Capital Budgeting and Finance: A Guide for Local Governments / Edition 2

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Capital Budgeting Finance: A Guide for Local Governments, 2nd edition, provides practical information and detailed strategies to develop the essential capital improvement plan for any community, emphasizing the most current guidance for developing a capital financing strategy and managing debt. City managers and staff, finance and control department staff, and anyone responsible for some aspect of prioritization of capital projects, development of strategic plans, budget creation, financing strategies, and budget management and execution will benefit from this excellent resource.

ICMA Press is your trusted resource for well-researched, accurate, and comprehensive material written by leading practitioners and academicians in the field. Backed by the premier local government leadership and management organization, ICMA Press provides real-world perspective on local government issues and challenges.

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Product Details

  • ISBN-13: 9780873261883
  • Publisher: International City/County Management Association
  • Publication date: 12/1/2009
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 280
  • Product dimensions: 7.90 (w) x 10.70 (h) x 0.90 (d)

Table of Contents

Note to the Reader xi

Foreword xiii

Acknowledgments xv

Part 1 Setting the Stage 1

1 Capital budgeting: Rationale, scope, policy, and process 3

Rationale for capital budgeting 3

Definition of capital expenditures 5

Policy framework for capital budgeting 11

A comprehensive model of capital budgeting 19

Summary 24

2 Capital improvement program 27

Definition of a capital improvement program 27

Purposes of a capital improvement program 28

Characteristics of a capital improvement program 30

Contents of a capital improvement program 32

Needs assessment 40

Issues of preparation and approval 41

Financial condition analysis 43

Financial forecasting 48

Summary 56

Part 2 Planning for Capital Investment 59

3 Evaluation and prioritization of capital assets 61

Evaluation of capital projects 62

Prioritizing capital projects 70

Summary 85

4 Public-private partnerships 87

Types of public-private partnerships 87

Public-private partnership structures and arrangements 93

Evaluating public-private partnership opportunities 96

Planning and policy tools 103

Financing public-private partnerships 106

Accountability in public-private partnerships 111

Summary 115

Part 3 Financing Capital Assets 119

5 Capital financing strategy 121

Foundation for capital financing 122

Pay-as-you-go capital financing 123

Debt financing 124

Public-private partnerships and economic development 126

Outside capital financing 128

Summary 129

6 Pay-as-you-go capital financing 131

Advantages of pay-as-you-go capital financing 131

Disadvantages of pay-as-you-go capital financing 133

Revenues and fund balances 134

Capital reserves 137

Charges to property 139

Federal and state grants 148

Summary 152

7 Debt options 155

Security pledged for debt 155

General obligation bonds 156

Revenue bonds 160

Lease financing of capital assets 165

Special obligation debt 174

Summary 179

8 Planning, structuring, and selling debt 183

Bond ratings and the rating process 184

Planning and structuring debt 196

Interest rates, yields, and pricing 202

Selling local government debt 215

Summary 231

Part 4 Conclusion 235

9 Implementation, oversight, and evaluation 237

Authorizing projects and appropriating money 237

Managing project changes and change orders 240

Evaluating capital budget and capital improvement program implementation 244

Summary 246

Glossary 249

Index 271

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