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date: 22 August 2019

(p. 985) Index

(p. 985) Index

Aaron, Henry, 277, 476, 492
Abacus deal, 701, 721n36
Abbov V, 524
Abu Dhabi Investment Authority, 737
ACA (Affordable Health Care Act),. See Patient Protection and Affordable Care Act of 2010
Accountability
funds as, 792–93
health care reform, 953–54
Accounting standards, convergence of, 803–4
ACF Indus., Dept. of Revenue v., 201
Activism, pension funds, 857–59
Actuarial assumptions, public employee pensions and investments, 853–54
Actuarially acquired contribution (ARC), 853, 855–56, 863
Adequate yearly progress (AYP), 531
Adjusted gross income (AGI)
personal income tax (PIT), 304, 318
pension share in, 326
Adopted budget, revisions to, 817–21
institutional arrangements, 820–21
legal dilemma, 819–20
Aging population
distribution, 164–65
and financial architecture of state and local governments, 163–67, 173
and knowledge gap, 480–83
and national economy, 13
personal income tax (PIT), implications for tax base, 316–17
and resilience, state, 98
retiree health benefits, 874
Agricultural credit, federal preemption, 209
Aid to Families with Dependent Children (AFDC), 139
conversion to TANF, 939, 946
creation of, 550–51
cutbacks, 551
recessions, generally, responses to, 557
state and local budgets, 547
Airlines, federal preemption, 201, 202
Airport and Airway Trust Fund, 605
Airport Improvement Program (AIP), 605
Airports, transportation finance, 605–7
capital funding sources, 607
National Airport System, defined, 605
operating revenues by size, distribution of, 606
passenger facility charge (PFC), 605
Alabama
Constitution
estate taxes, 72
voting and procedural rules, 69
local taxes, 457
personal income tax (PIT), 304
real property tax, 284
revenue diversity, 432
Alaska
Constitution, voting and procedural rules, 68–69
corporate income taxes (CIT), 334
defined contribution plans (mandatory), 845, 857
Permanent Fund, 74
state fuel taxes, 745
Alaska Native Claims Settlement, 206
All Handicapped Children Act, 530
Allianz Capital Partners, 737
Allocation function, 12, 107–9
Allocation of expenditure responsibilities, 12
Alm, James, 478
Alternative business taxes
business organizational form, 365–66
distribution, 362–64
efficiency, 361–62 (p. 986)
evaluation of, 359–72
administration, 369–72
benefit principle, 360
compliance, 369–72
efficiency, 361–62
fairness criterion, 361
neutrality, 361–67
rationale for business taxation, 359–61
revenue performance, 367–69
extraction, 362–64
generally, 361–62
gross receipts taxes (GRTs), 362–67
imports and exports, 364–65
interstate activity, 364–65
neutrality
business organizational form, 365–66
distribution, 362–64
extraction, 362–64
generally, 361–62
gross receipts taxes (GRTs), 362–67
imports and exports, 364–65
interstate activity, 364–65
overall assessment, 366–67
production, 362–64
value-added taxes (VATs), 362–67
overall assessment, 366–67
production, 362–64
value-added taxes (VATs), 362–67
Amazon.com, 411
Delete this 2nd reference to Amazon Laws’ its redundantA.M. Best Company, 721n30
American Association for Higher Education, 526
American Association of Port Authorities, 608
American Institute of Certified Public Accountants (AICPA)
convergence of standards, 804
timeliness of reports, 800
American Recovery and Act Reinvestment Act of 2009 (ARRA)
amount of aid, 721n15
“budget cliff”, 468
Build America Bonds (BABs), 712
capital budgeting and spending
aggregate measures of capital spending, 666–67
impact of ARRA, 659, 674–76
jurisdiction-specific capital spending, 669
output and employment, effect on, 679n35
overview, 674–76
decoupling from, 155n, 312, 315
generally, 13m 142, 153, 154n, 155n9, 593n, 839n
grant programs, funding, 90
Great Recession (〉2007–2009), 13, 142
aid through ARRA, 246
and social services safety net programs, 27–28, 542, 561–78. See also Lines throughout this topic
implementation of, 583, 937
intergovernmental grant system, federal-state, 38–39, 937, 947–50
intergovernmental revenues, 186–87
K-12 education, financial management, 536
maintenance of effort (MOE) provisions, 948
Medicaid, 571–76. See also Medicaid
and poverty, 578–82
figures, 560
resources directed by, 259, 542m 559
social services programs, 576–78. See also Social services programs
and social services safety net programs
federal assistance as percentage of GDP, 563
Great Recession (2007–2009), 27–28, 542, 561–78. See also Lines throughout this topic
modified safety net, 563–78
overview, 561–78
real state government taxes, changes in, 561
size of stimulus, 562
unemployment insurance, extension of, 562
spend-down of funds, 189
state tax administration, 468
stimulus packages, 148
Supplemental Nutrition Assistance Program (SNAP), 566–67. See also Supplemental Nutrition Assistance Program (SNAP)
supplemental security income, 567–68
tax credits, 568–69
Temporary Assistance to Needy Families (TANF), 569–71. See also Temporary Assistance to Needy Families (TANF)
timeframe for, 559
transportation finance, 619
Transportation Investment Generating Economic Recovery (TIGER), 619
unemployment insurance, overview, 564–66. See also Unemployment insurance (UI)
American Tax Policy Institute, 397n2
Antideficiency Act of 1906, 818
Arizona
community associations, 961, 967 (p. 987)
Constitution
campaign financing, 73
initiative and referendum rules, 67
state and local relations, 77
voting and procedural rules, 69
personal income tax (PIT), 311
property taxes, 881
staff reductions, 472
tax system, 7
Arizona Department of Revenue, 472
Arkansas
budget, 818
Constitution, 63
tax and expenditure limits (TELs), 66
personal income tax (PIT), 318
pull-back management, 837
refinancing bond issue, 723n64
Arkansas Public Employee Retirement System, 849
Arlington, Virginia
community associations, 976
Articles of Confederation, 46, 48, 59, 83, 199
Asian financial crisis, 698
Asset-backed commercial paper, 695
Association of Government Accountants (AGAs), 800–801, 813n29
Association of School Business Officers, 811
Atlanta
homestead option sales tax (HOST), 448
local option sales tax (LOST), 448
municipal option sales tax (MOST), 448
rapid transit, 448
sales taxes, 448
Attic Maritime Association, 778n10
Auction-rate securities (ARSs), 688–89, 694
Auditing and tax gap, 476–78
Australia
transportation finance, 729
value-added taxes (VATs), 911
Baby boomers,. See Aging population
Bain, Robert, 739
Balanced budget rules (BBRs), 17–18, 249, 254–55
Balance sheet, state and local government sector, 683–85
Bank of the United States, 199
Bankruptcy, 32–33
Chapter 7 of the Bankruptcy Code
community associations, 962, 969–71
Chapter 9 of the Bankruptcy Code, 763–70
alternatives to for states, 775–76
bondholders. status of payments to, 767, 770
bonds and notes, treatment of, 767
collective bargaining agreements, 770
community associations, 980n15
compensation of professionals, 765
contracts, 770
initiation of proceeding, 763–64
insolvent municipalities, limited to, 764–65
leases, 770
maintenance of municipal services requirement, 765
municipal bond debt, treatment of, 766–67
postpetition security interest, 765–66
priorities, summary of, 768–69
special revenues, 765–66, 780n28
statutory liens, 765–66
Chapter 11 of the Bankruptcy Code
community associations, 962
pension crisis, 770–71
community associations, 960–62, 980n7
termination by bankruptcy, 969–71
and default (municipal), 759–63
Bankruptcy Code,. See Bankruptcy
Barrett, Katherine, 487
Bear Stearns, 695
Behavior and revenue estimation, 508–10
Bell, Terrel, 530
Benefit principle, alternative business taxes, evaluation of, 360
Berkeley, transportation finance, 618
Bernanke, Ben, 730
The Big Short (Lewis), 702
Big swap, 946
Bildisco & Bildisco, National Labor of Relations Board v., 770
Bingamon, Jeff, 733
Bipartisan Policy Center
Debt Reduction Task Force, 380, 382, 910, 914 n3, n14, n29
Block grants
categorical versus, 945
CCDBG. See Child Care and Development Block Grant (CCDBG)
CDBG program. See Community Development Block Grants (CDBG) program
Community Services Block Grants, 576
housing and housing policy, 631, 641–43
Social Services Block Grant, 551
Temporary Assistance to Needy Families (TANF), 562, 577, 939–40, 946 (p. 988)
Bond financing, housing
mortgage revenue bonds, 644
multifamily housing bonds, 644
tax-exempt private activity bonds, 643–44
Bondholders, Chapter 9 of the Bankruptcy Code, 767, 770
Bonds
Build America Bonds. See Build America Bonds (BABs)
corporate. See Corporate bonds
financing. See Bond financing
municipal. See Municipal bonds
private activity bonds. See Private activity bonds (PABs)
sovereign states, issued by, 204
Bonus depreciation, 328n16
Book of Estimates (Congress), 260n46
Borrowing
and debt limits, 74–75
powers, 52–56
Boston
community associations, 967
real property tax, 273
Bowles, Erskine, 723n71
Brandeis, Louis, 3, 465
Bridgeport, Connecticut
Chapter 9 of the Bankruptcy Code, 764, 779–80n23
debt default, 757, 761
Budget and Accounting Act of 1921, 59
Budget and budgeting
budgetary culture and fiscal sustainability, 36–37, 929–30
deficits and value-added taxes (VATs), 381–83
expenditures, 873–75
functional budget, 108
policy, state, 36, 871–93
specific state tax reforms, 882–85
structural deficits, preventing, 885–90
structural problems and solutions, 873–82
reduction measures, state tax administration, 471
revenues, 875–82
strategies, state tax administration, 468, 469–70
sustainable, 926–28
Budget and Impoundment Control Act, 59
Budget Control Act of 2011, 397n10
Budget stabilization funds (BSFs), 17, 247, 252–53
Buffalo, community associations, 965–66
Build America Bonds (BABs)
demise, brink of, 715
and Great Recession, 688, 692
and long-term yields, 723n70
municipal issuance activity statistics, 190
overview, 712–13
recovery and reinvestment programs, 729
and stimulus act, 78–79
total sales, 713
Building permits and revenue estimation, 506
Build-operate-transfer/design-build-operate-maintain, 613
Build-own-operate, 614
Bureaucracy theory, 443
Bureau of Economic Analysis (BEA)
capital spending, aggregate measures of, 665, 667
contract terms, 733
generally, 154n3
intergovernmental grant program, 956n1
service production and employment, 166
State and Local Government Consumption Expenditures, 587n6
Bureau of Labor Statistics (BLS)
on employment, 189
public employee pensions and investments, 844
pension plan funding, 849
plan structure, 845
Burrus v. Wilkerson, 523
Bush, George H. W., 901–2
Bush, George W.
