Delaware Officials Rebuff Report Critical of State Finances - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delaware Officials Rebuff Report Critical of State Finances

Posted: 09/27/2017 19:57:00 -04:00 Updated:

DOVER, Del. -- Delaware officials are rebuffing a report from a nonprofit that gave the state an "F" rating over its fiscal health.

The report from Truth in Accounting, which looks at state budgets, claimed Delaware had a difference of $8.5 billion between its assets and liabilities. The nonprofit said most of the money was tied up in pension benefits and healthcare for retirees.

But state Tresasurer Ken Simpler (R) said the idea of comparing the state's current assets to what it owes, much of it from borrowing over decades, requires an unrealistic scenario.

"No student of finance would even make that comparison," he said.

Rep. Sean Lynn (D-Dover) said he viewed the report as being intended to stir headlines and questioned its standards.

"Ultimately I think this is a bit of misnomer. It sounds to me like it's more sensational than it ought to be."

But Sen. Colin Bonini (R-Dover South) said the report still brings attention to a need to reduce state spending, particularly on healthcare and Medicaid.

I mean we have some strengths that other states don't have, but if we don't make some tough decisions on the spending side in the next couple of years we're gonna be in some real trouble," he said.

Lawmakers this year recently had to balance the budget amid a projected budget deficit that rose as high as nearly $400 million.

 

 

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