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Author : Eric Anthony Scorsone
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.3/5 (97 download)
Download or read book Local Government Financial Emergencies and Municipal Bankruptcy written by Eric Anthony Scorsone and published by . This book was released on 2010 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankruptcies, Defaults, and Other Local Government Financial Emergencies written by and published by . This book was released on 1985 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James Spiotto
Publisher :
ISBN 13 : 9780692624777
Total Pages : pages
Book Rating : 4.6/5 (247 download)
Download or read book Municipalities in Distress? written by James Spiotto and published by . This book was released on 2016-02-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A 50 State Survey of: (1) Rights and Remedies Provided by States to Investors, (2) State Supervision and Oversight Mechanisms of Financially Distressed Local Governments and (3) State Authorization of Municipalities to File Chapter 9 Bankruptcy
Author : Tatyana Guzman
Publisher : Taylor & Francis
ISBN 13 : 1000771504
Total Pages : 227 pages
Book Rating : 4.0/5 (7 download)
Download or read book Municipal Fiscal Stress, Bankruptcies, and Other Financial Emergencies written by Tatyana Guzman and published by Taylor & Francis. This book was released on 2022-11-30 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is difficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan, or Orange County, California, bankruptcies. While guides for responsibly managing government finances exist, problems often originate not because of poor financial reporting or financial deficiencies but because issues external to financial wellbeing arise, such as economic, demographic, political, legal, or even environmental factors. Exacerbating the problem, there is not much advice in the existing literature on how to act when municipalities face financial struggles. Filling this important gap, this book explores fiscal health and fiscal hardships, municipal defaults and bankruptcies, and many other aspects to help guide local governments during fiscal distress. Fiscal hardships negatively affect the quality and availability of public goods and services and, consequently, the wellbeing of residents and businesses living and working in distressed municipalities. Turned off streetlights, unmaintained public parks, potholes, inconsistent garbage pickup, longer response time from emergency services, and multiple other issues that residents of the struggling municipalities deal with, lead to higher crime rates, lower quality of K-12 education, dangerous road conditions, lower housing values, outmigration of wealthier population, and numerous other problems. The COVID-19 pandemic put additional unprecedented pressure on municipal finances nationwide. In this book authors Tatyana Guzman and Natalia Ermasova evaluate distressed cities and municipalities and provide practical recommendations on improving their financial conditions. What are conditions and signs to look for to not to find yourself in similar situations? What can be done if your municipality is already experiencing fiscal hardships? What are the consequences of fiscal misfortunes? How does one exit a fiscal emergency? This book answers these and other questions and serves as a guide to fiscal health and prosperity for U.S. municipal governments, students and researchers in public finance, and general public management fields.
Author : Matthew R. Jones
Publisher :
ISBN 13 :
Total Pages : 744 pages
Book Rating : 4.:/5 (963 download)
Download or read book Tenants at Will of the Legislature written by Matthew R. Jones and published by . This book was released on 2016 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: In July 2013, the city of Detroit filed for bankruptcy, representing the largest filing for municipal bankruptcy in the history of the United States. The public administrator behind the filing, Emergency Manager Kevyn Orr, was not a resident of Detroit, or the state of Michigan, and was never elected by residents of Detroit or Michigan to any public office. however, under Michigan law, Mr. Orr possessed the roles of both the executive and legislative branches of government for the city of Detroit. Orr was not the first emergency manager in Michigan, where an experiment in the state intervention of local government financial emergencies has taken place since 1988. Unelected emergency managers have become a sole source of power in financially distressed cities across Michigan. The experiences and results of these emergency managers have important implications for the study of intergovernmental relations and public administration. This dissertation research project will present a qualitative, exploratory case study and theoretical inquiry that will examine how the actions of public institutions and key policy player account for the placement of emergency managers in local governments in Michigan, culminating in the state takeover of Detroit. The intergovernmental implications of the complete state takeover of local governments in financial emergency will be analyzed. The study will also seek to understand how the placement of an emergency manager in a financially distressed local government accounts for the larger socioeconomic causes for the local government's financial crisis. The values of local government democracy are pitted against the values of local government fiscal sustainability. This presents a challenging question - in a local government financial emergency, who should rule? This case study is exploratory, with the objective to provide a foundation for future research in this emerging field of inquiry.
Author :
Publisher :
ISBN 13 : 9780314280077
Total Pages : 0 pages
Book Rating : 4.2/5 (8 download)
Download or read book The Emergence of State and Municipal Bankruptcies written by and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the recent increase in ailing local and state governments, there has been widespread debate over how many of these entities will eventually end up filing for bankruptcy. Some municipal defaults have already occurred, and although it ultimately failed, there was a proposal to permit states to seek bankruptcy protection. Regardless of how many defaults actually happen, those that do take place will affect every citizen, not just the people who work and invest in the government. What alternatives are available for states and municipalities in financial distress? What have attorneys learned from past municipal defaults? What are the pros and cons of allowing state bankruptcies? The Emergence of State and Municipal Bankruptcies provides feedback from some of the nations leading legal minds on key differences between Chapter 11 and Chapter 9 municipal bankruptcies and offers examples of recent municipal defaults. These experts also discuss the impact of municipal bankruptcies on residents, taxpayers, and the public market, and speculate on whether state bankruptcies should be permitted. The report offers an on-the-spot look at the issue as it continues to unfold.