highway public-private partnerships (PPPs), 614
impoundment authority, 819
markets, commitment to, 728–29
nationalization of policy agenda, 89–90
No Child Left Behind program, 903, 906
public education grants, 906
Business cycle, policy options for dealing with, 152–53
Business enterprises, entity taxation of,. See Entity taxation of business enterprises
Business improvement districts (BIDs), 975
Business net receipts tax (BNRT), 354, 365
Business organization, citizenship of, 978
Business providers, authorities and, 201
Business purchases, retail sales and use taxation (RST), 418
Business-to-business sales taxes, 9
Cahill, Robinson v., 523
California
Bradley-Burns uniform sales tax, 448 (p. 989)
Build America Bonds (BABs), 712
business net receipts tax (BNRT), 354, 365
capital spending, aggregate measures of, 665
community associations, 961
Constitution
initiative and referendum rules, 67
voting and procedural rules, 68
defined contribution plans, 857
fiscal crisis, 7–8
fiscal sustainability, 927, 928
forecasts of national economy, 513n16
“Furlough Fridays,”472
furlough of staff, 472–73
Great Recession (2007–2009), 7
housing
bond financing, 644
inclusionary zoning, 646
infrastructure, 745
K-12 education, financial management, 522, 527, 530
personal income tax (PIT), 304, 310
Professional Engineers in California Government, 746–47
Proposition 13
passage of, 250, 257
and political gap, 490
tax revolt, 464
and tax revolt, 70
Proposition 25, 892n30
Proposition 60, 186
public employee pensions and investments and Great Recession (2007–2009), 861–62
retail sales and use taxation (RST), 409, 413
sales tax, 448
school-funding lawsuits, 523, 524
Self-Help Counties Coalition, 618
state fuel taxes, 745
tax revolt, 464
tax system, 7–8
transportation finance, 618
warrants issued by, 723n62
California Board of Equalization, 473
California Commission on the 21st Century Economy, 488–89
California Education Code, 778n14
California Franchise Tax Board, 343
California Franchise Tax Court, 472–73
California Public Employee Retirement System (CALPERS), 860
“Double Bottom Line” program, 858–59
California Senate Office of Oversight and Outcomes, 473
California Senate Transportation and Housing Committee, 744
Callan Associates, 853
Campaign financing, 73–74
Canada
HST rate, 400n79
retail sales taxes (RSTs), 398n44
revenues, 116
value-added taxes (VATs), 393
Canada Health Transfers, 118
Capital Beltway, 734, 741
Capital budgeting and spending, 30, 658–81
accumulated value, 678n26
aggregate measures of capital spending, 665–68
American Recovery and Reinvestment Act (ARRA), 659
annual gross capital spending, 668
capital flow, 669
capital improvement plan (CIP), 662, 673–74
capital stock, 669, 719n1
concept and practice, 661–64
fixed asset “flows,” 670
functional area, capital investment by, 667
grants-in-aid, 678n24
inefficiency, 663
jurisdiction-specific capital spending, 668–71, 678n17
levels, 665–73
municipalities, 678n25
“new facility fetish,”663
port authorities, 664
priorities, capital spending, 671–73
reforming capital budget-making, 673–74
state and local governmental capital spending, 659–61
functional categories, capital outlays by, 661
total expenditures and capital outlays, 660
and stimulus (ARRA), 674–76
total net assets (TNA), 670, 679nn27–28
Capital flow, 669
Capital gains, state treatment of, 317–18
Capital improvement plan (CIP), 662, 673–74
Capital stock, 669, 719n1
Carter, Jimmy, 530, 901
Cascading, retail sales and use taxation (RST), 418–19
Cash assistance programs
downturn in, 553–54
features of, 548
generally, 545
state and local budgets, 547
state and local spending, 553, 554
Cash flows, governmentwide statement of, 808
Census Bureau,. See US Census Bureau
Census of Governments, 230
Center for Community Change survey, 652n53
Center on Budget and Policy Priorities (CBPP)
on ARRA, 567
on defaults, 716
earned income-tax credits, 586n2
reductions in per capita tax, 168
state tax administration, 468
Central Falls, Rhode Island
debt default, 762–63
Chapter 7, 9 and 11 of the Bankruptcy Code. See Bankruptcy
Charitable Trusts’ Center on the States, 487
Chicago
community associations, 965, 967
debt default, 757
parking meters, 742–45
privatization of infrastructure
decision-making processes, 737–38
Chicago School Finance Authority, 773
Chicago Skyway, 614
decision-making, 740
and Tax Code, 733
Child Care and Development Block Grant (CCDBG), 547, 648
funding for, ARRA, 576
Children’s Hospital and Regional Medical Center, 969
Child’s Health Insurance Program (CHIP), 583
Child Support Enforcement
funding, 562, 576
recessions, generally, responses to, 558
Child Tax Credit (CTC)
expansion of, 562, 568
value of, 583
“Choice Neighborhoods Initiative,” 638
Christie, Chris, 929
Citigroup, 730
“City Fiscal Conditions” project, 665
City of Asbury Park, Faitoute Iron & Steel Co. v., 780–81n33
City of Clinton vs. Cedar Rapids and Missouri River Railroad, 193n 21, 839n21,
Civil Rights Movement, 61
Civil War
and federalism, 85
and financial emergencies, 776, 777n6
Cleveland
bankruptcy, 760
community associations, 965
default, 760
personal income tax (PIT), 303
Clinton, Bill
health care reform, 950
markets, commitment to, 728–29
Closed-end matching transfers, 119
Clothing, retail sales and use taxation (RST), 420
Coercive federalism, 3, 11, 87, 90–91, 93–97, 198, 201
Coinage, 56
Collateralized Debt Obligations (CDOs), 702
Collection of tax, decrease in, 464
Collections data and revenue estimation, 506
Collective bargaining agreements, |bankruptcy, 770
Colorado
bankruptcy, 761, 77980n23, 779n16
Constitution, sales and excise taxes, 71
infrastructure, 745
retail sales and use taxation (RST), 409
Taxpayer Bill of Rights (TABOR), 250, 873, 889
Combined equalization, transfers, 128
Combined reporting requirement, corporate income taxes (CIT), 345
Commerce Clause, 411
Commerce Clearing House, 407
Commodity Futures Trading Commission (CFTC)
derivatives, regulation of, 722n57
swaps, regulation of, 722n58
Community associations, 958–83
bankruptcy, 960–62, 980n7
business improvement districts (BIDs), 975
common services, 964–65
conditions and restrictions (CC&Rs), 964, 971–73
“Condo Vultures,”962
eminent domain, 975–76
evolution of, 39–40
functioning of, 963–65
general purpose local governments, 966
homeowners’ associations, 969 (p. 991)
horizontal integration, 977
industrial organization, local government as economic problem, 976–80
local adjustment, 978–79
transaction costs, 977
institutional reforms, 968–76
bankruptcy, termination by, 969–71
eminent domain, 975–76
Kelo, response to, 975–76
reorganization, 971–74
retrofitting community associations, 974–75
termination, 969–74
Kelo, response to, 975–76
levy of assessment, 964
local governance, transformation of, 965–67
not-in-my-backyard (NIMBY), 969
practical implications, 967–68
reorganization, 971–74
as option, 959–62
retrofitting community associations, 974–75
as social development, 962–68
termination, 969–74
as option, 959–62
vertical integration, 977
volunteer leadership, lack of, 959
voting rights, 967
Community Development Block Grants (CDBG) program, 576, 631, 641–42, 940–41
Community Development Corporations (CDCs), 648–49
Community Services Block Grants, 576
Competition for jobs and real property tax, 282
Compliance
alternative business taxes, evaluation of, 369–72
corporate income taxes (CIT), 369–72
retail sales and use taxation (RST), 386, 413–14
and tax gap, 477, 479
Component-units presentation, discretely presented, 809
Comprehensive annual financial report (CAFR)
content of, 790
fund financial statements, removal from basic financial statements, 808–9
generally, 786, 789
Conditional transfers, 118–19
Conditions and restrictions (CC&Rs), 964, 971–73
Condominiums
“Condo Vultures,”962
tenants in common, 963
Congress
Book of Estimates, 260n46
elderly, assistance for, 86
tax treatment of, federal preemption, 206–8
Congressional Budget and Impoundment Control Act of 1974, 819
Congressional Budget Office (CBO)
ARRA, effect on output and employment, 679n35
on coercive federalism, 95
costs of contracts, 742
on debt accumulation, 3
forecasting, 502
on gross domestic product (GDP), 896
health care reform, 951
and Medicaid, 899, 913
structural deficits, preventing, 886
unfunded mandates, 907
and value-added taxes (VATs), 381–83
Congressional Research Service, 91,480, 493n18
Connecticut
fiscal sustainability, 929
local taxes, 457
Medicaid, 944
other postemployment benefits (OPEB), 852
personal income tax (PIT), 303, 309
public employee pensions and investments and Great Recession (2007–2009), 861
real property tax, 272–73
rental housing vouchers, 638
revenue diversity, 430–31
Constitutional frameworks of finance, 10, 45–82
amendments, Constitutional, 60–61. See also specific amendment
apportionment, 51–52
Articles of Confederation, 46, 48, 59, 83, 199
borrowing and debt limits, 74–75
borrowing powers, 52–56
campaign financing, 73–74
coinage, 56
“Constitutional dollars,”48
corporate taxes, 73
counterfeiting, 56
declarations of rights, 64–65
direct taxes, 51–52
earmarking, 73
equality rights, 66–67
estate taxes, 72 (p. 992)
excise taxes, 71
federal and state fiscal powers, The Federalist on, 47–50
fiscal powers, limits on
federal, 56–57
state, 57–58
historical origins, 63–64
income taxes, 71–72
initiative rules, 67–68
institutional integrity, fiscal guarantees of, 59–60
judicial provisions, 58–59
power delegation, 46–47
presidential provisions, 58–59
procedural rules, 68–69
provisions in Constitution, 50
public education, 73
public finance, state Constitutional frameworks, 62–63
public purpose rule, 66
rainy-day funds, 74
referendum rules, 67–68
sales taxes, 71
separation of powers, 59–60
severance taxes, 72
specific aspects of state-local finance, constitutional provisions and limits, 69–78
borrowing and debt limits, 74–75
campaign financing, 73–74
corporate taxes, 73
earmarking, 73
estate taxes, 72
excise taxes, 71
income taxes, 71–72
property taxes, 69–71
public education, 73
rainy-day funds, 74
sales taxes, 71
severance taxes, 72
state and local relations, 76–77
state budgeting, 75–76
trust funds, 74
spending powers, 52–56
state and local relations, 76–77
state budgeting, 75–76
state fiscal powers, federal statutory and judicial restraints on, 78–79
state fiscal powers, limits on, 64–69
declarations of rights, 64–65
equality rights, 66–67
initiative rules, 67–68
procedural rules, 68–69
public purpose rule, 66
referendum rules, 67–68
tax and expenditure limits (TELs), 65–66
Taxpayer Bill of Rights (TABOR), 65
uniformity rights, 66–67
voting rules, 68–69
tax and expenditure limits (TELs), 65–66
taxation, 52–56
corporate taxes, 73
estate taxes, 72
excise taxes, 71
income taxes, 71–72
with representation, 50–51
Sales taxes, 71
Severance taxes, 72
Taxpayer Bill of Rights (TABOR), 65
trust funds, 74
uniformity rights, 66–67
voting rules, 68–69
Constitution, US,. See also Constitutional frameworks of finance; specific amendments
Commerce and Import-Export Clauses of Article I, 199
Privileges and Immunities Clause of Article IV, 199
ratification of, 199
Consumer Expenditure Survey, 420
Consumer Price Index (CPI), 2, 445, 497, 844
Consumer services, retail sales and use taxation (RST), 421
Consumption
spending, generally, 9
subnational government (SNG), 116
taxes, coordinating federal and state, 387–96
Continental Army, 845
Continental Shelf, federal preemption, 205
Contracts, bankruptcy, 770
Cooperation, 493
Cooperative federalism, 11, 29, 85, 90, 92–93
Corporate bonds
Aaa, interest rates on, 719n11
default rates of municipal bonds versus corporate bonds, 704
Corporate income taxes (CIT), 20–21, 333–51
administration, 369–72
costs, 334
business income, 341
combined reporting requirement, 345
compliance, 369–72
crisis of, 337
tax incentives, 337–38
double-weighted sales factor, 339–40, 346
federal corporate income tax, relationship, 342–43
growth of, 335
history of, 334–35
income, corporation of, 343–44 (p. 993)
limited liability companies (LLCs), 21, 341–42, 352
limited liability partnerships (LLPs), 21, 341–42
Mercedes-Benz law, 338
nowhere income, 346–47
opponents of, 336
pass-through entities, 21, 341–42
rationale for, 335–37
required reporting, failure to require, 340–41
saving the corporate income tax, 344–47
combined reporting requirement, 345
double-weight factor, 346
nowhere income, 346–47
single-sales factor, 346
tax incentives, use of, 347
three-factor formula, return to, 345–46, 365
throwback rules, 346–47
throw-out rules, 346–47
Uniform Division of Income for Tax Purposes Act (UDITPA), 345
single-sales factor, 346
single-weighted sales factor, 339–40
tax incentives, use of, 347
tax-planning opportunities, 340–41
three-factor formula, return to, 345–46, 365
throwback rules, 346–47
throw-out rules, 346–47
Uniform Division of Income for Tax Purposes Act (UDITPA), 339, 345
uniformity, abandonment, 338–40
unitary business, 340
Corporate taxes,. See also Corporate income taxes (CIT)
Constitutional frameworks of finance, 73
Corruption, susceptibility to, 702–3
Cost-of-living adjustments (COLAs)
actuarial assumptions, 854
and Great Recession (2007–2009), 861
pension plan funding, 849, 850
and plan structure, 844
Council for Better Education, Rose v., 523
Counterfeiting, 56
Counties, state aid to, 227
Courtland neighborhood (Arlington, Virginia), 976
Credit-rating agencies
conflict, inherent, 701–2
corruption. susceptibility to, 702–3
credit-rating models, 700–701
