If your city is struggling to balance its budget, it’s not enough to just cut costs and not seek to increase revenues. That’s like a cyclist who tries to improve their performance only by losing weight.
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The desperate need to fill pension shortfalls may be wreaking havoc on the financial system.
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There are many ways for state and local governments to run hidden deficits, one of which is deferred maintenance. But it turns out there is a way to measure the extent to which local governments kick the maintenance can down the road.
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