These days we hear a lot about the sorry state of state finances. Usually such discussions involve mention of California which seems to have taken financial dis-functionality to a new level. But here's a good news story about my own state; North Carolina.
Municipal finances (those of towns, cities and counties) in NC are generally in pretty good shape largely because of a little known organization called the "North Carolina Commission". The job of the Commission is to basically stop the finances of the municipalities in the state from running off the rails. And by all accounts they do a good job. Read about it here. The key to the success of the Commission is that it deals with problems before they get out of control, rather than trying to clean up messes once they've been made. Sounds pretty sensible really.
HT:Ron at investorcookbooks.blogspot.com