criticisms of, 699–703
conflict, inherent, 701–2
corruption. susceptibility to, 702–3
credit-rating models, 700–701
issuer-pays model, 701–2
monopolies of opinion, 699–700
“pay-to-play” criticism, 702
private contracts, role of ratings in, 703
stale ratings, 701
surveillance, poor, 701
described, 695–97
issuer-pays model, 701–2
monopolies of opinion, 699–700
municipal rating model, recalibration, 703–6
“pay-to-play” criticism, 702
private contracts, role of ratings in, 703
stale ratings, 701
surveillance, poor, 701
Credit ratings
A, 706
AA, 719n11
Aa, 719n11
AAA, 693, 696, 803
BB, 694
BBB, 694, 696, 706
C, 693, 696
CCC, 694
D, 693, 696
generally, 31
GO, 706
models, 700–701
past performance on, 697–99
stale ratings, 701
unraveling of, 693–95
The Crisis in Tax Administration (Aaron and Slemrod), 476
Cross-border shopping, 410
Cutbacks, federal spending, 31
Daniels, Mitch, 929
Data gap, state tax administration, 25, 465–67
Davidson, Kristin, 962
DBRS Ltd., 721n30
Debt
federal debt ceiling, 61
federal debt growth, 382, 714, 895, 950
recovery, recession and, 251–52
state debt, history, 62
Debt Reduction Task Force, 382
Decentralization (also see Delegation, Devolution)
decentralized federal system, 2, 12, 17, 39n, 83–84, 96,98, 105–06,
fiscal decentralization, 105–06,
and education, 532
and public goods, local, 110 (p. 994)
Decentralization Theorem, 12, 110111, 113
Decision-making, infrastructure,. See Privatization of infrastructure
Declarations of rights, Constitutional frameworks of finance, 64–65
Default (municipal)
generally, 32–33
overview, 759–63
sub-sovereign debt default, causes and examples of, 757–58
Defined benefit (DB) plans
funding, 48, 849
generally, 856
structure, 844
Defined contribution (DC) plans
failed plans, 862
generally, 856–57
hybrid plans, 863
mandatory plans, 845, 857
structure, 845
Delaware
business activities tax (BAT), 358
Constitution, borrowing and fund limits, 75
income taxes, 451
Delaware Department for Finance, 466
Demographic factors
financial architecture of state and local governments, 14, 163–68
financial architecture of state and local governments, 158–59
impact of, 171–72
Denver
Northwest Parkway, 614
real property tax, 273
Department of Revenue, National Bellas Hess, Inc. v., 353
Depreciation, bonus, 328n16
Dept. of Revenue v. ACF Indus., 201
Derivatives, regulation of, 722n57
Design-build, 613
Design-build-finance-operate, 613
Destination-based taxation, 360, 386, 400n82, 413–14
Detroit, income taxes, 452
Delegation
Power, 46, 737, 834, 919
Financial, 630, 836
Devolution (also see Decentralization)
defined, 104, 111, 618
federal budget and, 903–7
public education grants, 906–7
surface transportation grants, 904–6
housing and housing policy, 640, 641
transportation finance, 618, 904–6
Dillon, John Forest, 778n6
Dillon’s Rule, 46, 76. 79n2, 177. 603, 621n9,
Direct Marketers’ Association, 411
Discrimination
ports, 57
taxation, 73, 209
Distribution
aging population, 164–65
airports, operating revenues by size, 606
alternative business taxes, 362–64
expenditures
detailed distribution of expenditures and revenues, 162–63
equalization, redistribution formula, 126
of functions among types of government, 106–9
K-12 education, percent distribution of revenue, 521
personal income, 166, 167
population, 164–65
regional redistribution and state intergovernmental grant programs, 214–15
state intergovernmental grant programs, regional redistribution as reason, 214–15
user charges and fees
distribution of current charges, 440, 442
District of Columbia
Federal preemption of, 204–206
personal income tax (PIT), 303, 313
sales taxes, 878
Diversification,. See Local revenue diversification
Dodd-Frank Act Wall Street Reform and Consumer Protection Act (Financial Reform Act)
financial products, 709
and Government Accountability Office, 802
mandated studies, 709–10
municipal financial advisors, 708–9, 722n56
and municipal securities, 707
Municipal Securities Rulemaking Board (MSRB). See Municipal Securities Rulemaking Board (MSRB)
overview, 706–7
passage of, 695, 707
SEC, expanded role for, 707–8, 722n60
Tower Amendment, 710, 722n54, 722n59
and Tower Amendment, 813n36
DOT information, 235, 236–37
“Double Bottom Line” program, 858–59
Double dipping, public employee pensions and investments, 866n75
Double-weighted sales factor
corporate income taxes (CIT), 339–40, 346
Drinking age, 55
Dual federalism, 11, 16, 84
Dual-prospective reporting model, 789–91 (p. 995)
Earmarking, Constitutional frameworks of finance, 73
Earned income tax credit (EITC), 311–13, 327, 329n39
generally, 568
increase, 578
social services programs, 546, 547
state and local spending, 556
state EITCs, 312
value of, 583
E-commerce, 184, 336, 352
E-commerce sales and revenue estimation, 506
E-commerce sales tax, 23
Economic conditions, financial reporting standards, 798, 810–12
Economic downturn of 2007–2009,. See Great Recession (2007–2009)
Economic efficiency
criterion applied, 2,23, 89, 129, 222, 353, 414, 742
local revenue diversification, 434, 456
and retail sales and use taxation, 23, 413–14, 420
Economic factors, financial architecture of state and local governments, 163–68
impact of, 171–72
Economies of scale, 107–8, 126–27
The Economist, 163, 700
Economy.com, 501, 502, 513n19
Education
fiscal sustainability
entitlement spending, 921
forecasting, 925
income taxes, 455
as local government responsibility, 520–22
subnational government (SNG), 135n54
user charges and fees, 439–40
Education Trust, 526
Efficiency, 12, 115. See also Economic efficiency
alternative business taxes
evaluation of, 361–62
generally, 361–62
defined, 514n31
personal income tax (PIT), 305
real property tax, 276
retail sales and use taxation (RST), 413–14, 416–17
Eighth Amendment, 61
Eisenhower, Dwight D., 904
Elasticity, gross receipts taxes, 373
Elderly, assistance for, 86
Electricity, retail sales and use taxation (RST), 423
Electronic commerce. See E-commerce
Electronic reporting, 799, 810
Elementary and Secondary Education Act (ESEA), 530. See also No Child Left Behind program
Ellickson, Robert, 968
Emergencies,. See Financial emergencies
Emergency Fund, 562
Emergency Shelter Grants, 576
Eminent domain, community associations, 975–76
Employee Retirement Income Security Act of 1974 (ERISA), 846, 850
federal preemption, 208
Employment
competition for jobs and real property tax, 282
federal preemption, 208–9
Great Recession (2007–2009), 500
and national economy, 140, 142
trends, 166–67
Emulation, 108
EMU Stability and Growth Pact, 259
Energy assistance programs,. See Housing and energy assistance programs
Energy tax, proposed, 910
Enforcement,. See also Child Support Enforcement
entity taxation of business enterprises, 372
Enron scandal, 698
Entering the 21st Century (World Development Report), 105
Enterprise Community Partners, 649
Enterprise Foundation, 649
Entitlement spending, fiscal sustainability, 920–24
health insurance, 923
Medicaid, 922–23
pension plans, 923
public education, 921
Entity taxation of business enterprises, 21–22, 352–79
alternative business taxes, evaluation of, 359–72
administration, 369–72
benefit principle, 360
compliance, 369–72
efficiency, 361–62
fairness criterion, 361
neutrality, 361–67
rationale for business taxation, 359–61
revenue performance, 367–69
corporate income taxes (CIT), 21–22, 352–79 (p. 996)
current examples of business activities taxes, 358–59
enforcement, 372
gross receipts taxes (GRTs)
compliance and administration, 369–72
described, 354–56
economic nexus, application of, 373
fairness criterion, 361
generally, 353
levy, 360
neutrality, 362–67
overview, 353–59
revenue performance, 367–69
taxonomy of business taxes, 354
value-added taxes (VATs)
compliance and administration, 369–72
consumption variant (CVATs), 357
described, 356–58
destination-based, 360
generally, 21–22
neutrality, 362–67
overview, 353–59
revenue performance, 367–69
Equality rights. Constitutional frameworks of finance, 66–67
Equalization formula, transfers, 125–26
Equity
lawsuits, K-12 education, 523
personal income tax (PIT), 305
real property tax, 277–79
taxation, 115
Erie Canal, 74
Ernst and Young, 414, 635
Estate taxes
Constitutional frameworks of finance, 72
“pick-up” taxes, 95
Euromoney, 731
European Financial Stability Facility, 774
European Union, 13334n26
Excise taxes, 71
Existing Housing program,. See Section 8 Existing Housing program
Expenditure
assignment, 12
equalization. See Expenditure equalization, transfers
financial architecture of state and local governments, 158
current fiscal architecture, 159–63
detailed distribution of expenditures and revenues, 162–63
per capita expenditures and revenues, 160
limits, 17
local government, 15, 180–81
across regions, 182
by function, 181
growth of, 181–82
reforms, structural problems and solutions, 873–75
tax expenditure scruitny, 888–89
unfunded mandates increasing, 907–8
Expenditure equalization, transfers, 119, 120, 123–28
cost differences, 124–25
cost disparities, 127–28
economies of scale, impossible, 126–27
equalization formula, 125–26
needs differences, 124
redistribution formula, 126
stylized expenditure equalization, 123–24, 125
x-inefficiencies, 127–28
Exports,. See Imports and exports
Externalities, presence of, 108
Extraction, alternative business taxes, 362–64
Fairfax County, Virginia
K-12 education, financial management, 521
Fair Market Rent (FMR), 638
Fairness criterion, alternative business taxes, 361
Faitoute Iron & Steel Co. v. City of Asbury Park, 78081n33
Farm Loan Bank, 56
Federal Accounting Standards Advisory Board (FASAB), 918
Federal Aviation Administration (FAA)
National Airport System, defined, 605–7
NextGen program, 620
Federal Deposit Insurance Corporation, 706
Federal Employees Retirement Act (1920), 846
Federal employees, tax treatment of
federal preemption, 206–8
Federal Highway Administration (FHWA)
Conditions and Performance Report, 598–99, 617
costs of contracts, 743–44 (p. 997)
and Pennsylvania Turnpike, 735
“Special Experimental Project No. 15,”610
vehicle miles traveled, estimates of, 244n24
Federal Highway Trust Fund,. See Highway Trust Fund
Federal Home Loan Mortgage Corporation (Freddie Mac), 56, 717
Federal Housing Administration, 626
Federalism, 11–12, 83–104
challenges of, 87–95
nationalization of policy agenda, 89–95
coercive federalism. See Coercive Federalism
cooperative federalism
development, 84–87
devolution, federal budget and, 903–7
dual federalism: See Dual Federalism
energy tax, proposed, 910
expenditures, unfunded mandates increasing, 907–8
federal grants, 897–901
foundations of, 83
future of, 36–37, 99–100, 894–916
devolution, federal budget and, 903–7
energy tax, proposed, 910
expenditures, unfunded mandates increasing, 907–8
federal grants, 897–901
personal tax, 912
public education grants, 906–7
surface transportation grants, 904–6
tax policy, 908–12
unfunded mandates, 907–8
value-added tax (VAT), 908–12
history, 84–87
nationalization of policy agenda, 89–95
coercive federalism, 93–95
cooperative federalism, 90–93
personal tax, 912
public education grants, 906–7
resilience, state, 96–99
eroding positions of state and local governments, 97–99
tradition of, 96–97
“single state agencies,”86
surface transportation grants, 904–6
tax policy, 908–12
trends, 99
unfunded mandates, 907–8
value-added tax (VAT), 908–12
The Federalist, 10
on federal and state fiscal powers, 11, 47–50
No. 12, 935n1
No. 28, 198
No. 30, 15
No. 32, 15
No. 39, 199
No. 46, 198
Federal Medical Assistance Percentage (FMAP), 562
Federal National Mortgage Association (Fannie Mae), 56, 717
Federal Reserve Bank system, 85
Federal Reserve Board, 283, 721n35
Federal Reserve Board of Governors, 719n11
Federal Transit Administration (FTA)
“New Start” transit program, 597
public transit, 604
Federation of Tax Administrators (FTA)
and data gap, 465–67
and knowledge gap, 482
and median state taxes, 409
and policy gap, 487
and resource gap, 470
and revenue estimation, 513nn18–19
Fifth Amendment, 55, 61, 743
Finance, importance of, 12, 105–36
allocation function, 12, 107–9
distribution of functions among types of government, 106–9
expenditure assignment, 12
public goods
divergencies for demand, 110–11, 112
divergencies in cost of goods and services, 111, 113
local public goods, provision of, 109–13
revenue assignment, 12, 113–17
transfers, 118–29
closed-end matching transfers, 119
combined equalization, 128
conditional transfers, 118–19
expenditure equalization, 119, 120, 123–28
external items, 119
horizontal imbalance, 118
horizontal versus vertical equalization, 128–29
interjurisdictional spillovers, 118
nonmatching transfers, 119
open-ended transfers, 118–19
resource equalization, 119, 120
revenue equalization, 120–23
“Robin Hood”-type of equalization, 128
unconditional transfers, 118–19
vertical equalization, 128–29
vertical fiscal imbalance, 118, 134n27
Financial Accounting Standards Board (FASB)
compliance, generally, 785
convergence of standards, 804
Financial architecture of state and local governments, 13–14, 156–75 (p. 998)
aging population, 163–67, 173
current fiscal architecture, 158–63
demographic factors, 14, 158–59, 163–68
impact of, 171–72
economic factors, 163–68
impact of, 171–72
employment trends, 166–67
expenditures
current fiscal architecture, 159–63
detailed distribution of expenditures and revenues, 162–63
impacts, 158
per capita expenditures and revenues, 160
impacts, 168–69
institutional factors, 158–59
