Solution: Under IRV, voters rank candidates in order of preference on a single ballot. If a candidate receives a majority of first choices, he or she is elected. If no candidate receives a majority, the candidate with the fewest first choices is eliminated. Voters who ranked the eliminated candidate first now have their ballots counted for their second choice. This process continues until one candidate earns a majority.
With a traditional runoff system, a voter whose favorite candidate does not advance to the runoff essentially is able to express his or her second choice among the remaining candidates. IRV offers this same opportunity in a single election with a ranked ballot. Voters are able to express their second (or third, fourth, etc.) choices in one trip to the polls. Governments, and therefore taxpayers, save money through reduced election administration costs. Candidates do not need to raise as much money as before in order to be competitive.
San Francisco implemented IRV to replace city runoff elections in 2004 and has saved hundreds of thousands of dollars each year since that time. North Carolina implemented IRV for statewide judicial vacancy elections in 2007 and expects to see substantial savings.