engleski

The importance of fiscal strategies for smart cities

In recent years urban and local development have faced many economic, social and financial challenges. As a result of these challenges, the concept of smart cities has evolved. In this paper, we use a smart city definition that encompasses six main dimensions – smart economy, smart people, smart governance, smart mobility, smart environment, and smart living. As a part of urban and local development, smart cities are faced with budget balance challenges in the short and the long run. Furthermore, there is also the emergency of COVID-19 pandemic that changed the budget structure and requires services from cities. Many local officials will tactically deploy financial measures where appropriate fiscal strategy of a smart city is necessary. Therefore, the aim of this paper is to present the concept of smart cities, to define the indicators and to stress the importance of fiscal strategies for smart cities. By implementing the appropriate fiscal strategy, there is a chance that the goals of sustainable development within smart cities will be achieved. Moreover, it will improve the quality of life by offering new services, reduce operating costs, improve advanced technologies and digitalisation processes. To achieve this, smart cities and other public entities must find investors and financial institutions willing to finance smart projects in a challenging environment. To support them, both national and local governments need to highlight their effort to fulfil basic infrastructure needs, increase more revenue, define regulatory frameworks, ensure digital inclusion and promote financial sustainability. Based on smart cities’ dimensions, the main component of this paper is to present challenges and find recommendations for local authorities to address fiscal strategies fostering the establishment of smart cities

Budget ; Fiscal strategies ; Local development ; Smart cities

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