outlook, 169–73
pension financing, 174n15
personal income distribution, 166, 167
purpose and scope, 157
reform options, 169–73
revenues, 160, 162–63
current fiscal architecture, 159–63
Financial bubble
background of debt bubble, 757
bursting of, 729–30
Financial control board, 132n7
Financial crisis (2007–2009),. See Great Recession (2007–2009)
Financial emergencies, 32–33, 756–82
alternatives to Chapter 9 of the Bankruptcy Code, 775–76
background of debt bubble, 757
Chapter 9 of the Bankruptcy Code, 763–70
debt-restructuring mechanism, search for, 758
default (municipal)
causes and examples of, 757–58
overview, 759–63
financially troubled states, dilemma facing, 774–75
and oversight authority, 772–74
structure for, 773
pension crisis
Chapter 11 of Bankruptcy Code, 771
mechanisms other than Chapter 9, 770–71
sovereign debt resolution, 756
sovereign debt resolution mechanism (SDRM), 775–76
subsovereign debt default, causes and examples of, 757–58
Financial management
capital budgeting and spending, 30, 658–81
financial emergencies, 32–33, 756–82
financial markets and state and local governments, 31, 683–726
financial reporting standards, 33–34, 783–85
health care programs and Great Recession, 27–28, 545. See also Health care programs for detailed treatment
housing policy, 29–30, 624–57
privatization of infrastructure, 31–32, 727–55
public employee pensions and investments, 35, 843–68
pull-back management, 34–35, 816–42
social services safety net programs
and Great Recession, 27–28, 542–93
transportation finance, 28–29, 594–623
Financial markets and state and local governments, 31, 683–726
asset-backed commercial paper, 695
auction-rate securities (ARSs), 688–89, 694
balance sheet, 683–85
municipal debt outstanding, 684
nongovernmental debt, 685
Build America Bonds (BABs). See Build America Bonds (BABs)
changes in financial markets, 710–12
credit-rating agencies
criticisms of, 699–703
described, 695–97
credit ratings
past performance on, 697–99
unraveling of, 693–95
debt, payment of, 715–16
defaults, 715–16
Great Recession (2007–2009). See Great Recession (2007–2009)
infrastructure, 683
interest rate swaps, 691–92
London Interbank Offered Rate (LIBOR), 689, 723n73
municipal bonds
and Great Recession. See Municipal bonds
by interest payment type, 688
new capital and refunding, 687
new issues, 687
municipal debt outstanding, 684
municipal financial advisors, 708–9, 722n56
municipal rating model, 703–6
nongovernmental debt, 685
precrisis years, 686–89 (p. 999)
reforms, 706–7
SEC, expanded role for, 707–8, 722n60
“special fund” doctrine, 683
structural concerns, 714–15
tender-option bonds (TOBs), 688–89
2000’s, early, volume of borrowing, 686–89
uncertainty, 692–93
at end of decade, 713–14
US Treasury and Bond Buyer 20 Bond Index, 686
variable-rate-demand obligations (VRDOs), 688–89
Financial reporting standards, 33–34, 783–815
accountability, funds as, 792–93
budgetary reporting in financial statements, decline of, 791–92
cash flows, governmentwide statement of, 808
component-units presentation, discretely presented, 809
convergence of accounting standards, 803–4
economic conditions, 798, 810–12
electronic reporting, 810
emphases in reporting, changes, 791–96
accountability, funds as, 792–93
budgetary reporting in financial statements, decline of, 791–92
internal control mechanism, funds as, 792–93
interperiod equity, 793–96
FASB. See Financial Accounting Standards Board (FASB)
federal influence, 802
financial-reporting objectives and financial-statement objectives, 785–86
fiscal sustainability, 920
forward-looking information, 798, 810–12
fund financial statements, removal from basic financial statements, 808–9
future of government financial reporting, 805–7
GASB. See Government Accounting Standards Board (GASB)
government financial-reporting model, changes in, 786–91
dual-prospective reporting model, 789–91
NCGA model, criticisms, 789–91
pre-NCGA statements, 787–89
required supplemental information (RST), 790
internal control mechanism, funds as, 792–93
interperiod equity, 793–96
modified accrual accounting, changes to, 808
municipal bond market, 803
Municipal Securities Rulemaking Board (MSRB). See Municipal Securities Rulemaking Board (MSRB)
nonmandatory financial statements, 786
popular reporting, 810
standards setters for accounting, 785–86
Tower Amendment. See Tower Amendment
First Amendment, 721n25
Fiscal austerity, 36–37, 933–34
Fiscal autonomy, local government finance, 191
Fiscal institutions
Great Recession (2007–2009) and recovery, 17–18, 246–67
alternatives to fiscal institutions, 258–59
balanced budget rules, 249, 254–55
budget stabilization funds (BSFs), 252–53
debt restrictions, 251–52
effects of fiscal institutions, 253–56
overview of institutions, 249–53
reasons for fiscal institutions, 256–58
tax and expenditure limits (TELs), 250–51, 257
Fiscally neutral reforms, 8
Fiscal notes, reforms, 887–88
“Fiscal obsolescence” of fiscal structure, 1
Fiscal powers, limits on
federal, 56–57
state, 57–58
Fiscal stress, pull-back management, 34–35, 816–42. See also Pull-back management for detailed treatment
Fiscal sustainability, 37–38, 917–36
and broad change, 930–33
budgetary culture, role of, 36–37, 929–30
budgeting, sustainable, 926–28
defined, 918–20
entitlement spending, 920–24
health insurance, 923
Medicaid, 922–23
pension plans, 923
public education, 921
failure of, impact of potential, 933–34
and federal expenditures, 927–28
financial reporting, 920
forecasting, 924–26, 930–33
health insurance, 923
Medicaid
entitlement spending, 922–23
forecasting, 924–25
gross domestic product (GDP), 925
pension plans, 923
public education
entitlement spending, 921 (p. 1000)
forecasting, 925
value-added taxes (VATs), 928
Fiscal Sustainability Working Group, 918
Fitch Ratings, 699, 705
Fitted versus actual of total revenue model, 508
Flat grants, K-12 education, 525
Florida
community associations, 961–62, 967
Constitution, income taxes, 72
forecasts of national economy, 513n16
personal income tax (PIT), 880
property taxes, 881
retail sales and use taxation (RST), 408, 421
revenue projections, 887
sales tax, 398n35
sales taxes, 876–77
tax system, 7
Florida Department of Revenue, 876–77
Flow of Funds, 72223n61
Fluor-Transurban, 742
“Flypaper effect,” 224
Food and nutrition programs
features of, 548–49
generally, 545–46
Food, retail sales and use taxation (RST), 420, 423
Forecasting
budget policy, state, 36, 871–93
specific state tax reforms, 882–85
structural deficits, preventing, 885–90
structural problems and solutions, 873–82
community associations, 39–40, 958–83
and decentralization, 11–12
federalism, 36–37, 99–100, 894–916
financial reporting standards, 805–7
fiscal austerity, 36–37, 933–34
fiscal sustainability, 37–38, 917–36
intergovernmental grant system, federal-state, 38–39, 937–57
local government finance, profiles of, 191–92
private governments, 39–40
privatization of infrastructure, 746–47
public employee pensions and investments, 862–65
real property tax, 287–89
reforms, 36, 871–93
specific state tax reforms, 882–85
structural deficits, preventing, 885–90
structural problems and solutions, 873–82
revenue autonomy, federal preemption of, 210
revenue estimation
of national economy, adoption of, 501–2
of state economy, 502–6
Foreclosure rates, local government finance, 188
Foreign trade zones, federal preemption, 205
Forest, John, 778n6
Formulas, transportation finance, 618–19
Fort Lauderdale, Florida
Port of Miami tunnel, 730
Forward-looking information, 798, 810–12
Government Accounting Standards Board (GASB), 798
Foundation grants, K-12 education, 525
Fourteenth Amendment
described, 61
Due Process and Equal Protection Clauses, 78, 199
and federalism, 85
taxation, 54
Francis, James, 876–77
Franken, Al, 707
Franklin Bank, 697
Franklin, Benjamin, 48
Fraud, prevention of, 722n59
Free and appropriate public education (FAPE), 530–31
Freestanding Voucher Program, 638–39
Functional budget, 108
Fund financial statements, removal from basic financial statements, 808–9
Funds and funding. See specific topic
“Furlough Fridays,” 472
Garner, North Carolina
user charges and fees, 441–42
General Education Development (GED), 527
Generally accepted accounting principles (GAAP)
capital budgeting and spending, 669
demand for financial statements, 787
fund financial statements, removal from basic financial statements, 809
future of, 805
generally, 789
nonmandatory financial statements, 786
other postemployment benefits (OPEB), 851
reporting requirements, 784
General-purpose government, 177
General Revenue Sharing, 87, 92
Generation Y, 170
Georgia
budget, 818
Governor’s Office of Planning and Budget (OPB), 828
Homeowners Tax Relief Grant (HTRG), 828, 836
personal income tax (PIT), 317
pull-back management, 816–17, 821, 827–30, 835–36, 839n55
tax burden, 451
Georgia State University, 317
Globalization, defined, 105
Goldman Sachs, 701
Goods versus services, revenue estimation, 505
Governing magazine, 487
Government Accountability Office (GAO)
on fiscal capacity, 92
fiscal sustainability
budgeting, sustainable, 926–27
defined, 919
forecasting, 924
health care costs, 874
High Risk List, 728, 746
intergovernmental grant system, federal-state, 954–55, 956n1
Medicaid, 573
other postemployment benefits (OPEB), 852
privatization of infrastructure, decision-making processes, 737
public employee pensions and investments, 844
on shortfalls, 247
on state personal income taxes, 305
and Tower Amendment, 802
Government Accounting Standards Board (GASB)
actuarial assumptions, 853, 854, 863
capital budgeting and spending, 719n6
component-units presentation, discretely presented, 809
Concepts Statement No. 1
accountability, importance of, 792
forward-looking information, 798
generally, 785–86
interperiod equity, 794–95
Concepts Statement No. 3, 791
convergence of standards, 804
current focus, 796–801
economic condition/fiscal sustainability, 798
electronic reporting, 799
forward-looking information, 798
measurement and recognition, 801
popular reporting, 800
postemployment benefits, 797–98
service efforts and accomplishments (SEA), 799
timeliness of reports, 800–801
economic condition/fiscal sustainability, 798
electronic reporting, 799, 810
federal funding for, 803
Government Accounting Standards Board fiscal sustainability
definition, 918–20
financial reporting standards, 920
forward-looking information, 798, 810–12
future of, 806–7
measurement and recognition, 801
nonmandatory financial statements, 786
operational accountability, defined, 787
other postemployment benefits (OPEB), 851
and pension plan funding, 847
popular reporting, 800, 810
postemployment benefits, 797–98
reporting requirements, 33–34, 783–85
service efforts and accomplishments (SEA), 799
Statement No. 11, 794
Statement No. 34
interperiod equity, 795–96
measurement and recognition, 801
model adopted in, 784
and NCGA model, 789–91
standards prior to, 792
Statement No. 35, 793
Statement No. 43, 851, 862
Statement No. 45, 851, 862
timeliness of reports, 800–801
Government Finance (GF) series, 154n3
Government Finance Officers Association (GFOA), 787, 799, 800, 811 (p. 1002)
Government financial-reporting model, changes in dual-prospective reporting model, 789–91
NCGA model, criticisms, 789–91
pre-NCGA statements, 787–89
required supplemental information (RST), 790
Government reporting standards,. See Financial reporting standards
Government subsidies, privatization of infrastructure, 741–43
Gramlich, Edward, 91, 246, 259, 721n35
Gramm-Rudman-Hollings Budget, 901
Grant Anticipation Notes (GANs), 615
Grant Anticipation Revenue Vehicles (GARVEEs), 615
Grants and grant programs,. See also Intergovernmental grant system, federal-state; State intergovernmental grant programs
cooperative federalism, 91–93
cooperative, rise of, 86
federal grants as percentage of outlays, expenditures, and GDP, 91
federal grants, future of, 897–901
Medicaid, 897–900
non-Medicaid grants, 900–903
and gross domestic product (GDP), 897–901
national economy, 147, 148
public education grants, 906–7
subnational government (SNG), 114
surface transportation grants, 904–6
transportation finance, 618–19
Great Depression (1929–1933)
bankruptcy, 33, 759, 776
and credit crisis of 2007–2008, 711–12
credit ratings, 697
default (municipal), 759–63
extension of, 248
and federalism, 11
generally, 2
housing prices, fall in, 716–17
municipal bonds, 705
and policy gap, 487
property taxes, 70, 717
“Second New Deal,”550
and value-added taxes (VATs), 396
Great Recession (2007–2009)
American Recovery and Reinvestment Act (ARRA), 13, 142
financial markets and state and local governments, 716
intergovernmental grant system, federal-state, 38–39, 937, 947–50
and social services safety net. See American Recovery and Reinvestment Act (ARRA)
bankruptcy, 32–33
California, 7
and capital budgeting and spending, 30, 665–73
aggregate measures of capital spending, 665–68
annual gross capital spending, 668
capital spending priorities, 671–73
definition of Great Recession, 677n4
functional area, capital investment by, 667
grants-in-aid, 678n24
jurisdiction-specific capital spending, 668–71, 678n17
municipalities, 678n25
reforming capital budget-making, 673–74
and stimulus (ARRA), 674–76
and corporate income taxes (CIT), 20
default, 32–33
defined, 677n4
education extensions, 948–49
employment, 500
and financial architecture of state and local governments, 13–14, 168–69
fiscal vulnerability following, 4
