Public Financial Management and Public Finance

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Public Financial Management and Public Finance
Rabin, Jack, W. Bartley Hildreth and Gerald J. Miller, Budgeting, Athens, GA:
Vinson Institute of Government
       "Exceptionally useful manual for all who deals with local government budget
management. This collection of discussions can be used as a basic source on the
formulation and execution of the annual budget. This book equally addresses the
needs of public administration students, instructors and practicing public financial
managers. This easy-to-use guide is presented in two parts: part 1 focuses on
budget development, opening with readings designed to place the process of
budgeting in the context of political economy, offering a review of budget setting,
revenues and expenditures ; in the second part the authors discuss budget
execution, cash and bebt management, controls (i.e. established accounting
procedures), reporting practices, and acountability devices (auditing). Both parts
introduce the reader to the variety of skills, perspectives, and concepts critical to
budget management. Very reliable source of information about traditional practices
and latest developments in the field of budgeting at affordable price."

Petersen, John and Dennis Strachota, Local Government Finance: Concepts and
Practices, Chicago: Government Finance Officers Association.

James M. Banovetz (editor). Managing Local Government Finance: Cases in Decision
Making. (ICMA, 1996).
        Written for all practitioners of local government finance, ICMA's Management
Policies in Local Government Finance has long been considered the most
comprehensive, most on-target text for local government managers, finance
directors, and economic development planners and directors

Finkler, Steven A. Financial Management for Public, Health, and Not-For-Profit
Organizations. Prentice Hall: Upper Saddle River, New Jersey, 2004.
        "This is one of the only books available that addresses financial and
managerial accounting within the framework of the three major areas of the public
sector. Clear and comprehensive, Finkler's unique and accessible text provides the
fundamentals of financial management for those who lack a financial background so
that readers can access and apply financial information more effectively. Details the
many aspects of strategic and budgetary planning. Outlines the processes involved in
implementing and controlling results. Features aspects of accounting unique for
Health Care, not-for-profit organizations and state and local governments. Explains
balance sheets, operating and cash flow statements. Provides basic foundation for
financial analysis. For managers and policy-makers in public service organizations
who want to make more efficient use of their organization's financial information."

Aman Khan and W. Bartley Hildreth (eds.), Financial Management Theory in the
Public Sector (FMTPS)
       "To have a clear picture of developments in public financial management, a
multidimensional perspective of the field is needed, since governments--unlike for-
profit organizations-- serve multiple and often conflicting interests. This book
provides this dynamic approach by integrating insights from economics, business,
and political science. Written by some of the leading scholars in the field, this
collection presents eleven chapters that run the gamut of public financial
management issues. Topics include: Transaction costs in contractual relationships;
Uncertain conditions and probability assessment in the bond market; Rational choice
and the institutional framework in public investment decision; E-Government
financial management models; Budget balance as the building block of public
financial strategy. Together the contributors present a robust framework for
understanding and analyzing financial decision making in the public sector."

Miller, Girard. Investing Public Funds. GFOA: Chicago, IL, 1996.

GFOA. An introduction to Treasury Management Practices. GFOA: Chicago, 1996.

J.W. Henderson and T.S. Maness, The Financial Analyst's Deskbook: A Cash Flow
Approach to Liquidity (New York: Van Nostrand Reinhold, 1989).

Kahn, Aman and W. Bartley Hildreth, Case Studies in Public Budgeting and
Financial Management, 2d ed. New York: Dekker.
      "A resource for administrators seeking innovative ideas and supporting
precedents in formulating policy, this book also provides a useful textbook for public
administration and policy students. It employs a wealth of case studies in budgeting
and financial management to demonstrate strategies in system implementation,
policy formulation, government accounting, auditing, and financial reporting. With
contributions from leading experts, it clarifies procedures to solve cutback and
downsizing dilemmas using theoretical models, and provides pragmatic approaches
to managing financial activities under budgetary strain. It also covers the evolution
of a debt management policy."

Frank, Howard A. Public Financial Management Taylor and Francis Group. Boca
Raton, FL. 2006.
             "Public Financial Management covers the five major pillars of this sub-
discipline of public administration: context, public finance, retirement systems,
performance measurement and budgeting, and international perspectives. This text
offers practitioners information valuable in their day-to-day operations, while also
providing students in public administration and public management programs with a
solid foundation for their own development as future professionals and researchers.
Overall this volume promotes linkages between resource allocation and "value-adds"
for citizens and stakeholders, driving innovations in operations and increased
transparency in reporting."

