Financial Innovations Lab®
Toward Fiscal Sustainability
15 July 2018
8:30 – 8:45 Arrival, registration and light breakfast
8:45 – 9:45 Introduction and Framing the discussion for the day
This will include key questions to be addressed,
roles of the participants, Lab process, and context for Lab, led by the
Prof. Glenn Yago, Milken Innovation Center –
1. How to translate practical,
smart practices for development and financing for Jerusalem?
2. How to accelerate development
to increase Jerusalem’s tax base?
Lior Schillat, Jerusalem Institute for Policy Research
1. What has been done and is
being done by the Institute?
2. Major gaps in development in
the City (e.g. density in Jaffa corridor, recruiting and filling business
districts (City entrance, Givat Shaul, Talpiot), and completing the cultural
Michal Shalem, Municipality of Jerusalem – where do we
want to go?
MK Zeev Elkin, Ministry of Jerusalem and Heritage
1. How to build a development
plan for the region that will create a stable, sustainable fiscal base for the
2. How to overcome market,
development, and financial risks facing developments in Jerusalem so that
projects can add to Jerusalem’s tax base sooner?
9:45 – 13:15 Turning obstacles into opportunities -
How to move forward from the
current situation filled with financial, fiscal, and economic development
1. Build a sustainable city
Ichay, Ministry of Jerusalem and
Heritage, Avner Saadon, Department for Strategic Planning, Municipality
of Jerusalem, and Edith Bar, Local Authorities Administration, Ministry
of Interior, Itay Temkin, Budgets Division, Ministry of Finance, and Sivan
Lehavi, Ministry of Interior
are the elements and drivers in Jerusalem’s operating fiscal reality, including
sources of structural problems in the short, intermediate, and long terms,
are the obstacles and opportunities to Government interventions in fiscal and
are the challenges in leveraging the city’s assets and creating regional
Scott, Epoch Advisors and formerly
CFO of the City of Chicago - Stephen Goldsmith, Harvard’s Kennedy School
of Government and formerly Deputy Mayor of New York and Mayor of Indianapolis
and Michael Kashani – Goldman Sachs -
to move beyond zero-sum development?
Lessons and directions for Jerusalem.
are useful financial tools and approaches needed by the Municipality and its
development partners (both private and public) how to translate them in the
Jerusalem context to provide competitive capital structures for development
projects in the immediate and intermediate future
are practical examples to align incentives to attract regional stakeholders to
increase development, including revenue sharing, regional tax sharing, and
balancing growth and development
2. Finding and using the right
Bar-Dor, EDEN and Udi Ben Dror, Jerusalem
is Jerusalem translating its strategic goals into tactical plans - immediate
and intermediate projects for development and obstacles that are slowing them
to position the city to lead and leverage development projects to build tax
Colton, Lamont Financial Services
and formerly of Morgan Stanley
and Neri Bukspan, Senior Fellow at
E&Y, formerly of S&P Rating
practical and innovative development tools, including municipal financing
approaches that will be helpful to address the specific structural operating
budget deficit facing Jerusalem.
13:15 – 13:45 Lunch
13:45 – 15:00 Working group to consider solutions, build working teams and work
Lab participants may break into groups to
consider and apply smart practices from Lab discussion to Jerusalem municipal
opportunities, prioritize them, identify what is needed (legal, legislative,
organization, etc. ) who must be involved and what are the horizons for action.
15:00 – 16:00 Key Findings and Next steps
In discussion with Mayor Nir
1. Each working group will report
out results of the discussion in the working group, including priorities to
work on, key legislative and organization actions that may be needed, who must
do what and when.
2. Discussion will also address
what is missing and should be considered.
1. Summarize key results of the
2. Identify, organize and recruit
working groups of stakeholders around practical agendas that come from Lab
discussion (e.g. design specific development tools, accelerate immediate development
project plans, build financial mechanism to bridge municipal budget deficit,
3. Convene working groups
quarterly over next year to implement practical plans and actions.