In many OECD and non-OECD countries, local governments can also play an important role in this regard. In decentralised governance systems, local authorities may be authorised to raise taxes and/or incur debt, usually within prescribed limits (OECD, 2009b). Mature capital and financial markets may provide creditworthy municipalities with capital for investment in water and sanitation infrastructure. Fiscal transfers from central budgets are also a source of investment capital in some countries.