A capital and debt management
tale of two local governments
January, 2008

Infrastructure - literally in the case of roads and sewers - underlies the growth and development of cities and regions. And because infrastructure serves generations of citizens, governments generally pay for it through long-term borrowing. Meanwhile, the political process focuses on a much shorter timetable. Elections are about the issues of the day, and candidates rarely focus on long-term issues such as debt and infrastructure.