On December 5, 2007, the New England Public Policy Center at the Federal Reserve Bank of Boston held its third annual policy symposium, “Financing Municipalities in New England: Revisiting the State-Local Relationship.”Through presentations and a panel discussion, the conference brought together legislators, business leaders, researchers, and policy advisors to examine the long-term fiscal challenges facing the region’s municipalities, and to discuss potential revenue solutions. This report provides an overview of the conference’s major themes.