U.S. local governments play a key role in funding, operating, and maintaining local roads, bridges, airports, transit facilities, drinking water and sewer systems, and other types of infrastructure. However, local governments across the United States are facing a serious infrastructure deficit and are exploring new ways to finance needed expansions, upgrades, and repairs.

While municipal bonds will continue to be the central option for how local infrastructure is financed, local governments are using a combination of traditional and alternative approaches to financing their public infrastructure investments. This ICMA/GFOA white paper explores how local governments are addressing the challenge of bridging infrastructure financing gaps.