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Off budget financing of municipal tasks with focus on municipal bonds

Hadryjańska Barbara

Scientific Journal of the Military University of Land Forces

2022

Vol. 54, No. 1(203)

21--34

The main purpose of the work was to present off-budget methods of financing municipal investments with focus on municipal bonds. As for investment risk assessment, municipal bonds are considered the safest securities, resulting from the public-law status of a local government unit. An essential attribute of a municipal issuer is that a local government unit cannot go bankrupt. The research was conducted in 2017, and the primary research tool was a questionnaire sent to 606 rural communes that are members of the Union of Rural Municipalities (Polish abbrev. ZGW). One hundred thirty-two questionnaires were received in response from rural communes located in all voivodships. The conducted survey showed that the essential source of extra-budgetary financing for municipalities is EU subsidies as well as loans and credits. Over 60% of the surveyed do not use municipal bonds because they do not know such a financial instrument and are afraid of the municipality’s excessive debt. It seems that important reasons for this are the caution and reluctance to use instruments that are not well known.

Głównym celem pracy było pokazanie pozabudżetowych sposobów finansowania inwestycji gminnych ze szczególnym uwzględnieniem obligacji komunalnych. Z punktu widzenia oceny ryzyka inwestycyjnego obligacje komunalne są zaliczane do najbardziej bezpiecznych papierów wartościowych, co wynika z publicznoprawnego statusu jednostki samorządowej. Istotnym atrybutem emitenta komunalnego jest fakt, że jednostka samorządowa nie może zbankrutować. Badania prowadzone były w 2017 roku, a podstawowym narzędziem badawczym był kwestionariusz ankietowy rozesłany do 606 gmin wiejskich będących członkami Związku Gmin Wiejskich (ZGW). Zwrotnie otrzymano 132 ankiety od gmin wiejskich znajdujących się na terenie wszystkich województw. Przeprowadzone badania ankietowe pokazały, że podstawowym źródłem pozabudżetowego finansowania dla gmin są dotacje unijne oraz kredyt i pożyczka. Ponad 60% ankietowanych gmin nie korzysta z emisji obligacji komunalnych, ponieważ nie mają wiedzy na temat takiego instrumentu finansowego, a także obawiają się nadmiernego zadłużenia gminy. Wydaje się, że ważnym powodem takiego stanu rzeczy jest ostrożność gmin oraz niechęć do korzystania z instrumentów, które nie są im dobrze znane.

Municipal bonds used by polish rural municipalities as an example of external financing for investments

Hadryjańska Barbara

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2020

z. 145

143--157

Purpose: The main purpose of this paper was to show extra-budgetary sources of financing for municipal investments, with particular focus on municipal bonds which prove to be highly advantageous compared to loans or credits. When it comes to investment risks, the legal public status of local government units makes municipal bonds one of the lowest-risk securities. Design/methodology/approach: The study was carried out in 2017. The basic research tool was a survey questionnaire administered to 606 rural municipalities from the Rural Municipalities Association. 132 surveys were sent back by rural municipalities located across all voivodeships (the response rate was ca. 22%). Findings: It follows from the study that the municipalities use credits, loans and Union grants as the basic source of extra-budgetary financing. Over 60% of municipalities surveyed do not issue municipal bonds because they lack the relevant knowledge and are concerned over excessive debt. This seems to be primarily caused by the municipal authorities’ cautiousness and reluctance to rely on instruments they poorly know. Research limitations/implications: (if applicable) If research is reported on in the paper this section must be completed and should include suggestions for future research and any identified limitations in the research process. Practical implications: This research is in line with the proposition of the Rural Municipalities Association to establish the National Rural Development Fund whose operational instruments could include municipal bonds. Originality/value The paper is addressed to local government units. The paper shows the true reasons why rural municipalities were not interested in issuing and selling municipal bonds.