The Sorenson Impact Center of the David Eccles School of Business at the University of Utah, in partnership with the Government Finance Officers Association (GFOA) and Urban3, is launching Putting Assets to Work, an incubator program designed to help cities and counties leverage existing government assets to generate new revenue for impact-oriented programs without raising taxes on citizens.{mprestriction ids="1,3"}
The effort will be headed by former Salt Lake County mayor and congressman Ben McAdams, the Sorenson Impact Center and GFOA will host up to five local governments in the U.S. to participate in the nonpartisan, one-year program. McAdams serves as a senior fellow at the center.
The program will help local governments leverage underutilized assets, work alongside private and philanthropic partners to make those assets generate revenue and provide community benefits including new neighborhood playgrounds, homelessness initiatives and other needs. Selected programs will work with Sorenson Impact Center and GFOA to:
• Identify the budgetary goal or other need it wants to fund with additional revenue.
• Inventory all publicly owned assets in a jurisdiction.
• Identify one or more of those assets that are underutilized.
• Manage and maintain the asset.
• Generate additional value/revenue that can be transferred to public programs/initiatives.
• Provide oversight throughout the process.
“Local governments are sitting on a gold mine of public assets and they don’t realize it,” said McAdams. “Just as private individuals and corporations use assets like machines or buildings to generate income, governments can do the same with their assets. I hope this program provides a template for cities and counties across the country to put their public assets to work.”
Information about the program is available at sorensonimpact.com.{/mprestriction}
