A national consensus has developed regarding the need for increased investment in infrastructure and other public capital facilities. Increased saving and investment is critical if the United States is to rebuild and expand its public capital stock to improve productivity, education and our quality of life; meet health, safety and transportation needs; and move into the twenty-first century on a competitive level with the other industrialized nations of the world.
While state and local governments carry a very special responsibility for building, maintaining, and rehabilitating public facilities, they cannot do it alone. The Government Finance Officers Association (GFOA) recommends a renewed federal commitment to promote, encourage and participate in investment in infrastructure and other public capital facilities. Specifically, GFOA supports the following federal actions to assist state and local governments to finance infrastructure and other public capital facilities, especially federally mandated infrastructure facilities.
- Provide ongoing financial assistance to state and local governments. Such programs should
- Modify federal tax policies that impede the development and functioning of state bond banks and bond pools and other state credit assistance programs.
- Spend the dedicated federal highway and airport trust fund moneys for the transportation purposes for which they were accumulated.
- Provide full funding for programs established under the Intermodal Surface Transportation Efficiency Act.
- Publication date: May 1993