Despite recent post-recession economic growth, city revenues remain below pre-recession levels, yet expenditure demands are on the rise, according to the National League of Cities.
This creates a challenging budget environment for risk managers who are already overseeing the numerous required services that communities demand.
Findings from the Washington, D.C.-based National League of Cities’ annual survey suggest that more fiscally responsible cities are cautiously preparing for the next economic downturn.
One option public entities frequently consider when developing their budget is to lower insurance costs by assuming more risk.
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