Identify assets with potential unlocked value
City leaders can decide on creative uses of public property, land, or other assets. While such measures may create short-term revenue, they can have harmful long-term effects if not executed correctly. For example, selling assets with productive potential risks depriving cities of future income. But cities have other options: Leases of public assets to private investors can provide significant revenue for a specified period. But like the sale of an asset, leases must be carefully negotiated.
ASSESSMENT
Some questions to guide your thinking
- What assets can a city consider utilizing to earn revenue that are currently underutilized or unproductive?
- Are private parties interested in utilizing the asset?
Reading
Reconsidering the traditional approach to assets like public golf courses
Governing 15 minutes
Are cities committed to subsidizing assets that no longer produce value? This article highlights how public golf courses have become a strain on municipal budgets and some cities’ strategies to deal with offsets.
- Golf courses are an example of an asset that has become a strain on resources through declining use and revenue.
- Strategies have included letting golf courses default, bringing in private management, and selling portions of the terrain for other uses.
Reading
Considering infrastructure investments to spur workforce development
HKS Data-Smart City Solutions (Harvard Kennedy School) 5 min
Are there city assets that could aid economic growth and equity? This article highlights how Louisville, KY used the water system to diversify its workforce, ensuring excluded communities could be a part of the economic ecosystem surrounding water and sewer repairs.
- Assets such as water and sewer systems represent opportunities for continuous investment.
- Louisville used water systems to increase vendor diversity and mitigate community hardships.
Reading
Creating an inventory of tangible capital assets
Government Finance Officers Association (GFOA) 5 minutes
This article describes tangible capital assets and the advantages for local governments of regularly conducting inventories.
- Inventory tangible capital assets once every five years, at least.
- Tangible capital assets include land, buildings, building improvements, vehicles, machinery, equipment, and infrastructure.
Reading
Reconsidering the traditional approach to assets like public golf courses
Are cities committed to subsidizing assets that no longer produce value? This …
Reading
Considering infrastructure investments to spur workforce development
Are there city assets that could aid economic growth and equity? This article …
Reading
Creating an inventory of tangible capital assets
This article describes tangible capital assets and the advantages for local …