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Sep 2017 | Tax & Spend

A NEW APPROACH TO FINANCIAL SUSTAINABILITY
SHAYNE KAVANAGH, GFOA

Up until now, the efforts of local government practitioners and researchers to promote financial sustainability have tended to emphasize technical measures, such as longer-term forecasting, better financial management policies, and strategic budgeting methods. Certainly, these are important, but a body of Nobel Prize winning economic research called “common pool resource theory” posits that sustainable decision-making systems comprise an interrelated system of leadership strategies and institutional designs. In this article, we will describe how the Government Finance Officers Association (GFOA) has translated common pool resource theory into a practical set of tools and techniques for local government.

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