Author : American Council on Intergovernmental Relations
Publisher :
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.:/5 (532 download)
Download or read book Bankruptcies, Defaults, and Other Local Government Financial Emergencies written by American Council on Intergovernmental Relations and published by . This book was released on 1984 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Economic Stabilization
Publisher :
ISBN 13 :
Total Pages : 548 pages
Book Rating : 4.:/5 ( download)
Download or read book Debt Financing Problems of State and Local Government written by United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Economic Stabilization and published by . This book was released on 1975 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Moses
Publisher : Springer Nature
ISBN 13 : 3030878368
Total Pages : 175 pages
Book Rating : 4.0/5 (38 download)
Download or read book The Municipal Financial Crisis written by Mark Moses and published by Springer Nature. This book was released on 2022-01-06 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: City governments are going bankrupt. Even the ones that aren’t are often stuck in financial chaos. It is easy to blame pensions, poor leadership, or a bad economy. But the problems go much deeper. With decades of experience in local government, author Mark Moses showcases the inside world of the city decision-making process that has spawned these crises. It becomes clear: City governments are maxing out their budgets because they are trying to maximize services. This book, likely the most ambitious attempt by someone who has worked in government to radically examine the delivery of municipal services since 'Reinventing Government' was published more than 25 years ago, explores why city governments pursue an open-ended mission and why bailouts and trendy budgeting processes will be, at best, only temporary solutions. Of interest to current and future city council members, regional and state government officials, those covering city government, financial analysts, city management, and individuals and organizations interested in influencing city policy, this book argues that cities won’t thrive until city hall is disrupted.
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (14 download)
Download or read book Bankruptcies, Defaults, and Other Local Government Financial Emergencies written by United States. Advisory Commission on Intergovernmental Relations and published by . This book was released on 1985 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Clayton P. Gillette
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Governance Reform and the Judicial Role in Municipal Bankruptcy written by Clayton P. Gillette and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent proceedings involving large municipalities such as Detroit, Stockton, and Vallejo illustrate both the utility and the limitations of using the Bankruptcy Code to adjust municipal debt. In this article, we contend that, to truly resolve the distress of a substantial city, municipal bankruptcy needs to do more than simply provide immediate debt relief. Debt adjustment alone does nothing to remedy the fragmented decision-making and incentives for expanding municipal budgets that underlie municipal distress. Unless bankruptcy also addresses governance dysfunction, the city may slide right back into financial crisis. Governance restructuring has long been an essential element of corporate bankruptcy. Given the monopoly position of local governments as providers of local public goods, governance reform is even more important in the municipal bankruptcy context. Some might argue that reducing a city's debt is the best bankruptcy courts can do, because a more comprehensive approach would, among other things, interfere with state sovereignty. In our view, these concerns do not withstand inspection. Based on a careful analysis of the historical origins of the current municipal bankruptcy provisions, as well as an assessment of recent Supreme Court jurisprudence, we argue that governance reform is permitted even under existing law. To be sure, the states themselves, rather than a bankruptcy court, ideally should be the ones to effect municipal governance reform. But political factors and the salience of the fiscal crisis make state intervention unlikely, thus underscoring the need for a more comprehensive approach to municipal bankruptcy.
Author : Craig S. Maher
Publisher : Taylor & Francis
ISBN 13 : 1000845133
Total Pages : 284 pages
Book Rating : 4.0/5 (8 download)
Download or read book Understanding Municipal Fiscal Health written by Craig S. Maher and published by Taylor & Francis. This book was released on 2023-02-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding Municipal Fiscal Health provides an in-depth assessment of the fiscal health of cities throughout the United States. The book examines the tools currently available to cities for designing a revenue structure, measuring fiscal conditions and measuring fiscal health. It explains how artificial policies such as tax and expenditure limitations influence fiscal policies, and how communities can overcome socioeconomic and state-policy barriers to produce strong fiscal conditions. The authors go beyond simple theory to analyze patterns of fiscal health using actual financial, demographic and TEL data from an accurate data source, the Government Financial Officers Association survey. The book offers a solid basis of empirical evidence including quantitative case studies—complete with discussion questions—to help practitioners better understand the environment in which they are functioning and the policy tools they need to help advocate for change. This book teaches the reader the science and art of municipal financial analysis, and will be invaluable for local and state officials, analysts, and students and researchers.
