Ranking Florida’s City and County Sponsored OPEBs

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Presentation transcript:

Ranking Florida’s City and County Sponsored OPEBs David S. T. Matkin Assistant Professor Vice Chair Dept. of Public Administration & Policy Rockefeller College of Public Affairs & Policy University at Albany, SUNY Research Fellow LeRoy Collins Institute Florida State University Faculty Fellow Nelson A. Rockefeller Institute of Government SUNY dmatkin@albany.edu 518-442-5279 @davidmatkin Patrick Orecki, MPA Analyst Division of Budget State of New York patrickorecki@gmail.com

Ranking the Locally-Sponsored OPEBs What is an OPEB? Other Postemployment Benefits Actuarially Valued Liabilities for Retiree Healthcare Subsidies Explicit or Implicit Locally Sponsored? Trustees at the local government level Stand-alone or supplemental to FRS All local governments have an OPEB plan Most local governments only have one OPEB plan

Research Methods Comprehensive Annual Financial Reports Fiscal Years 2008 to 2014 All Counties (66 total) 100 largest Cities N = 1,162 (967 provide sufficient data) Basic Financial Data Population Data Asset & Liability – OPEBs Funding Activity – OPEBs

Ranking Considerations Size of the Unfunded Liability Assets / Liability Unfunded Liability (Liability – Assets) Unfunded Liability / Population Unfunded Liability / General Revenues Effort to Prefund the Liability Pay-as-you-go (Paygo) Prefund Regularly or Occasionally

FY 2014

FY 2014

Grading - FY 2014

Grading - FY 2014 A C D B F

Grading Distribution

Governments Receiving “F” Grades in FY 2014 Cities: Cape Coral (1.91), Hialeah (2.54), Hollywood (2.44), Miami (1.63), & Venice (1.22) Counties Martin (3.19), Monroe (2.61), & Pinellas (1.74)

Governments Receiving “B” Grades in FY 2014 Cities: Lakeland (2.34), Miami Beach (0.83), Orlando (0.79), Pembroke Pines (0.63), Sarasota City (1.56), Tallahassee (0.61) , Titusville (1.55) Counties Lee (1.19)

Individual Government Rankings See Handouts Grades UAAL / General Revenue City and County separate for ease no significant differences in distribution Bolded if sponsor an explicit benefit

Q & A

Other Items I’m Working On Simulations of Public Pensions Understand role of Actuarial Inputs Exposure to Market Risk Accuracy in Financial Reporting Benford’s Law LCI’s LOGER data