The Oxford Handbook of State and Local Government Finance
Very up-to-date overview of state and local government
finance. The chapters look at the past history of state and local finance in a large
number of areas and the dramatic shift following the 2007-2008 Great Recession and the
ensuing Great Retraction.
Analysis of what went wrong with state and local fiscal
management and the revenue estimating process.
Historical presentations and current political analysis on
the fiscal framework of the US constitution and its implications for a post-Great
Recession era .
Examination of the "next generation" of state and
local government practices in the context of the nation's demographic, economic, and
institutional trends.
State and local government fiscal systems have increasingly become vulnerable to
economic changes. Over the past three decades, state and local deficits during economic
recession have been larger and deeper each time. The impact of the Great Recession and its
aftermath of feeble growth and lingering high unemployment has been dramatic both in scope
and intensity. Before the crisis, long-term structural deficits were persistent for both
individual governments and the entire sector as spending plans and patterns outpaced
governments' revenue-generating capacity. The revenue systems of these governments eroded
while the workloads and scope on the expenditure side of the state and local system budget
continued to grow.
This handbook evaluates the persistent problems in the fiscal systems of state and
local governments and what can be done to solve them.
It contains 35 chapters authored by 60 practitioners and academics who are renowned
scholars in state and local finance. Each chapter provides a description of the discipline
area, examines major developments in policy, practices and research, and opines on future
prospects. The chapters are divided into four sections. Section I is a systematic
discussion of the institutional, economic, and political framework that provides a
background for understanding the structure and financial performance of the state and
local sector. The chapters in Section II provide an overview of the various components of
state and local revenue systems and how they reacted to the Great Recession. They analyze
the diverse forms of taxes and charges in detail, prescribe remedies and alternatives, and
examine the implications for future revenue performance. Chapters in Section III turn to
spending, borrowing and financial management in the state and local sector. The focus is
on the big six service delivery sectors: education, health care, human services,
transportation, pensions, and housing. Section IV is a set of chapters that look ahead and
speculate about how the state and local government sector's money-raising, spending, and
service delivery structures will adjust to the new circumstances.
Readership: State and local government officials, observers and
academic community that follow the state and local sector. The book is not just for
academics. It is written by and for practitioners of state and local government finance.
Table of Contents
Foreword
Preface Robert D. Ebel and John E. Petersen
I. The Economic, Demographic and Institutional Framework
1. Introduction: State and Local Government Finance in the United States Robert D.
Ebel, John E. Petersen and Ha T. T. Vu
2. The Constitutional Frameworks of State and Local Government Finance John Kincaid
3. Federalism Trends, Tensions and Outlook Timothy J. Conlan and Paul L. Posner
4. State and Local Government Finance: Why It Matters Serdar Yilmaz, François
Vaillancourt, and Bernard Dafflon
5. State and Local Governments and the National Economy Rick Mattoon and Leslie McGranahan
6. Evolving Financial Architecture of State and Local Governments Sally Wallace
7. Profiles of Local Government Finance Christine R. Martell and Adam Greenwade
8. Federal Preemption of Revenue Autonomy James R. Eads, Jr.
9. State Intergovernmental Grant Programs Ronald C. Fisher and Andrew Bristle
10. State and Local Fiscal Institutions in Recession and Recovery Tracy M. Gordon
II. Impacts and Implications of the Great Recession: Current Revenues and
Expenditures; Capital Budgeting, Borrowing and Debt
11. Real Property Tax Michael E. Bell
12. State Personal Income Taxes Joseph J. Cordes and Jason N. Juffras
13. State Corporate Income Taxes David Brunori
14. Entity Taxation of Business Enterprise LeAnn Luna, Matthew N. Murray and Zhou Yang
15. Implications of a Federal Value Added Tax for State and Local Governments Harley T.
Duncan
16. Retail Sales and Use Taxation William F. Fox
17. Local Revenue Diversification: User Charges, Sales Taxes, and Income Taxes David L.
Sjoquist and Rayna
Stoycheva
18. State Tax Administration: Seven Problems in Search of a Solution Billy Hamilton
19. Revenue Estimation Norton Francis
III. Direct Operating Expenditures
20. Providing and Financing K-12 Education Daphne Kenyon
21. The Social Safety Net, Health Care, and the Great Recession Thomas Gais, Donald Boyd,
and Lucy Dadayan
22. Transportation Finance Jonathan L. Gifford
23 Housing Policy in the U.S.: The Evolving Subnational Role Robert M. Buckley and Alex F.
Schwartz
IV. Capital Spending and Finance
24. Capital Budgeting and Spending Justin Marlowe
25. Financial Markets and State and Local Governments John E. Petersen and Richard
Ciccarone
26. Infrastructure Privatization in the United States in the New Millennium Ellen Dannin
and Lee Cokorinos
V. Further Impacts on Financial Activities and Processes
27. Financial Emergencies: Default and Bankruptcy James E. Spiotto28. Government
Financial Reporting Standards: Reviewing the Past and Present, Anticipating the Future
Craig D. Shoulders and Robert J. Freeman
29. Pullback Management: State Budget Execution During Periods of Rapidly Declining
Revenues Carolyn Boudreaux and W. Bartley Hildreth
30. Public Employee Pensions and Investments Siona Listokin-Smith
31. Accomplishing State Budget Policy and Process Reforms Iris J. Lav
32. Fiscal Austerity and the Future of Federalism Rudolph G. Penner
33. Achieving Fiscal Sustainability for State and Local Governments Robert B. Ward
34. The Intergovernmental Grant System Raymond C. Scheppach
35 Community Associations at Middle Age: Considering the Options Robert H. Nelson
Index
992 pages, Paperback