DEBT MANAGEMENT AND OVERSIGHT
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1 DEBT MANAGEMENT AND OVERSIGHT Office of General Treasurer Seth Magaziner December 1,
2 A HISTORY OF POOR DEBT MANAGEMENT 38 Studios Lack of due diligence leaves state responsible for $112 million Central Falls Balloon payments help drive community into bankruptcy Woonsocket Pension Obligation Bond 6.2% coupon on conservatively invested pension portfolio RIPTA 20-year bonds for 12-year buses 2
3 POOR DEBT MANAGEMENT (CONTINUED) Clean Water Finance Agency Poor cash management Department of Transportation Aggressive borrowing leads to cycle of debt Debt used to fund operating expenses Lack of competitive General Obligation sales State pays more to Wall Street underwriters than necessary 3
4 COMPREHENSIVE RESEARCH PROCESS The Treasurer s Office conducted comprehensive research to understand how public debt is managed in Rhode Island, as compared to national best practices. Review of Rhode Island public debt Public Finance Management Board (PFMB) Reports Capital Improvement Plan Municipal Fiscal Stress Task Force Auditor General s Reports and RIPEC reports Survey of debt management practices in other states Who is responsible for issuing and managing public debt? How are issuers of public debt held to best practices? What are the responsibilities and staffing levels of debt management offices in other states? Survey of national best practices for debt management Government Finance Officers Association (GFOA) Interviewed local and national experts 4
5 SOLVING RHODE ISLAND S DEBT DILEMMA: FINDINGS AND RECOMMENDATIONS Findings for Rhode Island Weak governance and oversight of public debt at all levels Lack of specialized staff Underutilization of the Public Finance Management Board Over-reliance on outside consultants with potential conflicts Recommendations to Improve Debt Management Improve research and reporting Strengthen oversight Lessen reliance on outside consultants Ensure independence of financial advice 5
6 FINDING NO. 1: NUMEROUS ENTITIES, WEAK OVERSIGHT More than 100 entities in Rhode Island have authority to issue public debt. State of Rhode Island 39 Cities and Towns 12 Quasi-Public Agencies Nearly 100 Special Districts most with borrowing authority Fire Districts Housing Authorities Utility Districts Water Authorities Conservation Districts Convention & Visitors Bureaus Dam Management Districts Quasi-Public Agency Narragansett Bay Commission Rhode Island Commerce Corporation Rhode Island Convention Center Authority Type of Issuance, moral obligation, GARVEE bonds Rhode Island Health and Educaiton Building Corporation Rhode Island Housing and Mortgage Finance Corporation, moral obligation Rhode Island Industrial Facilities Corporation Rhode Island Infrastructure Bank Rhode Island Public Transit Authority Rhode Island Resource Recovery Corporation Rhode Island Student Loan Authority Rhode Island Turnpike and Bridge Authority Tobacco Settlement Financing Corporation Tobacco-settlement asset-backed bonds (revenue bonds) Note: The Rhode Island Industrial-Recreational Buliding Authority insures bonds, and the Rhode Island Water Resources Board Corporate previously issued revenue bonds, before its dissolution in
7 WEAK GOVERNANCE: STATE DEBT Responsibility for issuing state debt is split between multiple offices with no one leading the process. No single State office is responsible for: Managing the issuance process Monitoring state debt for performance after it is issued Analyzing legislative, administration and other proposals involving state debt Analyzing when and how much to refinance Considering how much debt to issue before hitting PFMB targets 7
8 WEAK GOVERNANCE: QUASI AND MUNI DEBT The State has very little oversight of Quasi-public and Municipal Debt. Even when there is no moral obligation, the State may feel compelled to step in Broad gaps in the State s ability to oversee quasi-public debt Large agencies are exempt from the Kushner Law: Narragansett Bay Commission, Rhode Island Infrastructure Bank, Rhode Island Housing, Rhode Island Student Loan Authority, Rhode Island Industrial Facilities Corporation and Rhode Island Health and Education Building Corporation General Assembly not given independent financial analysis when making a Kushner vote No State oversight of municipal debt No guidelines for the more than 100 Quasis and Munis that issue debt 8