gross domestic product (GDP), 559
and health care programs, 27–28, 545. See also Health care programs for detailed treatment
housing prices, fall in, 716–17
impact of, 7
intergovernmental grant system, federal-state, 38–39, 937, 947–50
education extensions, 948–49
“new normal,” 949–50
three stages of Recession, 947–48
key indicators, 497
layoffs, 15, 559
local governments, 188–89
stresses, 15, 192
Low Income Housing Tax Credit (LIHTC), 635
Medicaid, 947–49
enrollment, 574–75
municipal bonds
collapse of bond insurers, 690–91
credit ratings, unraveling of, 693–95
default rates, 697
initial meltdown, 690
interest rate swaps, 691–92
municipal rating model, 703–6
uncertainty following respite, 692–93
“new normal,” 949–50
official dates of, 137 (p. 1003)
onset of, 1–2
overview of, 6–7
personal income, 499–500
personal income tax (PIT), 19–20, 305–6, 323–26
decline of personal income, 323
loss of revenue, 325
retirement income, 326
revenue changes, 309
revenue, changes in, 324–35
state policy changes, 306–9
state revenue performance during, 306
tax base, 323–24
tax expenditures, 313
tax increases, 307, 308, 309
variation in tax revenue, 326
volatility short-run, 316, 326
poverty
effects on, 578–82
figures, 560
public employee pensions and investments, 859–65
forecasting, 862–65
pension obligation bonds (POBs), 861
pension responses, 2009–2010, 869
and pull-back management, 816
real property tax, 19, 272
revenue source, property tax as, 272
real state government taxes, changes in, 561
as recession rather than depression, 716–18
recovery, institutions, 17–18, 246–67
alternatives to fiscal institutions, 258–59
balanced budget rules, 249, 254–55
budget stabilization funds (BSFs), 252–53
debt restrictions, 251–52
effects of fiscal institutions, 253–56
overview of institutions, 249–53
reasons for fiscal institutions, 256–58
tax and expenditure limits (TELs), 250–51, 257
retail sales and use taxation (RST), 408
revenue estimation, 25, 497–516
state and local tax revenue, 498
severity of, 6, 7
and social services safety net programs, 27–28, 542–93
changes to safety net, 582–86
defined, 543–46
demand for safety net services, impact on, 559–60
before Great Recession, 550–58
implications for future, 584–86
overview, 558–61
and poverty, 560, 578–82
state and local budgets, in context of, 546–50
state capacity to finance services, impact on, 561
and state budgets, 464
state tax administration, 468
three stages of Recession, 947–48
unemployment insurance, extension of, 562
unemployment rate, 559–60
Great Society initiative, 11, 550–51, 900, 903
Greece
defaults, ancient Greece, 778n10
emergency funds, 774
Green, Richard, 487
Greystoke, 958
Gross domestic product (GDP)
American Recovery and Reinvestment Act (ARRA), 563
contributions to, 3
and education, 519
and federal debt, 895–96
and federal grants, 897–901
federal grants as percentage of outlays, expenditures, and GDP, 91
fiscal sustainability, Medicaid, 925
forecasting, 502
Great Recession (2007–2009), 497, 559
health care costs, 874
and Medicaid, 897–900
national economy
consumption and gross investment, 138
as contributor to, 12–13, 138–40
expenditure, current, 139
local government employment, 140
nonfarm employment, 139, 140
state and local receipts, 146–47
tax receipts, 147
“new normal,”949
retail sales and use taxation (RST), 409, 424
social services safety net programs programs, 544
and value-added taxes (VATs), 381–82
Gross domestic product per capita (GDPCC), 169
Gross Investment Price Index, 587n6
Gross Margin Tax, See Texas
Gross receipts taxes (GRTs)
compliance and administration, 369–72
described, 354–56
economic nexus, application of, 373
elasticity, 373
fairness criterion, 361
generally, 21–22, 353
levy, 360
overview, 353–59
retail sales and use taxation (RST), 413
retail sales tax (RST), compared, 355
revenue performance, 367–69
Guam, debt default, 757
Gubernatorial withholding, pull-back management, 834–37
Hamilton, Alexander
and Federalist, 47–50, 79, 198, 935n1
on taxation, 15–16, 47–50, 79
and spending power, 54
Harrisburg, Pennsylvania
debt default, 757–58, 762, 771, 772
Harvard University
Joint Center for Housing Studies, 628
Hatch Act, 55
Hawaii
Constitution
borrowing and fund limits, 75
campaign financing, 73
General Excise Tax (GET), 409
K-12 education, financial management, 538n34
other postemployment benefits (OPEB), 852
personal income tax (PIT), 310
retail sales and use taxation (RST), 421
state fuel taxes, 745
Head Start, funding for, 576
Health care
benefits, local government finance, 190–91
programs
features of, 548
and Great Recession, 27–28, 545
reform. See Health care reform
services, retail sales and use taxation (RST), 421
Health care reform, 950–54
accountability, 953–54
exchange, 952–53
expenditures, 874–75
Medicaid expansion, 951–52
Patient Protection and Affordable Care Act of 2010, 950–54
Health insurance
employment-based, number of people with, 572
fiscal sustainability, 923
Hempel, George, 717
Herfindahl index, 430–33
Heterogeneity of preferences and circumstances, 108
Highways
market-based reforms, 728–29
transportation finance, 597–603, 732–36
direct expenditures, 601
expenditures, 599
intergovernmental transfers, 602
new-build facilities, 611–13
nonuser taxes, 599
percentage of revenue derived from user charges, 599
private contractors as fourth branch of government, 735–36
public-private partnerships (PPPs), 610–13
revenue raising, 601–2
risk, bearing of, 735–35
state systems, 602
and Tax Code, 732–33
toll facilities, 610
tolls, 599–600
user fees, 599–600
VMT-adjusted spending, 598
Highway Trust Fund
costs of contracts, 746
generally, 28, 595
grants and formulas, 619
and privatization of infrastructure, 728
public transit, 604
Holmes, Oliver Wendell, 115
HOME Investment Partnership Program, 642–43
generally, 29, 631
and inclusionary zoning, 647
Community Development Corporations (CDCs), 648
Homelessness, 629–30
Honolulu, real property tax, 273
Hoover Institution, Sanford University, 388
HOPE VI program
“Choice Neighborhoods Initiative,”638
and costs, 639
criticisms, 637
design and construction, improvements, 636
future of, 638
generally, 625
lives of residents, 637
management of public housing, 636–37
overview, 635–38
safety, 636
Horizontal equity, 115
local revenue diversification, 433
Horizontal imbalance, transfers, 118
Horizontal integration, community associations, 977
Horizontal versus vertical equalization, transfers, 128–29 (p. 1005)
Hospitals, user charges and fees, 439
Household income, taxes, 456
House Ways and Means Committee, 846
Housing Act of 1974, 638
Housing and energy assistance programs, 546
Housing and housing policy, 29–30, 624–57. See also Housing crisis
affordability of housing, 634
explanation of, 627–29
generally, 627
and inclusionary zoning, 645–49
land-use restrictions, 629
low-income housing, shortage of, 628–29
block grants, 641–43
bond financing, 643–44
mortgage revenue bonds, 644
multifamily housing bonds, 644
tax-exempt private activity bonds, 643–44
bubble, bursting of, 626, 690
Center for Community Change survey, 652n53
Community Development Block Grants (CDBG) program, 641–42
economy, role of housing in, 625–26
federal housing programs, 630–40. See also specific program
first housing programs, 630
housing-related block grants, 631
overview of expenditures, 632
public housing, 635
public housing authorities (PHAs), 630, 635
rental housing vouchers, 638–40
state housing finance agencies (HFAs), 632
tax and financial subsidies, 631–33
HOME Investment Partnership Program, 29,631, 642–43, 647–49
homelessness, 629–30
home ownership rate, 626–27
Hope VI. See Hope IV program
housing-related block grants, 631
housing trust funds, 644–45
municipal and county, 652n53
inclusionary zoning, 645–49
Community Development Corporations (CDCs), 648–49
nonprofits and state and local programs, 646–47
land-use restrictions, 629
low-income housing, shortage of, 628–29LITHC: See Low Inccome Housing Tax Credit
median size of owner-occupied homes, 626
nonprofit sector, state and local housing policy and, 640–49
block grants, 641–43
bond financing, 643–44
Community Development Block Grants (CDBG) program, 641–42
HOME Investment Partnership Program, 642–43
housing trust funds, 644–45
inclusionary zoning, 645–49
overview, 625–30
expenditures, federal housing programs, 632
prices, fall in, 716–17
lingering effect of, 718
public housing authorities (PHAs), 630, 635
public housing. federal housing programs, 635
rental housing vouchers, 638–40
renters, 626–27, 633
rental housing vouchers, 638–40
revenue estimation and housing market exposure, 504
structure of, 650–51
subsidies, 625. See also specific subsidy
tax and financial subsidies, 631–33
tenure, 626–27
trust funds. See Housing trust funds
Housing Choice Voucher (HCV) program, 639
Housing crisis
lingering effect of, 718
local government finance, 190
Housing trust funds, 644–45
municipal and county, 652n53
Huey P. Long Bridge, 723n64
Hungary, M-5, 744
Hybrid plans, 863
ICMA State of the Profession Survey, 457–58
Idaho Millennium Permanent Endowment Fund, 74
Idaho Tax Commission, 479
IHS Global Insight (GI), 501
Illinois
Build America Bonds (BABs), 712
Constitution
income taxes, 72
state and local relations, 76
fiscal sustainability, 930
personal income tax (PIT), 303, 880
Imports and exports
alternative business taxes, 364–65
export, defined, 57
value-added taxes (VATs), 395
Impoundment authority, 819, 834–37
Inclusionary zoning, 645–49
Community Development Corporations (CDCs), 648–49
nonprofits and state and local programs, 646–47
Income, corporation of, 343–44
Income taxes
Constitutional frameworks of finance, 71–72
local revenue diversification. See Local revenue diversification
revenue diversification, 24, 451–57
total taxes, as percentage of, 447
Indiana, fiscal sustainability, 929
Indiana Toll Road, 614, 733–34, 740
Indian nations, direct taxes, 51
Individualized education plan (IEP), 531
Individuals with Disabilities Education Act (IDEA), 530
Information sharing, value-added taxes (VATs), 394–95
Infrastructure
and financial markets, 683
privatization of. See Privatization of infrastructure
roads and infrastructure program, 148
state infrastructure banks, transportation finance, 617
United Kingdom, 74
Initiative rules, Constitutional frameworks of finance, 67–68
Innovative finance programs
public-private partnerships. See Public-private partnerships (PPPs)
transportation finance, 609
Institute on Taxation & Economic Policy, 450
Institutional factors, financial architecture of state and local governments, 158–59
Institutional integrity, fiscal guarantees of, 59–60
Institutional reforms, community associations,. See Community associations
Institutions,. See Fiscal institutions
Interest rate swaps, 691–92
Intergovernmental grant programs,. See State intergovernmental grant programs
Intergovernmental grant system, federal-state, 38–39, 937–57
big swap, 946
early programs, 942
efficiency of grants system, 942–44
early programs, 942
Medicaid, 942–44
existing framework, 938–41
federal grants to state and local government, 941
forecasting, 954–55
health care reform, 950–54
accountability, 953–54
exchange, 952–53
Medicaid expansion, 951–52
Patient Protection and Affordable Care Act of 2010, 950–54
Medicaid. See Medicaid
policy debates, 944–46
big swap, 946
block grants, categorical versus, 945
Medicaid, 944–45
revenue sharing, 945
state and local expenditures by category, 940
state and local revenues by type, 939
Intergovernmental revenues, local government, 182, 186–87
Intergovernmental transfers,. See Transfers
Interjurisdictional spillovers, transfers, 118
Intermediate inputs, distortions from taxing, 416–19
Intermodal Transportation Efficiency Act (ISTEA), 148
Internal control mechanism, funds as, 792–93
Internal Revenue Code (IRC)
and automatic conformity, 318
other postemployment benefits (OPEB), 852
pension plan funding, 850
Internal Revenue Service (IRS)
and knowledge gap, 481
studies, 464
and tax gap, 474–76
International Accounting Standards Board (IASB)
compliance, generally, 785
convergence of standards, 804
International Association of Assessing Officers, 280
International Finance Council, 735
International Financial Reporting Standards (IFRS), 804
International Monetary Fund (IMF), 247, 258
International Public Sector Accounting Standards Board (IPSASB), 804, 919
Internet
access, federal preemption, 202
sales, Internet-based
and retail sales and use taxation, 23, 416, 425n19, 425n50
and revenue estimation, 505
Internet Freedom Tax Act, 425n19
Internet Tax Freedom Act, 78 (p. 1007)
Interperiod equity, 793–96
Interstate activity, alternative business taxes, 364–65
Interstate Highway System, 735
Interstate telecommunication, federal preemption, 202–4
Interstate trade
approaches to, 387–96
clearinghouse operations, 388
compensating VATs, 388–89
dual VATs, 389
revenue sharing, 388
tax sharing, 388
viable integrated VATs, 389
Interstate transportation, federal preemption, 202
Investments, public employees,. See Public employee pensions and investments
Iowa Department of Revenue, 316
Iowa, personal income tax, 317
Ireland, emergency funds, 774
Irvine, California
community associations, 972
Issuer-pays model, credit-rating agencies, 701–2
Japan Credit Rating Agency Ltd., 721n30
Japan’s Lost Decade, 248
Jefferson County, Alabama
Sewer Revenue Bonds, 698
Jefferson, Thomas, 54
Johnson, Bruce, 488, 493
Johnson, Curtis, 522
Johnson, Lyndon B.