Author : United States. Advisory Commission on Intergovernmental Relations
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.:/5 (43 download)
Download or read book City Financial Emergencies written by United States. Advisory Commission on Intergovernmental Relations and published by . This book was released on 1973 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juliet M. Moringiello
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (13 download)
Download or read book Goals and Governance in Municipal Bankruptcy written by Juliet M. Moringiello and published by . This book was released on 2015 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The years from 2011 to 2013 were remarkable in municipal bankruptcy terms. During those years, several cities and counties took the rare step of filing for bankruptcy under Chapter 9 of the Bankruptcy Code. When Detroit filed for bankruptcy in July, 2013, it became the largest city measured by both population and outstanding debt to file for Chapter 9.The recent filings challenge the conventional wisdom that Chapter 9 is poorly tailored to the rehabilitation needs of larger cities and counties. Those who have written about Chapter 9 in the past twenty years have treated Chapter 9 and state intervention in municipal financial affairs as freestanding alternatives rather than as complementary components of a comprehensive municipal financial recovery plan. These authors compare municipal bankruptcy to corporate bankruptcy and conclude that because Chapter 9 does not incorporate all of the Chapter 11 checks on debtor behavior, it cannot adequately promote the financial rehabilitation of a sizable general-purpose municipality. This approach ignores the original goal of Congress in enacting a municipal bankruptcy law in the aftermath of the Great Depression, which was to bring together two sovereigns, the state and the federal government, to accomplish something that neither could accomplish alone - the imposition of a plan to adjust municipal debts that would be binding on all creditors, wherever located. This article refocuses the discussion about the limitations of the municipal bankruptcy process by examining the goals of Chapter 9 and relating its governance provisions to those goals. A refocused discussion is particularly timely, because the deteriorating financial condition of many cities has led states to reexamine their programs for resolving municipal financial distress and the conditions under which they permit their municipalities to file for bankruptcy. Chapter 9 may only be as effective as the state governance that accompanies it. Therefore, policy makers on the state and federal levels need an understanding of the role of Chapter 9 in an integrated scheme for municipal financial recovery in order to decide whether and how to assist municipalities on the state level and to decide whether reforms to Chapter 9 are necessary.
Author : Beth Parker Seymour
Publisher :
ISBN 13 :
Total Pages : 147 pages
Book Rating : 4.:/5 (132 download)
Download or read book Financial Indicators of Bankruptcy Risk in Local Government Entities written by Beth Parker Seymour and published by . This book was released on 2022 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficiency and stability of a local government can impact the lifestyle of its citizens. While Chapter 9 bankruptcies are not common, when they do occur, they can be disruptive and extremely costly. Scholarly literature on bankruptcy prediction focuses primarily on corporate bankruptcies. Therefore, a gap exists regarding predictors specific to municipal bankruptcies. This non-experimental quantitative study examined the relationship between the financial indicators of those government entities that have declared bankruptcy as compared to financial indicators from similar government entities that have not declared bankruptcy in order to identify possible predictors of bankruptcy. The analysis established that two financial ratios were successful as predictors for bankruptcy. These two predictors are the net asset ratio and the operating ratio. These ratios may be used by local government officials as early indicators of potential problems. In addition, potential lenders may use these ratios to help measure the solvency and stability of local government entities (LGEs). Lastly, the ratios may be used by citizens to better understand and become involved in local government decision making.
Author : United States. Congress. Senate. Committee on the Judiciary
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (319 download)
Download or read book Amendment of Bankruptcy Laws -- Bankruptcy of Municipalities written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1934 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers legislation to provide emergency bankruptcy proceedings for municipal governments and their creditors.
Author : Mark Baldassare
Publisher : University of California Press
ISBN 13 : 9780520214859
Total Pages : 317 pages
Book Rating : 4.2/5 (148 download)
Download or read book When Government Fails written by Mark Baldassare and published by University of California Press. This book was released on 1998 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in United States history to declare bankruptcy. In the first comprehensive analysis of this momentous fiscal crisis, Mark Baldassare uncovers the many twists and turns from the dark days in December 1994 to the financial recovery of June 1996. Utilizing a wealth of primary materials from the county government and Merrill Lynch, as well as interviews with key officials and players in this drama, Mark Baldassare untangles the causes of this $1.64 billion fiasco. He finds three factors critical to understanding the bankruptcy: one, the political fragmentation of the numerous local governments in the area; two, the fiscal conservatism underlying voters' feelings about their tax dollars; three, the financial austerity in state government and in meeting rising state expenditures. Baldassare finds that these forces help to explain how a county known for its affluence and conservative politics could have allowed its cities' school, water, transportation, and sanitation agencies to be held hostage to this failed investment pool. Meticulously examining the events that led up to the bankruptcy, the local officials' response to the fiscal emergency, and the road to fiscal recovery--as well as the governmental reforms engendered by the crisis--When Government Fails is a dramatic and instructive economic morality tale. Eminently readable, it underlines the dangers inherent in a freewheeling bull economy and the imperatives of local and state governments to protect fiscal assets. As Baldassare shows, Orange County need not--and should not--happen again.
