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State and Local Finance: Increasing Focus on Fiscal Sustainability

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  • Robert B. Ward
  • Lucy Dadayan

Abstract

Researchers in state and local finance have placed increasing focus in recent years on "fiscal sustainability," the ability of governments to meet existing spending commitments with existing resources. The Governmental Accounting Standards Board (GASB), which establishes accounting and financial reporting standards for states and local governments, is considering setting standards in this area. This article analyzes recent history of states' expenditures and revenues as context for potential trends. It examines descriptions of fiscal sustainability that have been offered in previous literature and suggests a need for clear definition. The article discusses potential implications of action by GASB in this area, as well as developments in the economy and potential action at the federal level that may influence state and local budgets in the years ahead. Copyright 2009, Oxford University Press.

Suggested Citation

  • Robert B. Ward & Lucy Dadayan, 2009. "State and Local Finance: Increasing Focus on Fiscal Sustainability," Publius: The Journal of Federalism, CSF Associates Inc., vol. 39(3), pages 455-475, Summer.
    • Handle: RePEc:oup:publus:v:39:y:2009:i:3:p:455-475
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    File URL: http://hdl.handle.net/10.1093/publius/pjp014
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    Cited by:

    1. Bo Zhao & David Coyne, 2017. "Walking a Tightrope: Are U.S. State and Local Governments on a Fiscally Sustainable Path?," Public Budgeting & Finance, Wiley Blackwell, vol. 37(3), pages 3-23, September.
    2. Andrea Louise Campbell & Michael W. Sances, 2013. "State Fiscal Policy during the Great Recession," The ANNALS of the American Academy of Political and Social Science, , vol. 650(1), pages 252-273, November.
    3. Hyunjung Ji & Jeong Ahn & Jeffrey Chapman, 2016. "The role of intergovernmental aid in defining fiscal sustainability at the sub-national level," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 3063-3081, November.
    4. Paul Rothstein, 2010. "Commentary on \\"states in fiscal distress\\"," Regional Economic Development, Federal Reserve Bank of St. Louis, issue Oct, pages 81-87.

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