Global Conference 2011

Global Conference 2011

Red Ink Rising: Dealing With State and Municipal Budget Shortfalls

Tuesday, May 3, 2011 / 9:30 am - 10:45 am


In 2010, 48 U.S. states faced shortfalls - a record gap of $192 billion, or 29 percent of total state budgets. The recession slashed operating revenues just as it increased demand for expenditures, and the lack of increasing investment income exposed the impossibility of governments meeting their pension and health-care obligations. It's clear that achieving long-term solvency for states and municipalities will require painful paradigm shifts. This session will address some of the most pressing issues, including the ripple effects of austerity measures and the rise in unfunded liabilities. Most important, it will focus on solutions, from regulatory and policy initiatives to shared sacrifice and a more up-to-date model for generating revenue.

Moderator

Kenneth Gibbs

President, Municipal Securities Group, Jefferies & Co. Inc.

Speakers

John Chiang

California State Controller

Dennak Murphy

Director, Capital Stewardship Program, Service Employees International Union (SEIU)

Robin Prunty

Managing Director, Public Finance Ratings Group, Standard & Poor's

James Spiotto

Partner, Chapman and Cutler LLP


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