Lecture

Financial Emergencies in Urban Systems

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Description

This lecture explores the innovative governance of large urban systems, focusing on the case study of Detroit's financial crisis, including the decline, budget and revenue trends, tax collection, government accounting, financial structure, fiscal sustainability, bankruptcy, and recovery efforts. The instructor discusses the challenges faced by local governments in dealing with financial emergencies and the strategies employed to address them.

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Urban planning

Urban planning, also known as town planning, city planning, regional planning, or rural planning, is a technical and political process that is focused on the development and design of land use and the built environment, including air, water, and the infrastructure passing into and out of urban areas, such as transportation, communications, and distribution networks and their accessibility.

Tax

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities. Tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.

Local government

Local government is a generic term for the lowest tiers of public administration within a particular sovereign state. This particular usage of the word government refers specifically to a level of administration that is both geographically localised and has limited powers. While in some countries, "government" is normally reserved purely for a national administration (government) (which may be known as a central government or federal government), the term local government is always used specifically in contrast to national government – as well as, in many cases, the activities of sub-national, first-level administrative divisions (which are generally known by names such as cantons, provinces, states, oblasts, or regions).

Capital structure

In corporate finance, capital structure refers to the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt (borrowed funds), and preferred stock, and is detailed in the company's balance sheet. The larger the debt component is in relation to the other sources of capital, the greater financial leverage (or gearing, in the United Kingdom) the firm is said to have.

Urban sprawl

Urban sprawl (also known as suburban sprawl or urban encroachment) is defined as "the spreading of urban developments (such as houses and shopping centers) on undeveloped land near a city". Urban sprawl has been described as the unrestricted growth in many urban areas of housing, commercial development, and roads over large expanses of land, with little concern for urban planning. In addition to describing a special form of urbanization, the term also relates to the social and environmental consequences associated with this development.

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