The report card, which provided the nonpartisan Volcker Alliance, provided grades B for West Virginia for Budget Forecasting, Animal Budgeting, Reserves and Transparency, and C for Heritage Costs.
He cited the state's failure to make the actuarially required annual contribution to cover the benefits of OPEB – future health care costs for retired public employees – the low grade for Heritage Costs, citing OPEB's unfunded current liability. of $ 2.5 billion.
Overall, the average rate of 2.8 points per state on the Volcker Alliance report card was the national average of 2.6 (three B, two C).
Otherwise, the short state fell on one category in each of the other grades.
For Budget Forecasting, for example, the state credit card was credited to the state for making multi-annual forecasts for income, expenditure and revenue growth, but it overturned the state for failure to use consensus forecasting.
A consensus forecast, the report card, is that the executive and legislative branches will work together to get a unified revenue forecast.
He noted, in West Virginia, "The governor's office develops the income forecast with minimal legislative input."
Consensus forecasts, the report card, reduce the risks of politically handling income forecasts.
Similarly, on Reserve Funds, Marc West Virginia received good marks for having a positive balance in his Rainy Day funds, and for having strict policies when these funds can be disbursed, but lost A grades for failure of funds. require a reserve to income volatility, which it considers to be critical to energy production states.
The Volcker Alliance was established in 2013 by a former chairman of the Federal Reserve Board Paul Volcker with a mission to improve the efficiency and accountability of government operations at federal, state and local levels.
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