Reduce unfunded liabilities; i.e. OPEB, teacher retirement, and any other off-budget liabilities
Promote actuarially sound accounting of State finances not current practice which results in so-called balanced budgets, but long-term unfunded liabilities
For example, if the state funds teacher retirement $20
million in a given year when they should have funded
$100 million actuarially, only $20 million will count
against the budget. Ultimately, this type of accounting
results in situation like OPEB, an unfunded teacher
retirement system, and other like financial liabilities.
Reduce dependence on federal grant monies The problem is two-fold by accepting federal grant money, the state often assumes obligations which our citizens may not support; Second, the United States federal government is borrowing 40 cents of every dollar spent this is absolutely unsustainable. The federal gravy train must stop, otherwise the United States will go down the undesirable road of acute insolvency Bankruptcy.