Place of publishing:
Subject and Keywords:
Optymalizacja wielokryterialna ; Multicriteria optimization ; Local government ; Long-term financial planning ; Długoterminowe planowanie finansowe ; Satisficing behavior theory ; Zadowalająca teoria zachowania ; Financial safety ; Bezpieczeństwo finansowe ; Samorząd
New method is developed for decision making regarding long-term financial planning by local government (LG). It helps formulate polices for safe long-term investment and debt, which minimize the infrastructure gap when fiscal rules and budget liquidity are satisfied. The method links long-term financial planning and budgeting for results and outcomes. It includes LG budget financial flows-stock model and supports generation of alternative budget projections based on H. Simon concept of multistage formation of goals, which can be modified. Reference point multi-criteria optimization technique is applied. Criteria are simultaneously maximized (cumulated investment) and minimized (debt service costs). Numerical solutions are presented.
Language of abstract:
Projects co-financed by:
Operational Program Digital Poland, 2014-2020, Measure 2.3: Digital accessibility and usefulness of public sector information; funds from the European Regional Development Fund and national co-financing from the state budget.