A. The effect of election years and the share of locally generated revenues on municipal deficits: no external accountant (ratio of previous year's debt per capita). Note: The upper and lower horizontal lines represent the 90% confidence intervals. B. The effect of election years and the share of locally generated revenues on municipal deficits: with an external accountant (ratio of previous year's debt per capita). Note: The upper and lower horizontal lines represent the 90% confidence intervals.