Portland, oregon: A case study in sustainability; The environmental shortsightedness of the past has proven costly to governments. By institutionalizing sustainable principles and practices, governments can ensure a livable future for coming generations.

The word "sustainability" is becoming an increasingly common word in the public policy lexicon. The concept behind the word, however, is not widely understood. Simply put, sustainability is the notion that current economic and consumption patterns should not reduce opportunities for future generations by depleting or impairing resources. (1) Put another way, sustainability is the process of creating balance among the environment, the economy, and social equity. The concept is derived from the recognition that the earth's natural capital is limited and that pollution and wastefulness are a drain on the economy.

Government finance officers understand well the ...