Third class county popular change and budget fiscal ratios

Abstract

"During the past recession (2008-2009) and in its aftermath, local governments struggled to manage budgets as revenues fell. Experienced officials had managed through a past economic cycle and, as a result, many local governments had larger reserve funds than in the past for managing through these cycles. However, the past recession was deeper and longer than any in the past half-century with a slower recovery, and these funds were not sufficient. With lower revenue, the majority of local governments struggled to meet the needs and expectations of citizens and experienced fiscal stress. With the current pandemic, the economic downturn was swifter than the past recession and local governments again face budget difficulties. The data do not cover the current pandemic. In addition, at any time short-term factors and unpredictable events, such as snowstorms, flooding and drought, can cause both increased demand for government services by the residents while at the same time lowering tax revenues."--First page.