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Challenges and Opportunities for Innovation in the Public Works ...

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INFRASTRUCTURE FINANCING: THE STATE AND LOCAL GOVERNMENT<br />

PERSPECTIVE<br />

Benjam<strong>in</strong> Mays, Manager<br />

Government F<strong>in</strong>ance Research Center<br />

Government F<strong>in</strong>ance Officers Association'<br />

The Government F<strong>in</strong>ance Officers Association <strong>and</strong> <strong>the</strong> Association's Interest <strong>in</strong><br />

Infrastructure<br />

The Government F<strong>in</strong>ance Officers Association (GFOA) is pleased to participate <strong>in</strong> this<br />

conference. The GFOA is a 12,500-member professional association of state <strong>and</strong> local<br />

government officials who are engaged <strong>in</strong> all areas of public f<strong>in</strong>ance. The Government F<strong>in</strong>ance<br />

Research Center (GFRC), research arm of GFOA, per<strong>for</strong>ms research not only <strong>for</strong> <strong>the</strong> association,<br />

but on a contract basis as well <strong>for</strong> state, local <strong>and</strong> federal government agencies <strong>and</strong> o<strong>the</strong>r public<br />

<strong>and</strong> private organizations. Much of <strong>the</strong> Research Center's work <strong>for</strong> well over a decade has been<br />

<strong>in</strong> <strong>the</strong> area of <strong>in</strong>frastructure f<strong>in</strong>anc<strong>in</strong>g cover<strong>in</strong>g a variety of topics of concern to state <strong>and</strong> local<br />

governmentsi.<br />

Work<strong>in</strong>g with <strong>the</strong> U.S. Army Corps of Eng<strong>in</strong>eers is not new to <strong>the</strong> Research Center. In<br />

1982, <strong>the</strong> GFRC assisted <strong>the</strong> Corps <strong>in</strong> determ<strong>in</strong><strong>in</strong>g local government f<strong>in</strong>ancial capability <strong>for</strong> <strong>the</strong><br />

proposed Chicago Deep Tunnel project 2 . Follow<strong>in</strong>g Congressionally m<strong>and</strong>ated changes <strong>in</strong><br />

fund<strong>in</strong>g requirements <strong>for</strong> Army Corps projects <strong>in</strong> <strong>the</strong> late 1980s, <strong>the</strong> GFRC assisted <strong>the</strong> Corps <strong>in</strong><br />

<strong>the</strong> Ohio River Bas<strong>in</strong> Division <strong>in</strong> assess<strong>in</strong>g <strong>the</strong> legal <strong>and</strong> f<strong>in</strong>ancial mechanisms available <strong>for</strong><br />

fund<strong>in</strong>g Army Corps projects at <strong>the</strong> state <strong>and</strong> local level throughout <strong>the</strong> six state region 3 .<br />

"With assistance from Ca<strong>the</strong>r<strong>in</strong>e L. Spa<strong>in</strong>, Act<strong>in</strong>g Director of <strong>the</strong> Government F<strong>in</strong>ance Research Center <strong>and</strong><br />

Barbara Weiss, Assistant Director, Government F<strong>in</strong>ance Research Center.<br />

1 Recent projects have <strong>in</strong>cluded "Tax Increment F<strong>in</strong>anc<strong>in</strong>g <strong>in</strong> Maryl<strong>and</strong>"; An Impact Fee Study <strong>for</strong> David M.<br />

Griffiths <strong>and</strong> Associates, Ltd., <strong>and</strong> "Tax Re<strong>for</strong>m <strong>and</strong> State Revolv<strong>in</strong>g Funds" <strong>for</strong> <strong>the</strong> Council of Infrastructure<br />

F<strong>in</strong>anc<strong>in</strong>g Authorities.<br />

"2 "Comparative <strong>and</strong> Sensitivity Analysis Municipal Fiscal Stress Study", <strong>for</strong> <strong>the</strong> Department of <strong>the</strong> Army,<br />

Corps of Eng<strong>in</strong>eers, Chicago District, May 1983.<br />

"3 "State <strong>and</strong> Local Cost-Shar<strong>in</strong>g <strong>in</strong> Corps of Eng<strong>in</strong>eers' Plann<strong>in</strong>g Studies <strong>and</strong> Water Resources Development<br />

Projects", Phases I <strong>and</strong> II Reports, <strong>for</strong> <strong>the</strong> Department of <strong>the</strong> Army, Corps of Eng<strong>in</strong>eers, Louisville District,<br />

January <strong>and</strong> August 1988.<br />

123

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