@misc{Cichocki_Krzysztof_A_2014,
 author={Cichocki, Krzysztof and Kruś, Lech},
 copyright={Creative Commons Attribution BY 4.0 license},
 address={Warszawa},
 journal={Raport Badawczy = Research Report},
 howpublished={online},
 year={2014},
 publisher={Instytut Badań Systemowych. Polska Akademia Nauk},
 publisher={Systems Research Institute. Polish Academy of Sciences},
 language={eng},
 abstract={The objective of the paper is development and implementation of the multi-objective optimization model for supporting local government (LG) long-term financial management and planning. The model assumptions are consistent with the EU regulations. The model, which is an extension of the model developed by Cichocki, provides maximum investment cumulated over an investment period \{t1, TN\}, and, at the same time, minimum of total costs associated with debt service after that period - over \{TN+1, TM\}, until all debts, used for financing investment, are fully repaid. Investments are implemented and debt is issued only over in the period \{t1, TN\}, Debt includes credits and bonds with various maturities. The financial situation of LGs is measured with the help of several financial indicators including: operating expenditures, operating surplus, the outstanding debt, and the total debt service, in relation to revenue, investment expenditures in relation to total expenditures, and debt structure. The model is solved many times using various initial conditions to find an admissible set of investment and debt (model outcomes). Debt, investment and GFCF, which results from investment activity, are analyzed. An impact of an initial indebtedness on the admissible set of solutions and the Pareto frontier is also analyzed. The model can be implemented for analysis of alternative fiscal rules, as it is shown that the existing Polish rules are neither effective, nor efficient. Conclusions are presented.},
 title={A Multiple criteria optimization model Supporting Long-Term Financial Planning by Local Government},
 type={Text},
 URL={http://www.rcin.org.pl/Content/110597/PDF/RB-2014-38.pdf},
 keywords={Optymalizacja wielokryterialna, Multicriteria optimization, Local government finance, Finanse samorządu terytorialnego, Long-term financial planning, Długoterminowe planowanie finansowe},
}