Municipal Finance and Infrastructure over the Last Century

Fluctuating municipal revenues and expenditures create budget instability, affecting social services and infrastructure development. This report outlines how cities can address this issue by diversifying their tax bases, accessing intergovernmental transfers, and generating fees or charges for services. It also examines historical trends and major economic events-such as the Great Depression, World War II, the Great Recession, and the COVID-19 pandemic-to better understand their impact on municipal finance and inform future policy decisions.