Granof, Michael H. Government and Not-For-Profit Accounting Concepts and
Practices 4th Edition. John Wiley & Sons, Inc. New York, 2007.
               "Unlike other government and not-for-profit (NFP) books, this one is
directed at potential users rather than preparers of financial reports. It demonstrates
the significance of reported information and shows users (managers, investors,
taxpayers, legislators, trustees) how to interpret and analyze accounting
information."

Herbert, Leo, Killough, Larry, and Steiss, Alan. Governmental Accounting and
Control. Brooks/Cole: Monterey, CA, 1984.

XiaoHu Wang (2006): Financial Management in the Public Sector: Tools,
Applications, and Cases. M.E.Sharpe Publisher
       Thoroughly classroom tested, this comprehensive text provides a step-by-
step guide to how to use financial management and budgeting tools in the public
sector. The book features a practical, case study approach and includes numerous
exercises and examples. It is designed as a core text for instructors who want to
introduce students to hands-on tools and techniques in courses on Public Financial
Management or Public Budgeting.
The book covers all the cornerstone topics in the discipline, including Financial
Planning, Financial Implementation, and Financial Reporting and Analysis. Each
chapter is carefully structured as a self-contained learning module, and includes
learning objectives, key concepts, easy-to-use Excel spreadsheet models, a case
study, and detailed exercises with answers provided in an appendix.

"Restoring Fiscal Sanity--2005: Meeting the Long Run Challenge." Alice Rivlin
and Isabel Sawhill. [There is now a 2007 edition]
       "In the face of looming deficits and the growing needs of an aging population,
leading policy experts offer a set of prescriptions for restoring the health of the
federal budget. The focus is on bringing revenues and spending more in line during
the next decade and balancing them over the long term. The authors suggest
reforms in the tax system, Social Security, and Medicare to help close the financial
gap and put the United States on sounder fiscal ground. Following in the footsteps of
their earlier book Restoring Fiscal Sanity (Brookings, 2004), Alice Rivlin and Isabel
Sawhill have produced a thoughtful, reasoned analysis of what ails the national well-
being and how to improve it--for tomorrow and the longer term future, as well."

Fishbein, John. Preparing High Quality Budget Documents (Chicago: Government
Finance Officers Association, 2006).
        No single document is more important to a government than its annual or
biennial operating budget. For this reason, GFOA has identified 27 specific criteria for
assessing the usefulness of budget documents. Preparing High Quality Budget
Documents draws upon a wealth of real-life examples to demonstrate the practical
application of each of these criteria. The examples selected represent a broad
crosssection of state and local governments of all types and sizes from both the
United States and Canada. The concise yet comprehensive text that accompanies the
illustrations highlights specific lessons to be learned, as well as common errors to be
avoided. A "must-have" publication for every finance director and budget
professional!

Livingston, Miles, Bonds and Bond Derivatives, 2nd Edition, Blackwell Publishing,
2005.
       "This book provides an introduction to bond markets and bond derivatives for
students as well as for executives in commercial businesses and financial institutions.
While many topics about debt instruments involve mathematics, this text presents
the essential elements in an intuitive manner. Containing material that is accessible
and engaging to students and practitioners alike, the book is ideally suited for debt
markets courses, and provides a good fit with any finance curriculum. For
practitioners, the book can be readily used as a training manual and reference source
for firms involved in debt markets."

Fabozzi, Frank J, The Handbook of Fixed Income Securities, McGraw-Hill 7th
edition.
       "Provides in-depth coverage, analysis, and guidance on topics including types
and features of fixed income securities, risks and risk control strategies, mortgage-
backed and asset-backed securities, bond market indexes, floating rate securities,
municipal bonds, treasury securities, and more."

"Bond Markets, Analysis and Strategies" by Frank J. Fabozzi
        "Bond Markets, Analysis and Strategies, 4th edition, takes a practical real-
world approach to bond investing. It includes a detailed discussion of each type of
bond and interest rate derivative instrument. The text features a comprehensive
discussion of not only the instruments, but also their investment characteristics, the
state-of-the-art technology for valuing them, techniques for quantifying interest rate
risk, and portfolio strategies for using them. These strategies include active
strategies and structured portfolio strategies."

