1/29/2024 0 Comments International comparisons of global city financing: a report to the london finance commission.![]() It begins with some background material on the cities in terms of the national context, governance structure, and other relevant information for comparing finances. The first section sets out information on the municipal finances of the seven cities. The purpose of this study is to provide an international comparison of the current methods of raising revenues in seven global cities - London, Paris, Berlin, Frankfurt, Madrid, Tokyo, and New York - and to evaluate the benefits and risks associated with greater devolution of revenue tools to the Greater London Authority (GLA). The challenge cities face is to raise enough revenue to deliver high quality public services that will attract businesses and residents in a way that does not undermine the city’s compet itive advantage. As a number of authors have noted, cities that fail to provide these services will lose their economic advantage (Inman, 2005), (Chernick, Langley, & Reschovsky, 2010). To achieve their full economic potential, cities need to be able to provide a wide range of public services – “ hard ” services such as water, sewers, and roads but also “ soft ” services such as cultural facilities, parks, and libraries that will attract skilled workers. 1 International Comparison of Global City Financing A Report to the London Finance Commission prepared by Enid Slack 1 Institute on Municipal Finance and Governance Munk School of Global Affairs University of Toronto JanuCities are important drivers of productivity, innovation, and economic growth.
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