Tackling the Problem of Inadequate Financing for Local Development: The Case of Croatia

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Abstract:

Local and regional governments everywhere share the problem of inadequate financing. The main revenue source for financing local and regional development projects is the local and regional budget. The revenue sources for capital projects are limited. The solution for local and regional government is to find additional revenue sources for development projects. Most sub‐national authorities are unprepared or unable to take on increased responsibilities for fund raising directed to economic development. In order to tackle this challenge, municipalities and cities must gain the skills and information needed to budget for the current and future years; the ability to understand the impact of borrowing on infrastructure ‐ both annual debt service and annual operational and maintenance expenditures ‐ and the ability to identify, prioritise and plan capital investment. Municipalities and cities facing a shortage of investment capital must be able to identify and analyse technical and financial options and show investors that they have adequate and reliable revenues to meet their debt service obligations.

Document Type: Review Article

Publication date: November 1, 2007

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