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Browsing by Subject "budgeting"
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Item Fiscal Shocks, Budgetary Pressures, and Public Education Expenditure Stabilization(Taylor & Francis, 2022) Jones, Peter A.; Reitano, Vincent; Buerger, Christian; School of Public and Environmental AffairsFiscal shocks exert budgetary pressures on school districts and constrain their ability to provide public education. An emerging literature examines the role of fiscal reserves to mitigate expenditure cuts in school districts. In the U.S. context, this article provides evidence that Kentucky school districts from school years 2001–2002 to 2013–2014 drained fiscal reserves and cut expenditures in response to revenue decreases. Further, school districts drained fiscal reserves to stabilize non-instructional expenditures, which have fixed costs. Collectively, the findings presented in this article build evidence that school districts strategically respond to budgetary pressures.Item State Fiscal Reserves and the Great Recession(Taylor & Francis, 2022-03-16) Buerger, Christian; Reitano, Vincent; School of Public and Environmental AffairsGovernments around the world accumulate fiscal reserves to prepare for exogenous shocks such as recessions. Using data from 2004 to 2016 for state governments in the United States, we estimate empirical models controlling for time-variant and -invariant state characteristics. Our results show that savings increase at the expense of spending in specific categories and that fiscal reserves also support only certain expenditure functions. Further, we find that the relationship between savings and spending differs over the business cycle as fiscal reserves increase during times of economic prosperity and decrease during economic declines.