Managing growth and economic development.(Editorial)

Local governments pursue economic development to improve the quality of life in their communities, to assure economic sustainability, and to strengthen the tax base. Achieving these goals means establishing strategies that promote growth in an organized and efficient way, building a jurisdiction's capacity to retain existing commerce and attract new businesses in an increasingly global marketplace.

The GFOA has adopted two Recommended Practices to help in this regard. The Public-Private Partnerships for Economic Development RP offers guidelines to help finance officers assess whether a public-private partnership agreement is viable and prudent. The Role of Master Plans in Capital Improvement Planning RP provides steps to help governments establish successful long-range strategies focused on community development and sustainability through the use of master plans. (Both Recommended Practices are available at GFONs Web site,www.gfoa.org.) Two articles--Creating an Economic Development Policy, by Shayne C. Kavanagh and Timothy H. Riordan, and The Finance Officer's Role in Capital Projects, by Joseph P. Casey--offer further guidance on these topics.

In this issue of Government Finance Review, we provide perspective on strategies governments are using to work with their businesses and residents to create better conditions for economic growth, as well as offering new ideas.