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Toward Fiscal Sustainability for Jerusalem

Financial Innovations Lab®

Toward Fiscal Sustainability for Jerusalem

15 July 2018

Agenda

 

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 following participants:

                       

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 mile)

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 Municipality?

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 obstacles.   

1.      Build a sustainable city operating budget

·         Ran 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

o   What are the elements and drivers in Jerusalem’s operating fiscal reality, including sources of structural problems in the short, intermediate, and long terms,

o    

 

o   What are the obstacles and opportunities to Government interventions in fiscal and development practice

o   What are the challenges in leveraging the city’s assets and creating regional approaches

 

·         Lois 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 -  

o   How to move beyond zero-sum development?  Lessons and directions for Jerusalem.

o   What 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

o   What 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 tools

·         Lior Bar-Dor, EDEN and Udi Ben Dror, Jerusalem Development Authority

o   How is Jerusalem translating its strategic goals into tactical plans - immediate and intermediate projects for development and obstacles that are slowing them down

o   How to position the city to lead and leverage development projects to build tax base

·         Michael Colton, Lamont Financial Services and formerly of Morgan Stanley  

              and Neri Bukspan, Senior Fellow at E&Y, formerly of S&P Rating  

               Agency

o   Identify 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 plans

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 Barkat, Jerusalem

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.

 

Going forward

1.      Summarize key results of the Lab discussion

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, etc.)

3.      Convene working groups quarterly over next year to implement practical plans and actions.

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