What principle does 'Intergenerational Equity' promote?

The principle of 'Intergenerational Equity' promotes fair burden sharing across different generations. This concept emphasizes that the actions and policies of the current generation should not impose undue hardship or debt on future generations. In essence, it seeks to ensure that resources are preserved and managed in a manner that allows for equitable access and use by both current and future generations.

By fostering this balance, Intergenerational Equity ensures that the costs and benefits of public services and infrastructure investments are distributed fairly. This prevents a situation where present-day decisions result in financial burdens that future generations will have to bear, effectively leading to sustainable economic practices that consider the long-term impacts on society as a whole.

Understanding this principle is crucial for municipal finance officers as they make decisions about budget allocations, investments, and taxation policies, ensuring that they consider the long-range implications of their financial choices.