James M. Buchanan and Richard A. Musgrave, Public Finance and Public Choice:
Two Contrasting Visions of the State
      "In this volume, based on a week-long symposium at the University of
Munich's Center for Economic Studies, two leading scholars of governmental
economics debate their divergent perspectives on the role of government and its
fiscal functions.
James M. Buchanan, who was influential in developing the research program in
public choice, concentrates on the imperfections of the political process and stresses
the need for rules to restrain governmental interference. Richard A. Musgrave, a
founder of modern public finance, points to market failures and inequities that call
for corrective public policies. They apply their differing economic and political
philosophies to a variety of key issues. Each presentation is followed by a response
and general discussion."

How the Bond Market Works (Second Edition); Robert Zipf; New York Institute of
Finance, Paramus, NJ (1997)
       "Completely updated to reflect the latest changes in the debt-instrument
market. Provides the most current information available on the different bond
instruments, trends in fixed income markets generally, and trends in individual
markets. Softcover."

The Fundamentals of Municipal Bonds (Fifth Edition) Judy Wesalo Temel; The
Bond Market Association; John Wiley & Sons, New York, NY (2001)
"This is simply the most comprehensive, useful look-it-up book on municipal bonds
I've ever read (said with all due respect to The ABC of Municipal Bonds my dad wrote
in 1937 when I was nine). Read Fundamentals cover to cover. I'm keeping mine in
my briefcase, under my arm, at my fingertips. No accountant, financial advisor,
attorney, new bond salesman, reporter, regulator, test-writer, cautious, suspicious
first-time investor in municipal bonds, or dinner guest is ever going to catch me
again with a question about municipal bonds I can't answer."Jim Lebenthal,
Chairman, Lebenthal & Co.

Municipal Bonds (Second Edition); Robert Lamb and Stephen P. Rappaport;
McGraw-Hill, New York, NY (1987)
        "This authoritative book offers more than seven million holders of tax-exempt
securities, stockbrokers, and all others interested in the future of municipal finance
the tools to evaluate the safety of municipal securities. Revised and completely up to
date, the Second Edition discusses the long-range implications of the property tax
revolt and its effect on municipal finance. It provides the necessary information to
help the readers analyze such important trends as population shifts, social and
economic characteristics, the political climate, cash flow, revenues, taxes per capita,
pension obligations, and many others. What's more, there are now new sections
covering transportation bonds, education bonds, solid waste and resource recovery
bonds, bonds for infrastructure purposes, bonds with market-related financing
options, and municipal analysis."

Big Bets Gone Bad; Derivatives and Bankrupcy in Orange County; Phillipe Jorion
and Robert Roper; Academic Press (1995)
       "Jorion (finance, Univ. of California-Irvine) had a ringside seat at the great
Orange County, California, financial debacle of 1994. He gives readers information
about the major players and a thorough analysis of the esoteric financial instruments
that provided the vehicle by which the treasurer, Robert Citron, bankrupted the
county after losing $1.5 billion. Readers unfamiliar with financial jargon may find the
chapters detailing the high-flying world of repos and derivatives heavy going, but
those interested in learning what really happened in Orange County will find that
time invested in Jorion's book is well spent. Recommended for public and academic
libraries."
Andrea C. Dragon, Coll. of St. Elizabeth, Convent Station, N.J.

J. Richard Aronson and Eli Schwartz (eds.), Management Policies in Local
Government Finance, fifth edition
        Written for all practitioners of local government finance, ICMA's Management
Policies in Local Government Finance has long been considered the most
comprehensive, most on-target text for local government managers, finance
directors, and economic development planners and directors.

Joseph E Stiglitz Economics of the Public Sector 3rd edition, (W. W. Norton, New
York 2000) provides clear discussion of the concepts in the context of the US scene.
      "At the center of our country's political life are some basic economic
questions: How does the government affect the economy? What should the
government do? Why are some economic activities undertaken in the public sector
and others in the private? Should government do more than it is currently doing, or
less? Should it change what it is doing, and how it is doing it? To answer these
questions, we must begin by understanding what the government does today. How
had the government grown over the past fifty years? How do the size and scope of
government in the United States compare with government's size and scope in other
countries? This new edition of the acclaimed textbook by leading economic Joseph W.
Stiglitz is the definitive text for studying public sector economics."

"Memos to the Governor-An Introduction to State Budgeting," Dall Forsythe, 2nd
Edition, 2004 (85 pages)
       "This is not the book to learn the ins and outs of the step by step
negotiations in New York or any other state. The author is sparing in his use of
anecdotes. What he does, and does well, is to take the reader through the long and
tortuous process of compiling a budget from the governor's point of view, and
allowing the reader to see the obstacles any governor must face in achieving his
vision under the American system of checks and balances."
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