Great Society initiative, 11, 550–51
nationalization of policy agenda, 90
“New Society” program, 87
Jones, Jonathan, 450
Joint Committee on Taxation, 514n44, 742
Judicial provisions, Constitutional frameworks of finance, 58–59
Jurisdiction-specific capital spending, 668–71, 678n17
Kaiser Commission on Medicaid and the Uninsured, 573
Kansas
budget stabilization funds (BSFs), 252
capital improvement plan (CIP), 673
Constitution, income taxes, 72
income taxes, 72, 452
public employee pensions and investments and Great Recession (2007–2009), 860
Kansas T-Link, 748n32
Kazakhstan, K-12 education, 532 Kelo, 975–76
Kentucky
corporate income taxes (CIT), 347
income taxes, 452
Limited Liability Entity Tax, 359
school-funding lawsuits, 523
Knowledge-based economy and real property tax, 281–82
Knowledge gap, state tax administration, 25, 480–83
K-12 education, financial management, 26–27, 519–41
adequate yearly progress (AYP), 531
challenges to education and finance, 536–37
demographic challenges of states, 527, 528–29
English-language learners, 526, 527
equity lawsuits, 523
expenditures, reforms, 874
federal finance and regulation, 530–31
flat grants, 525
foundation grants, 525
free and appropriate public education (FAPE), 530–31
income taxes, 456
individualized education plan (IEP), 531
international education comparisons, 531–34
education indicators, 533–34
as local government responsibility, 520–22
media and education, 535–36
percent distribution of revenue, 521
performance, educational, 527, 530
provision of education, changing, 535–36
school-funding lawsuits, 523–25
source of revenues, 520
state aid, 525–26
as percentage of K-12 revenue, 526
state role, 522–30
cost adjustments, 526
diversity among states, 526–27
educational performance, 527, 530
English-language learners, 526, 527
equity lawsuits, 523
flat grants, 525
foundation grants, 525
school-funding lawsuits, 523–25
state aid, 525–26
students by school type, 535
summary of school finance, 528–29
technology and change, 536
“Laboratory” federalism, 3
Land assembly, eminent domain for, 975–76 (p. 1008)
Land-use restrictions, 629
Language differences and equalization, 136n54
Las Vegas, community associations, 967
Laurelton Terrace condominium, 969–70
“The Law of Municipal Bonds,” 778n6
Layoffs
Great Recession (2007–2009), 559
local governments, 15
state tax administration, 472
Leases
bankruptcy, 770
long-term lease arrangements, 613
Lee, Mike, 54
Legislation changes and revenue estimation, 508–10
Lehman Brothers, 691, 695
Levenson, Dana, 733
Levies
community associations, assessments, 964
gross receipts taxes (GRTs), 360
real property tax, limits, 284, 293
retail sales and use taxation (RST), 413
Lewis, Michael, 702
Liabilities, local government finance, 190–91
Liens
Chapter 9 of the Bankruptcy Code, 765–66
federal preemption, 209
Limited liability companies (LLCs), 21, 341–42, 352
Limited liability partnerships (LLPs), 21, 341–42
Lincoln, Abraham, 55
Loans, Section 129, 615–16
Local government finance, profiles of, 14–15, 176–97
emerging issues in finance, 187–91
fiscal autonomy, 191
foreclosure rates, 188
health care benefits, 190–91
housing crisis, 190
liabilities, 190–91
mortgage default rates, 188
municipal debt finance, 189–90
pensions, 190–91
recession, 188–89
retrenchment, 188–89
expenditures, 15, 180–81
across regions, 182
by function, 181
growth of, 181–82
fiscal autonomy, 179–80, 191
forecasting, 191–92
foreclosure rates, 188
forms of local government, 177–79
general-purpose government, 177
health care benefits, 190–91
housing crisis, 190
legal structure of local government, 177–80
liabilities, 190–91
mortgage default rates, 188
municipal debt finance, 189–90
municipal government, 177–78
organization of local government, 177–80
pensions, 190–91
property taxes, 180
as revenue source, 184–85
retrenchment, 188–89
revenues, 182–86
growth in, 183–84
intergovernmental revenues, 182, 186–87
own-source revenues, 182
by source, 187
sources, 182–83
sources of growth, 183–84
special districts, 184, 186
type, revenue source by, 185
variations in, 184
special districts, 178–79
revenues, 184, 186
townships, 178
trends in spending and revenues, 180–87
by type, 179
Local Initiatives Support Corporation (LISC), 649
Localization, defined, 105
Local revenue diversification, 24, 429–62
counter arguments, 434–35
economic efficiency, 434
Herfindahl index, 430–33
horizontal equity, 433
income taxes, 451–57
characteristics of, 452–57
descriptions of, 453–55
drawbacks, 458
education, 455
household income, 456
reliance on, 451–52
revenue as percentage of, 452
investment differences, 434
level of diversification, 430–32
property tax, reduced reliance on, 432–33
reasons for diversity, 432–35
revenue capacity, capturing, 432
revenue diversity, 430–32
risk and return, 434 (p. 1009)
sales taxes, local, 446–51
characteristics of, 449–51
drawbacks, 458
limiting, 449
property-tax base, 450–51
reliance on, 446–49
revenue, as percentage of, 447
total taxes, as percentage of, 447
stability, revenue, 433
user charges and fees, 24, 435–46
current charges, 436–40, 442
distribution of current charges, 440, 442
education, 439–40
examples of, 441
expansion of, potential, 445–46
feasibility, administrative, 444
financed by, 439–42
Garner, North Carolina, 441–42
hospitals, 439
importance of, 458
marginal cost pricing, 446
own-source revenue, current charges as percentage of, 437
parks, entrance fees, 444
Ramsey, Minnesota, 441–42
reliance on, 435–39
setting levels of charges, 442–44
Smyrna, Georgia, 440–42
solid waste collection, 444
trends in, 445
utility charges, 437–39, 440, 442
utility revenue, 436–37
London Club, 775
London Interbank Offered Rate (LIBOR), 689, 723n73
Long Beach, ports, 607
Long-term lease arrangements, 613
Loop Capital Markets, 512n1
Los Angeles
personal income tax (PIT), 303
ports, 607
Louisiana
personal income tax (PIT), 329n29
reforms, 883
Lowenthal, Alan, 744
Low Income Housing Tax Credit (LIHTC)
and affordability of housing, 634
efficiency of tax shelter, 634
generally, 29, 625
Great Recession (2007–2009), 635
issues, 634
overview, 632–35
rental housing developments, 633
“sunset” provisions, 635
sustainability of housing, 634
Luxury tax, 914n26
Macedon, New York, 977
Macquarie Bank, 729
Madison, James
direct taxes, 51–52
and ratification of Constitution, 199
Maine
Constitution, campaign financing, 73
personal income tax (PIT), 303
property taxes, 882
reforms, 883
revenue diversity, 431
tax increases, 872
Maintenance of effort (MOE) provisions, 948
Maison Grande condominium, 961
Major funds, identification of, 812n11
Making Work Pay credit, 562
Management Watch list, 486
Marginal cost pricing, user charges and fees, 446
Mark, Stephen, 450
Marshall, John
and Bank of the United States, 199
tax immunities, 53
Maryland
and Bank of the United States, 199
Constitution, declarations of rights, 65
income taxes, 452, 457
personal income tax (PIT), 303
pull-back management, 837
taxation, 16
Maryland, McCulloch v., 16, 53
Massachusetts
community associations, 967
Constitution, sales and excise taxes, 71
first Constitution, 63
health care reform, 951
housing, inclusionary zoning, 646
K-12 education, financial management, 527, 530
pension plans, history, 846
public employee pensions and investments, and Great Recession (2007–2009), 860
sales taxes, 398n35, 876–77
school-funding lawsuits, 523, 524
“Matching principle” of public finance, 113
Mayer Brown, 739–40
McCulloch v. Maryland, 16, 53
McDuffy, 524
McInnis v. Shapiro, 523
McKinsey, 874
McGuire, Therese
property tax merits of, 522 (p. 1010)
sales taxes and economic activity, 450
McLure, Charles
compensating VAT, 388
integrated sales tax, 392–93
on policy gap, 488–89
on state corporate income taxes, 344
Medicaid
commitments for states, growing, 922
coverage, 587n7
mandates, 95
efficiency of, 942–44
eligibility, 943
enrollment
Great Recession (2007–2009), 574–75
semiannual changes in, 573
entitlement spending, 922–23, 939
expansion, 558, 951–52
expenditures, 586n4, 874
fiscal sustainability
entitlement spending, 922–23
forecasting, 924–25
future of, 897–900, 913
grants, 562
Great Recession (2007–2009), 947–49
growth in program, 955
health care reform, 951–52
history of, 551
incorporation of long-term care portion, 943, 945
matching requirements, 93
and national economy, 13, 144, 152
policy debates, 944–45
as proxy for medical assistance, 553
redistributive effect of, 911
reimbursement rates for physicians, 944
as safety net programs program, 545
state and local budgets, 547
statistics, 213
on coverage, 943
Medical assistance
state and local budgets, 547
state and local spending, 552,553
Medicare
budget, proposed, 899
as safety net programs program, 543–44
Medley, Florida
bankruptcy, 760
Mercedes-Benz law, 338
Miami, community associations, 961–62
Michigan
business activities tax (BAT), 356, 357
Constitution
Headlee Amendment, 77
sales and excise taxes, 71
state and local relations, 77
defined contribution plans (mandatory), 845, 857
personal income tax (PIT), 303
real property tax, 284
reforms, 883
sales tax, 398n35
school-funding lawsuits, 524
tax increases, 514n45
warrants issued by, 723n62
Michigan Business Tax, 345, 358
Midwest
capital budgeting and spending, 664
community associations, 965, 967
Migration, 163
Military Spouses Residency Relief Act, 208
Minnesota
Commissioner of Management and Budget, 825–26
community associations, 967
Constitution, public purpose rule, 66
K-12 education, financial management, 527
pull-back management, 821, 824–27, 834
Minnesota Department of Finance, 504
