Conclusion	447	(4)
Cash and investment management	451	(28)
M. Corinne Larson
Objectives of cash management	451	(1)
Collections	452	(5)
Concentrating funds cost-effectively	457	(1)
Ensuring the safety of deposited funds	458	(2)
Disbursement	460	(2)
Banking relationships	462	(1)
Cash flow forecasting	463	(4)
Optimal cash and security holdings	467	(2)
Investing	469	(8)
Conclusion	477	(2)
Risk management	479	(22)
Peter C. Young
Claire Lee Reiss
Elements of a risk management framework	481	(4)
A closer look at risk financing	485	(13)
Conclusion	498	(3)
Public employee pension funds	501	(32)
John E. Petersen
The universe of public pensions	502	(6)
Public pension system organization	508	(1)
Pension fund administration	509	(1)
Benefits design and adequacy	510	(4)
Pension costs and financing techniques	514	(4)
Investment of pension fund assets	518	(12)
Conclusion	530	(3)
Unions and collective bargaining	533	(24)
Robert J. Thornton
Public sector unionism today	533	(1)
Organizations of public employees	534	(2)
The legal context of public employee bargaining	536	(6)
Unionism and earnings	542	(6)
Collective bargaining and the budget	548	(2)
Controversial issues in public sector bargaining	550	(4)
Conclusion	554	(3)
Glossary	557	(6)
Further readings and resources	563	(12)
List of contributors	575	(6)
Illustration and table credits	581	(4)
Index	585