Intergenerational equity is the principle of fairness between current and future residents when paying for long-lasting infrastructure. When a municipality builds a bridge that lasts 50 years, should today's taxpayers pay the full cost, or should future residents who also benefit share the expense? This concept supports using long-term debt for infrastructure, spreading costs across all generations who will use the asset. Conversely, it discourages borrowing for short-term expenses that burden future taxpayers without providing them benefits. Municipal financial policies often consider intergenerational equity when deciding how to fund major projects.