Minnesota Taxpayers Association (MTA), 273, 294n8
Mississippi
Constitution, borrowing and fund limits, 75
retail sales and use taxation (RST), 407
Missouri
income taxes, 451
personal income tax (PIT), 317
Mobile, Alabama
debt default, 757
Model Cities Program, 87
Modeling data and revenue estimation, 506–7
Modernization, methods for, 884–85
Modified accrual accounting, changes to, 808
Montana
budget stabilization funds (BSFs), 252
Constitution, sales and excise taxes, 71
corporate income taxes (CIT), 334
personal income tax (PIT), 310
Moody, John, 695
Moody’s Analytics, 501, 502
Moody’s Global Scale, 705
Moody’s Investor Services, 699–700, 758
Morgan Stanley, 737–38, 739–40, 742
Morrill Land Grant College Act, 85
Mortgage revenue bonds, 644
Mortgages
default rates, local government finance, 188
subprime mortgage phenomenon, 701, 721n35
Moynihan, Daniel Patrick, 930 (p. 1011)
MRIs, 954
Multifamily housing bonds, 644
Multistate Tax Commission (MTC), 465–66, 487
Multiyear budgeting, reforms, 886
Municipal Bankruptcy Amendments (1988), 766, 778n13
Municipal bonds
BABs encouraging, 712
bankruptcy, 766–67
default, 757
rates of municipal bonds versus corporate bonds, 704
at end of decade, 713–14
and Great Recession
collapse of bond insurers, 690–91
credit ratings, unraveling of, 693–95
default rates, 697
initial meltdown, 690
interest rate swaps, 691–92
municipal rating model, 703–6
uncertainty following respite, 692–93
by interest payment type, 688
market, 189–90
financial reporting standards, 803
new capital and refunding, 687
new issues, 687
recalibration, credit rating, 703–6
total sales, 713
unrated, 721n43
Municipal credit market, 189–90
Municipal debt finance
Chapter 9 of the Bankruptcy Code. See Bankruptcy
local government finance, 189–90
Municipal debt outstanding, 684
Municipal default,. See Default (municipal)
Municipal entity, defined, 722n53
Municipal Finance Officers Association,. See Government Finance Officers Association (GFOA)
Municipal financial advisors, 708–9, 722n56
Municipal government, 177–78
Municipalities, state aid to, 227
Municipal Market Advisers, 758
Municipal securities and Dodd-Frank Act, 707
Municipal Securities Rulemaking Board (MSRB)
composition of board, 709
expanded role for, 707–8
financial advisors, 708–9
financial products, 709
restrictions on rulemaking, 722n54
and Tower Amendment, 802
Musgrave, Peggy, 343–44
Musgrave, Richard, 12
Theory of Public Finance, 106
National Academy of Public Administration, 904, 909, 910, 914n14
National Academy of Science, 904, 909, 910
National Airport System, defined, 605
National Assessment of Educational Progress (NAEP), 527
National Association of Budget Officers (NASBC), 168, 886
National Association of State Budget Officers (NASBO)
capital spending, aggregate measures of, 665–66
and deficits, 254
intergovernmental grant program, 956n2
on Michigan budget cuts, 509, 514n45
pull-back management, 820
state tax administration, 465, 468
National Association of State Chief Information Officers (NASCIO), 486
National Association of State Retirement Administrators (NASRA), 858
National Association of State Treasurers, 512n1
National Audit Office (NAO), 741
National Bellas Hess, Inc. v. Department of Revenue, 353
National Bureau of Economic Research, 559, 677n4
National Center on State Legislatures, 844
National Commission on Excellence in Education, 530
National Commission on Fiscal Responsibility and Reform, 714, 723n71
National Conference of Commissioners on Uniform State Laws, 961
National Conference of State Legislatures (NCSL)
on cost shifts, 211n2
and data gap, 465 (p. 1012)
public employee pensions and investments and Great Recession (2007–2009), 860
pull-back management, 820, 837
and restraints on state fiscal powers, 78
on tax increases, 307
on tax revenues, 588n32
National Council on Government Accounting (NCGA)
generally, 786
model, criticisms, 789–91
pre-NCGA statements, 787–89
Statement No. 1
GAAP requirements, 793
pre-Statement No. 1, 787–88
Statement No. 4, pensions and other postemployment benefits, 793
National economy, 12–13, 137–55
business cycle, policy options for dealing with, 152–53
consumption and gross investment, 141
countercyclical federal aid, 148–49
cyclical factors, 140–43
consumption and gross investment, 141
employment, state and local government, 142
social benefits, 141,142, 152
employment, 140, 142
federal aid, 148–49
GDP
consumption and gross investment, 138
expenditure, current, 139
local government employment, 140
nonfarm employment, 139, 140
state and local receipts, 146–47
state and local sector in relation to, 138–40
tax receipts, 147
government functions, changes in, 143–45
local expenditures, 144 145
state expenditures, 143–44
grants, 147, 148
local expenditures, 144 145
revenues, 145–51
business cycle, policy options for dealing with, 152
local government own-source revenue composition, 150
local government tax composition, 151
state government own-source revenue composition, 150
state government tax composition, 151
state expenditures, 143–44
National Education Association, 857
National Governors Association, 465
National Highway System Act, 615
National Income and Product Accounts (NIPAs)
capital spending aggregate measures of, 665–66
jurisdiction-specific, 671
and employment, 138
on receipts and expenditures, 154n3
Nationalization of policy agenda, 89–95
coercive federalism, 93–95
cooperative federalism, 90–93
National Labor of Relations Board v. Bildisco & Bildisco, 770
National League of Cities
“City Fiscal Conditions” project, 665
Nationally Recognized Statistical Rating Organizations (NRSROs), 699, 706, 720n30
National Research Council, 914n14
National Tax Association (NTA)
Fiscal Sustainability Working Group, 918
National Tobacco Tax Association (NTTA), 466
“Nation’s Report Card,” 527
Natural Resources and Outdoor Recreation Trust Fund, 63
Navigable waters, federal preemption, 205–6
Nebraska
defined contribution plans (mandatory), 845, 857
personal income tax (PIT), 303
real property tax, 284
tax increases, 872
Needs differences, transfers, 124
Neighborhood Reinvestment Corporation, 649
Neighbor Works America, 649
Neutrality
alternative business taxes
business organizational form, 365–66
distribution, 362–64
evaluation of, 361–67
extraction, 362–64
generally, 361–62
gross receipts taxes (GRTs), 362–67
imports and exports, 364–65
interstate activity, 364–65
overall assessment, 366–67
production, 362–64
value-added taxes (VATs), 362–67
retail sales and use taxation (RST), 413–14 (p. 1013)
Nevada
community associations, 961, 964, 966–67
Constitution
sales and excise taxes, 71
severance taxes, 72
Tax Equalization and Review Commission, 67
Economic Forum, 834
Interim Finance Committee (IFC), 832–33
K-12 education, financial management, 521
personal income tax (PIT), 880
property taxes, 881
pull-back management, 821, 832–34, 836–37
tax system, 7
Newark
income taxes, 451
personal income tax (PIT), 303
Newberg-Dundee bypass, 738
New Deal (1933–1936), 11
New England, K-12 education, 522
“New facility fetish,” 663
New Hampshire
business enterprise tax (BET), 359, 368, 370
Constitution, state and local relations, 76
corporate income taxes (CIT), 334
K-12 education, financial management, 521, 527
personal income tax (PIT), 880
public employee pensions and investments and Great Recession (2007–2009), 860
real property tax, 272–73
revenue diversity, 431
school-funding lawsuits, 523
New Jersey
actuarially acquired contribution (ARC), 863
Alternative Minimum Assessment (AMA), 359
Constitution, income taxes, 72
corporate income taxes (CIT), 347
fiscal sustainability, 929
housing
housing trust funds, 652n53
inclusionary zoning, 646
other postemployment benefits (OPEB), 852
personal income tax (PIT), 303
Property Tax Relief Fund, 72
public employee pensions and investments and Great Recession (2007–2009), 860, 863, 866n74
real property tax, 272–73
retail sales and use taxation (RST), 420
revenue diversity, 431
sales taxes, 877
school-funding lawsuits, 523, 524
New Jersey Division of Taxation, 482
New Jersey Municipal Finance Act, 78081n33
New Mexico
budget, authority, 820
Constitution, state and local relations, 76
Great Recession (2007–2009), 499
gross receipts taxes (GRTs), 367
K-12 education, financial management, 527
retail sales and use taxation (RST), 409, 413
revenue diversity, 432
severance tax permanent fund, 74
“New Society” program, 87
“New Start” transit program, 597
New York City,. See also New York (state)
bankruptcy, 760, 773
debt restructuring, 701n24
default, 760, 773
fiscal crisis, 787, 793
housing policy, 649
income taxes, 451, 457
K-12 education, financial management, 521
municipal bond market plight, 697
sales taxes, 446
New York City Department of Education, 521
New York/New Jersey, ports, 607
New York (state),. See also New York City
budget, authority, 820
Build America Bonds (BABs), 712
community associations, 967, 977
Constitution, corporate taxes, 73
corporate income taxes (CIT), 347
Erie Canal, 74
fiscal sustainability, 928, 929
forecasts of national economy, 513n16
income taxes, 451, 452
Medicaid, 944
public employee pensions and investments and Great Recession (2007–2009), 861
pull-back management, 821, 830–32, 834–36
real property tax, 273
retail sales and use taxation (RST), 420
revenue diversity, 432
revenue projections, 887
Statement of Net Assets, 797
vehicle miles of travel, 244n23
New York State Municipal Assistance Corporation, 760, 773
New York Times, 858
NextGen program, 620
Nexus
defined, 514n34
economic nexus, application of, 373
NGOs, 230
Niskanen, William, 443
Nixon, Richard M.
