 The
importance of civil infrastructure systems to modern society is
well established. Modern economies rely on the ability to move
goods, people, and information safely and reliably. These systems
represent a massive capital investment and are an economic engine
of enormous power. However, in California, as elsewhere, these
vital systems are at continuing risk from factors ranging from
physical deterioration and underinvestment to natural hazards and
acts of terrorism. The Keston Institute for Public Finance and Infrastructure Policy was
established at the University of Southern California in 2002 through
a major gift provided by Michael and Linda Keston and seeks to
leverage USC's enormous intellectual resources to help California
and the nation address critical infrastructure issues.
Despite the obvious importance of civil infrastructure to our
collective social, economic, and political well-being, our ability
to sustain these vital systems over the long term is in doubt.
Developing stable, long-term funding sources for necessary maintenance
and capital improvements has proven extremely challenging. Revenues
derived solely from direct consumers of services are generally
inadequate and direct government outlays undependable. In addition,
civil infrastructures do not all lie within the public domain;
many, in fact, are private, for-profit enterprises. Because of
this, government and industry must work together to establish
desired performance levels and develop equitable and cost-effective
approaches to achieve them. Finally, the physical systems, human
resources, and organizational frameworks that deliver civil infrastructure
services are so intertwined as to be inseparable. For these reasons,
today's infrastructure solutions demand a multidisciplinary approach
that incorporates engineering, planning, business and finance,
and the social and policy sciences. Jointly housed within the
Marshall School of Business and the School of Policy, Planning,
and Development, the USC Keston Institute for Public Finance and Infrastructure Policy is well-positioned to advance such approaches.
The infrastructure issues confronting California and the nation
will require hard choices and careful trade-offs. However, by
working together as informed partners, government officials,
business leaders, and the public can prioritize these issues
and move forward to address them. Through an annual program of
lectures, workshops, and directed research projects, the USC
Keston Institute for Public Finance and Infrastructure Policy will develop objective and
technically sound information, policy options, and decision tools
to support the informed decision-making necessary to ensure that
California's infrastructure in the 21st Century is equal to the
potential and productivity of its citizens and economy.
Richard G. Little, AICP
Director, The Keston Institute for Public Finance and Infrastructure Policy
|
