The article presents issues related to the existence of political risks in local government in Poland. An attempt was made to identify the possibility of a political budget cycle in local and regional authorities. On the basis of the data from the budget statements, a empirical analysis of local government finances has been carried out, taking into account the level of debt, the wealth expenditure as well as the budget outturn. The survey results presented cover all categories of local government units, i.e. municipalities, cities with county rights, counties and provinces. The analysis covers the period 2003-2019. Election years and pre-election periods attracted particular interest. The empirical part precedes a literature review on both the electoral cycle and risks in local debt management. The adopted structure of the article makes it possible to answer the question: Is there a political risk in the audited entities?