coercive federalism, 94
and federalism, 11
health care reform, 950
impoundment authority, 819
revenue sharing, 945
and value-added tax, 380
No Child Left Behind program (NCLB)
and Bush, George W., 903, 906
and federalism, 90, 97
interjurisdictional spillovers, 118
K-12 education, financial management, 527, 531
Nonfarm employment, 139, 140
Nongovernmental debt, 685
Nonmatching transfers, 119
North American Gasoline Conference (NAGTC), 466
North Carolina
Constitution, 74
declarations of rights, 65
tax and expenditure limits (TELs), 65–66
Disaster Relief Reserve, 823
Health and Wellness Trust Fund, 823
K-12 education, financial management, 527
Lottery Reserve, 823
Office of State Budget Management (OSBM), 823–24
personal income tax (PIT), 318
pull-back management, 822–24, 834, 836
Tobacco Trust Fund, 823
North Dakota
Constitution
severance taxes, 72
trust funds, 74
personal income tax (PIT), 318
North Dakota, Quill Corp. v., 353, 398n44, 411, 422, 424n15
Northeast
community associations, 965
personal income tax (PIT), 317
real property tax, 19
Northeast Corridor Improvement Act, 201
Northwest Parkway, 614
Not-for-profit entities, retail sales and use taxation (RST), 423
Not-in-my-backyard (NIMBY), 969
Nowhere income, corporate income taxes (CIT), 346–47
Oakerson, Ronald, 978–79
Oakland Bay Bridge, 723n64
Oates, Wallace, 107–8
Decentralization Theorem, 12, 111
Obama, Barack
civil service pay, freezing of, 902
fiscal sustainability, 924
Great Recession (2007–2009), 561
health care reform, 950
highway public-private partnerships (PPPs), 614
HOPE VI program, 638
and Medicaid, 897
national infrastructure bank, 728
nationalization of policy agenda, 90
Race to the Top, 903, 926
recovery and reinvestment programs, 729
transportation finance, 614, 619
Oberstar, James, 728
Office of Credit Ratings (OCR), 706
Office of Management and Budget (OMB)
change of name, 59
forecasting GDP, 502
technology gap, 486
Office of Municipal Securities, 802
Office of Personnel Management (OPM), 482
Ohio
Commercial activities tax (CAT), 354, 358,360,368, 372, 374n8,376n61
Constitution
estate taxes, 72
income taxes, 72
sales and excise taxes, 71
severance taxes, 72
income taxes, 72, 452, 455, 456
pass-through entities, 344
personal income tax (PIT), 311
real property tax, 284
Oklahoma
business activities tax (BAT), 358, 359
Constitution, state and local relations, 76
Olson, Mancur, 38, 925
Open-ended transfers, 118–19
Operational accountability, defined, 787
Orange County, California
Chapter 9 of the Bankruptcy Code, 766 (p. 1015)
debt default, 758, 762
default, 697
Oregon
bankruptcy, 780n23
corporate income taxes (CIT), 334
Newberg-Dundee bypass, 738
personal income tax (PIT), 303, 310
pull-back management, 837
real property tax, 284
tax increases, 872
Taxpayer Bill of Rights (TABOR), 250, 872
tax system, 8
Organisation for Economic Co-operation and Development (OECD), 532, 539n48, 736, 910
Original least squares (OLS) model, 507
Orszag, Peter, 897
Other postemployment benefits (OPEB)
future of, 806
GASB standards, 796–98
liabilities, 719n6, 862
NCGA standards, 793
public employee pensions and investments, 851–52
Overland Park, Kansas
capital spending, 671
Own-source revenues
local government, 182
composition, 150
property tax, 184, 186
personal income tax (PIT), 301–2
user charges and fees, 437
current charges as percentage of, 437
Papke, Leslieproperty tax merits of, 522
sales taxes and economic activity, 450
Paris Club, 775
Parker Place condominiums, 970
Parks, entrance fees, 444
Partnerships UK, 741
Pass-through entities, corporate income taxes (CIT), 21, 341–42
Patient Protection and Affordable Care Act of 2010
bonds, ACA-protected, 694
direct taxes, 52
individual mandate, 53
intergovernmental grant system, federal-state, 39, 937, 955
overview, 950–54
role of states, 586
Patterson, David, 831
Pawlenty, Tim, 825, 827
Pay-as-you-go policy (PAYGO), 873, 889–90
“Pay-to-play” criticism, credit-rating agencies, 702
Pelosi, Nancy, 950
Penn Central Railroad, 697
Penniman, Clara, 464
Pennsylvania
Act 47, 772
Constitution, voting and procedural rules, 69
income taxes, 452
Municipalities Financial Recovery Act (1987), 781n34
personal income tax (PIT), 303, 880
public employee pensions and investments
and Great Recession (2007–2009), 861
retail sales and use taxation (RST), 407
Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class, 761–62, 781n34
Pennsylvania Turnpike, 723n64, 734–35, 739–40
Pension crisis
Chapter 11 of Bankruptcy Code, 770–71
mechanisms other than Chapter 9, 770–71
Pension obligation bonds (POBs), 861
Pension plans,. See also Pensions
activism, 857–59
actuarial assumptions, 853–54
actuarially acquired contribution (ARC), 853, 855–56, 863
average contribution rates, 855
contribution rate volatility, 854–56
double dipping, 866n75
eligibility, 848–50
fiscal sustainability, 923
funding, 847–48
history, 845–47
investments, 848, 850–51
overview of state and local pension plans, 846
pension fund governance and activism, 857–59
pension holidays, 854
rules, 848–50
structure, 844–51
Pensions,. See also Pension plans
financing, 174n15
income, federal preemption, 208
liabilities, 776
local government finance, 190–91
obligations, 719
Perdue, Bev, 825
Perdue, Sonny, 828
Personal income distribution, 166, 167
Personal income tax (PIT), 19–20, 300–332 (p. 1016)
administration, 305
aging population, implications for tax base, 316–17
bonus depreciation, 328n16
capital gains, state treatment of, 317–18
earned income tax credit (EITC), 311–13, 327, 329n39
efficiency, 305
equity, 305
expansion of tax preferences, 315
future of, 912
Great Recession (2007–2009), 305–6, 323–26
decline of personal income, 323
loss of revenue, 325
retirement income, 326
revenue changes, 309
revenue, changes in, 324–35
state policy changes in response to, 306–9
state revenue performance during, 306
tax base, 323–24
tax expenditures, 313
tax increases, 307, 308, 309
variation in tax revenue, 326
volatility short-run, 316, 326
long-term stability, 303
as mainstay of government finance, 300–302
mechanics of, 303–4
as minor role in finance, 302–3
principles of, 304–6
progressive taxation, shift toward, 309–11
reforms, structural problems and solutions, 879–81
revenue elasticity, 305
as revenue source, 300–302
own-source revenue, 301–2
Social Security income, 316–17, 326
tax base
aging population, implications for tax base, 316–17
broadening, 314
conformity, 319–22
Great Recession (2007–2009), 323–24
tax conformity, 318–23, 312n40
automatic conformity, 318
fixed conformity, 318
rolling conformity, 318
selective conformity, 318
tax base, 319–25,327, 328n16
tax expenditures, 313–15
top income-tax-bracket, state thresholds, 310
withholding, 504
Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA), 554
Peters, James, 343
Peters, Mary, 728–29
Pew Center on the States
fiscal crisis, 7
fiscal pressure, 719n6
intergovernmental grant system, federal-state, 948
public employee pensions and investments, 844
contribution rate volatility, 855
and Great Recession (2007–2009), 863
pension plan funding, 848
on revenue estimate, 501
Philadelphia
debt default, 757, 761–62
income taxes, 456
Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class, 761–62, 781n34
personal income tax (PIT), 303
“Pick-up” estate taxes, 95
Pierce, Neal, 450
Piggyback tax, 117, 914n27
P.L. 86–272, 367
PlaNYC, 745
Pocahontas Parkway, 614, 616, 734, 744
Policy and revenue estimation, 508–10
Policy gap, state tax administration, 25, 487–89
Political gap, state tax administration, 25: 489–92
Politics and recession of 2001, 5
Poor, Henry, 695
Popular reporting, 810
Government Accounting Standards Board (GASB), 800
Population
aging. See Aging population
distribution, 164–65
state intergovernmental grant programs, 240–42
and road mileage, 237
Port authorities, capital budgeting and spending, 664
Portland, Oregon
capital spending priorities, 672
Port of Miami tunnel, 730
Ports
discrimination, 57
transportation finance, 607–9
inbound container TEUs, 607
top ports by shipment weight, 608
Postemployment benefits (p. 1017)
Government Accounting Standards Board (GASB), 796–98
The Postwar Quality of State and Local Debt (Hempel), 717
Poverty
Great Recession (2007–2009)
effects on poverty, 578–82
figures, 560
persons under poverty level, 579, 581
rates, 579–80, 581
safety-net spending per person, 582
Power delegation, US Constitution, 46–47
Preemption, revenue autonomy,. See Revenue autonomy, federal preemption of
Prescription drugs, retail sales and use taxation (RST), 423
Presidential provisions, Constitutional frameworks of finance, 58–59
President’s Commission on Fiscal Responsibility and Reform, 896
Presidio Parkway, 746–47
Priest, Serrano v., 522, 523
Private activity bonds (PABs)
tax-exempt, 643–44
transportation finance, 615, 729, 741
Private contract-fee services, 613
Private contracts, role of ratings in, 703
Private goods, 133n15
Private governments, 39–40
Privatization of infrastructure, 31–32, 727–55
contract terms, 732–36
private contractors as fourth branch of government, 735–36
risk, bearing of, 733–35
Tax Code, driven by, 732–33
costs of contracts, 741–46
government subsidies, 741–43
limits on actions by public entities, 744–46
reimbursement of contractor by public for anticipated lost revenues, 743–44
decision-making processes, 737–41
faulty information, based on, 738–41
narrow processes, 737–38
forecasting, 746–47
fourth branch of government, private contractors as, 735–36
government subsidies, 741–43
Great Recession (2007–2009), effect of, 730
limits on actions by public entities, 744–46
public and private finance, 728–32
reimbursement of contractor by public for anticipated lost revenues, 743–44
risk, bearing of, 733–35
Procedural rules, Constitutional frameworks of finance, 68–69
Production, alternative business taxes, 362–64
Professional Engineers in California Government, 746–47
Profiles of local government finance,. See Local government finance, profiles of
Program for International Student Assessment (PISA), 532
Progressivity, 115
Property taxes
decrease of, 15
personal property, defined, 280
real property tax. See Real property tax
reforms, structural problems and solutions, 881–82
as revenue source, 180, 184–85, 300
sales taxes, property-tax base, 450–51
Proposition 13,. See California
Proposition 25,. See California
Proposition 60,. See California
Public education
Constitutional frameworks of finance, 73
fiscal sustainability
entitlement spending, 921
forecasting, 925
Public education grants, 906–7
Public employee pensions and investments, 35, 843–68
actuarial assumptions, 853–54
average contribution rates, 855
contribution rate volatility, 854–56
defined benefit (DB) plans, 856
defined contribution (DC) plans, 856–57
double dipping, 866n75
eligibility, 848–50
and Great Recession (2007–2009), 859–65
forecasting, 862–65
pension obligation bonds (POBs), 861
pension responses, 2009–2010, 860
investments, 848
other postemployment benefits (OPEB), 851–52
overview of state and local pension plans, 846
pension fund governance and activism, 857–59
pension investments, 850–51
pension plan funding, 847–48
pension plan history, 845–47
plan structure, 844–51 (p. 1018)
eligibility, 848–50
investments, 848
overview of state and local pension plans, 846
pension investments, 850–51
pension plan funding, 847–48
pension plan history, 845–47
rules, 848–50
and reform, 859–65
research, 851–59
actuarial assumptions, 853–54
contribution rate volatility, 854–56
defined benefit (DB) plans, 856
defined contribution (DC) plans, 856–57
other postemployment benefits (OPEB), 851–52
pension fund governance and activism, 857–59
rules, 848–50
Public finance, state Constitutional frameworks, 62–63
Public Fund Survey
actuarial assumptions, 854
contribution rate volatility, 855
eligibility and rules, 848–49
generally, 844
pension plan funding, 848
Public goods
defined, 133n16
local public goods, provision of, 109–13
national and local public goods, differences, 12, 109–10
Public housing,. See Housing and housing policy
HOPE VI program. See HOPE VI program
Public Housing Act of 1937, 638
Public housing authorities (PHAs)
authorization of, 635
generally, 630
HOME Investment Partnership Program, 643
Public-private partnerships (PPPs)
annual volume decrease, 730
debt, securitization of, 731–32
generally, 727
overview, 727–32
transportation finance, 609–14
build-operate-transfer/design-build-operate-maintain, 613
build-own-operate, 614
design-build, 613
design-build-finance-operate, 613
highways, 610–13, 614
long-term lease arrangements, 613
market-based reforms, 729
new-build facilities, 611–13
private contract-fee services, 613
transit facilities, 611–13
Public purpose rule, Constitutional frameworks of finance, 66
Public services, user charges and fees, 443
Public spending, benefits of, 133n25
Puerto Rico, federal preemption, 204, 207
Pull-back management, 34–35, 816–42
adopted budget, revisions to, 817–21
institutional arrangements, 18–19
legal dilemma, 819–20
Arkansas, 837
case studies, 821–34
Georgia, 821, 827–30, 839n55
Minnesota, 821, 824–27
Nevada, 821, 832–34
New York, 821, 830–32
North Carolina, 822–24
context, 821–34
Georgia, 821, 827–30, 835–36, 839n55
gubernatorial withholding, 834–37
impoundment authorities, 834–37
Maryland, 837
Minnesota, 821, 824–27, 834
New York, 821, 830–32, 834–36
North Carolina, 822–24, 834, 836
Oregon, 837
Quality Housing and Work Responsibility Act of 1998, 639
Quill Corp. v. North Dakota, 353, 398n44, 411, 422, 424n15
Race to the Top, 903, 926
Railroad Revitalization and Regulatory Reform Act, 201
Rail service
federal preemption, 201, 202
public transit, 603
Rainy-day funds, Constitutional frameworks of finance, 74
Ramsey, Minnesota
user charges and fees, 441–42
Rating and Investment Information, Inc., 720n30
Rating Reform Act of 2006, 699, 720n30
Rationale for business taxation, alternative business taxes, 359–61
Reagan, Ronald W.
and AFDC cutbacks, 551
big swap, 946
and education, 530 (p. 1019)
federal grants, 901–2
and federalism, 11, 87
housing expenditures, cutbacks, 640
“new federalism,”945
and property taxes, 70
Real ID Act, 90
Real property tax,