9 FINDING NO.2 : LACK OF PROFESSIONAL DEBT MANAGEMENT STAFF Debt Management Employees California 54 Maryland 3 Michigan 26 Mississippi 3 North Carolina 16 Nevada 2.35 Connecticut 11 Alabama 2 Virginia 10 Utah 2 Louisiana 9 Alaska 1 Ohio 9 Delaware 1 Kansas 8 Indiana 1 Massahusetts 8 New Hampshire 1 Washington 8 West Virginia 1 Oregon 7 Wyoming 1 New Jersey 6 Iowa 0.5 Washington DC 6 Maine 0.5 Kentucky 5 Rhode Island 0.5 South Carolina 5 Idaho
10 FINDING NO. 3: UNDERUTILIZATION OF THE PFMB The Public Finance Management Board (PFMB) exists to advise and assist all State departments, authorities, agencies, boards, commissions, and public and quasi-public corporations having authority to issue revenue or general obligation bonds. Each state, municipal and regional department, authority, agency, board, commission, and public and quasi-public corporation having authority to issue revenue or general obligation bonds or notes shall, no later than thirty (30) days prior to the sale of any such debt issue at public or private sale, give written notice of the proposed sale to the board. Failure of delivery of the above notice or of the time or efficiency thereof shall not affect the validity of the issuance of any debt, bond or note Notice of Debt Issue to Board 10
11 UNDERUTILIZING THE PFMB (CONTINUED) PFMB debt targets have not been revisited since 1999; no targets ever issued for quasi-public agencies and municipalities No staff No proactive vetting of debt plans No consequences for agencies that do not comply with reporting requirements PFMB Number of Meetings by Year
12 FINDING NO. 4: OVER-RELIANCE ON EXTERNAL CONSULTANTS The State relies heavily on outside consultants with potential conflicts. The State s financial advisor, underwriters and outside legal counsel are often compensated based on size and/or frequency of bond issues Financial advisors working for both the State and quasi-public agencies or municipalities face competing allegiances Even when the State is the only client, the lines of reporting are not clear 12
13 RECOMMENDATION NO. 1: IMPROVE RESEARCH AND REPORTING Professional Debt Management Staff Treasury recommends establishing an Office of Debt Management with staff experienced in public finance, reporting to PFMB Rhode Island is a major outlier among states by not doing this already Debt Management Office to oversee the issuance of all State debt by coordinating the actions of other State offices, financial advisors, underwriters and legal counsel Independent analysis of legislative, administration and underwriter debt proposals Audit debt management practices and promulgate best practices for Quasis and Munis 13
14 RECOMMENDATION NO. 2: STRENGTHEN OVERSIGHT PFMB Approval for Quasi-Public Debt Issues Treasury recommends that PFMB approval be required for any debt issuance that has not been approved by voters or the General Assembly, following staff analysis by the Debt Management Office In Pennsylvania, New York, and South Carolina, the State has various levels of approval authority over quasi and municipal debt PFMB s role would not be to judge the policy merits of a proposed capital project just the viability of the financing plan and the potential financial risk to the State Revisit 1999 PFMB debt targets for direct State debt and adopt targets for Quasis and Munis Study the possibility of centralizing the issuance process for quasi -public and municipal debt North Carolina centrally issues debt on behalf of quasi-public agencies and municipalities RIHEBC centrally issues debt for nonprofits and school districts 14
15 RECOMMENDATION NO. 3: ENSURE INDEPENDENCE OF FINANCIAL ADVICE Exclusive Relationship with the Financial Advisor Treasury will now require in-state exclusivity with the state s Financial Advisor Minimizes possibility that the State s Financial Advisors faces competing allegiances The State s Financial Advisor should be hired by the PFMB, providing a much simpler line of accountability 15
16 ACTIONS ALREADY BEING TAKEN Treasury is already taking action to implement solutions to the State s public debt management challenge. Treasury has hired a new, nationally respected Financial Advisor The Financial Advisor s contract will require in-state exclusivity At Treasury s direction, the PFMB will: Begin the first comprehensive review of State debt policies and targets since the 1990s Draft best practices in debt management for Quasis and Munis 16
17 CONCLUSION Systemic reform is needed to address Rhode Island s debt management challenges Rhode Island has a history of poor debt management Other states provide good models for reform Treasury is already taking action, but we need help from the General Assembly to bring real reform 17
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