Fiscal performance has improved in recent
biennia with reduced reliance on one-time resources and a stronger liquidity position.
The delegates also adopted guiding principles on the opening of any future WIPO external offices, with a maximum of three new offices during each of the 2016/17 and 2018/19
biennia and priority given to Africa as a host during those periods.
That decision will add $790 million to the cost of PERS in the 2017 biennium, and an additional $250 million in subsequent
biennia.
Using an arbitrarily chosen four year, minimal, "long run" model period, divided into two appropriate
biennia of stipulated change, the analysis finds the LRAS curve empirically unsupported over the crucial second
biennia.
On three floors and a mezzanine with a balcony, Gelatin presented their wares: clothing, drawings, catalogues, and videos; eggs representing the ones that they threw, while wearing chicken costumes, at the public during last year's Wiener Festwochen; cardboard slippers for The B-Thing (World Trade Center, 2000), Lego models of Human Elevator (MAK Center for Art and Architecture, Los Angeles, 1999), and Hugbox (Liverpool
Biennia l, 1999), and some peculiar stuffed animals inserted in pickling jars.
The Legislature suspended rebates in two other
biennia, meaning the kicker is triggered more often than not.
Historically, budget negotiations have often been combative at times of divided government, including during the two most recent
biennia. After contentious negotiations for the fiscal 2016-2017 biennium, negotiations for the fiscal 2018-2019 biennium were again tense despite solid revenue growth and substantial projected ending balances.
But over the past several
biennia, the commonwealth has made material progress in addressing the contribution shortfalls and is now on track to make full actuarial contributions for all systems beginning in fiscal 2019.
Among the SEIU's recommendations are a more aggressive effort to collect past-due income taxes, which the union estimates could yield $122 million in the next two years and even greater amounts in subsequent
biennia. Improved methods of forecasting such expenses as the number of prison beds could produce efficiencies that would save $22.4 million.
"There was a mechanism put in place to fund that which generated at best $9 billion, so you've created a $5 billion per biennium structural deficit," he said, "Over two
biennia, then you've got $10 billion that wasn't collected to buy down the property tax compression, as a result that's what we're being cut."
The state consistently funds its actuarially determined contributions for the pension system, subject to rate collars that limit and spread large contribution increases over multiple
biennia; the state's funding methodology does not smooth asset performance.
If the state based its budgets on the amount required to keep all services at their current levels, the gap between revenues and needs would continue to widen, approaching $5 billion in the later
biennia of the decade.