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Managerial Use of Debt to Fund Municipal Government Risks

机译：债务的管理使用为市政政府风险提供资金

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摘要

In recent years, managers of municipalities have been forced to reevaluate the cost-effectiveness of their risk management strategy. In many cases, individual or groups of municipalities (pools) finance a self-insurance plan through the issuance of debt. However, no decision-making methodology for cost-effectively structuring the debt issue presently exists. Utilizing a math programming model, we examine a self-insurance alternative to conventional insurance that uses tax-exempt debt supplemented by taxable borrowing to finance a municipality's or pool's liability exposure. We implement our optimization model with actuarial and financial data from an intergovernmental risk pool (IRP) in the state of California, and simulate the effect of the trade-offs important to sound managerial decision making. We find that significant savings are realized by using a self-insurance plan rather than purchasing conventional insurance. We also find that managerial goals and risk preferences impact the decision when revenue flows are insufficient by themselves to reasonably fund expected losses.
机译：近年来，市政管理者被迫重新评估其风险管理策略的成本效益。在许多情况下，个人或城市团体（池）通过发行债务为自我保险计划提供资金。但是，目前尚不存在以成本有效的方式组织债务发行的决策方法。利用数学编程模型，我们研究了传统保险的自我保险替代方案，该常规保险使用免税债务和应税借贷，以补充市政或公共债务风险。我们使用来自加利福尼亚州政府间风险池（IRP）的精算和财务数据来实现优化模型，并模拟权衡取舍对合理的管理决策的影响。我们发现，通过使用自我保险计划而不是购买常规保险可以节省大量资金。我们还发现，当收入流本身不足以合理地为预期损失提供资金时，管理目标和风险偏好会影响决策。

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