Local Officials Express Concern That Neither Their Policymaking Power nor Their

question 19

True/False

Local officials express concern that neither their policymaking power nor their financial authority has kept pace with the increased administrative responsibilities placed on them by state government.

---

Definitions:

Financial Lease

A type of lease where the lessee pays for an asset over a period of time, and at the end of the lease term the asset typically becomes the lessee's property.

Lessor

The entity in a lease agreement that possesses the asset and allows the lessee to utilize the asset in return for payments of rent.

Break-Even Lease Payment

The break-even lease payment is the lease payment at which the cost of leasing equals the cost of owning, neither gaining nor losing financially over the term of the lease.

CCA Class

In tax terminology, specifically for Canadian taxation, a system categorizing business assets for the purpose of depreciation calculation.