“…Some researchers analyze the practice of capital budgeting at the state level (Chapman, 2008;Chen, 2014Chen, , 2016Chen, , 2018Hwan Chung, 2013;Ermasova, 2012Ermasova, , 2013King, 1995;Poterba, 1994;Shybalkina and Bifulco, 2019;Srithongrung, 2008Srithongrung, , 2010Srithongrung, , 2018, in U.S. cities (Doss, 1984;Rowan and Hillman, 1996), and in municipalities in the U.S. (Beckett-Camarata, 2003;Forrester, 1983;Hina, Matkin, and Morse, 2017;Kovari, 2016;Marlowe, 2013). Beckett-Camarata (2003) proves that that strategic planning and capital budgeting have important influence on financial performance in the municipalities.…”