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An up-to-date, comprehensive, and detailed how-to manual for planning and financing successful capital projects, written by a nationally known and award-winning expert on capital budgeting, A. John Vogt. Clearly explains capital budgeting approaches and methods, especially for local jurisdictions under 200,000 in population. Indispensable to managers, assistant managers, finance and budget officials, planning directors, public works administrators, and elected officials for choosing wisely among various approaches, using capital budgeting tools, and analyzing trade-offs during the process. Gathers together and clearly presents the accepted and successful policies, practices, and procedures from across the country and describes in detail every step¿from selecting projects, to planning how to pay for them, to structuring and selling debt. Provides an abundance of local government documents, working papers, charts, checklists, and examples from successful jurisdictions. Approach and recommendations consistent with the National Advisory Council on State and Local Government Budgeting, emphasizing goal setting and planning. Tips on prioritizing projects, winning political support for projects, and selling debt successfully. A book for every manager¿s bookshelf.

Tabla de contenidos provista por Syndetics

• Note to the Reader(p. ix)
• Foreword(p. xi)
• Acknowledgments(p. xiii)
• 1 Capital budgeting: rationale, scope, and policy framework(p. 1)
• Reasons for capital budgeting(p. 1)
• Identification and classification of capital expenditures(p. 4)
• Policy framework for capital budgeting(p. 12)
• Conclusion(p. 15)
• 2 Capital budgeting process: model and practice(p. 19)
• A model of capital budgeting(p. 19)
• Capital budgeting in practice(p. 26)
• 3 Capital improvement programming(p. 33)
• The capital improvement program(p. 33)
• CIP forms used by local governments(p. 43)
• Purposes served by a CIP(p. 62)
• Issues in CIP preparation and approval(p. 67)
• CIP presentation(p. 76)
• 4 Prioritizing capital projects(p. 89)
• Experience-based judgment(p. 90)
• Departmental or functional priorities(p. 91)
• Broad categories of need(p. 92)
• Urgency-of-need criteria(p. 94)
• Weighted rating of urgency-of-need and related criteria(p. 97)
• Program priorities, goals, and service needs assessment and planning(p. 111)
• 5 Capital financing strategy(p. 119)
• Operating fund balances(p. 120)
• Capital reserves(p. 122)
• Pay-as-go and debt financing(p. 123)
• Local debt capacity(p. 126)
• Bond ratings and rating criteria(p. 129)
• Planning, selling, and managing debt(p. 132)
• Multiyear financial forecasting(p. 136)
• Governing board policies on capital financing(p. 138)
• 6 Pay-as-go capital financing(p. 143)
• Advantages of pay-as-go financing(p. 143)
• Disadvantages of pay-as-go financing(p. 146)
• Sources of pay-as-go financing(p. 146)
• 7 Types of debt(p. 177)
• Security pledged for debt(p. 177)
• General obligation bonds(p. 178)
• Revenue bonds(p. 183)
• Lease financing of capital assets(p. 190)
• Special obligation bonds(p. 201)
• Conclusion(p. 210)
• 8 Bond ratings(p. 217)
• Overview(p. 217)
• Rating criteria by type of local government debt(p. 228)
• Ten ways to improve a local government's bond ratings(p. 241)
• 9 Planning and structuring debt(p. 247)
• Debt retirement terms(p. 247)
• Debt maturity and retirement schedules(p. 249)
• Models of debt service and actual practices(p. 250)
• Delayed principal retirement and capitalization of interest(p. 253)
• Years' average maturity(p. 253)
• Use of taxes or other revenue for annual debt service(p. 254)
• Early redemption option and advance refunding(p. 257)
• Short-term debt(p. 268)
• Capital appreciation bonds(p. 271)
• Conclusion(p. 272)
• 10 Interest rates, yields, and pricing for local government debt(p. 275)
• Interest rates and yield(p. 275)
• Tax-exempt nature of state and local debt(p. 277)
• Interest rate, re-offer yield, pricing structures for long-term debt(p. 279)
• Average interest rates for long-term debt(p. 288)
• Conclusion(p. 295)
• 11 Selling local government debt(p. 299)
• General approaches to selling local government debt(p. 299)
• Market professionals(p. 304)
• Documents used in selling local government debt(p. 317)
• The investors(p. 323)
• Costs of selling local government debt(p. 325)
• Arbitrage(p. 332)
• Conclusion(p. 333)
• 12 Multiyear financial forecasting(p. 337)
• Purposes of multiyear financial forecasting(p. 338)
• Decisions in multiyear financial forecasting(p. 339)
• Issues in forecasting revenues(p. 349)
• Issues in forecasting expenditures(p. 352)
• Financial and economic trend monitoring(p. 353)
• Preparing the forecast(p. 354)
• Examples of local multiyear financial forecasts(p. 358)
• Conclusion(p. 373)
• Glossary(p. 375)
• Selected bibliography(p. 401)
• List of jurisdictions(p. 407)
• About the author(p. 409)