Posts Tagged ‘net’

Can OPEB numbers be trusted?

In theory you should now be able to go to audit reports and total up all Net OPEB Obligations (NOB) to get an estimate of how much Health Benefits for retired public employees will cost taxpayers.  For example, if you were to go to the 2010 Audit Report for the County of Union you would pick off a NOB of $34,612,000.  From that you could even estimate by population to get a national NOB of $80.8 billion {$34,612,000 / 536,000 (UC population) x 313,000,000 (US population) x 4 (levels of go’t)}.

However, in this case you would be wrong because the auditors were very, even comically, wrong and understated the NOB by $106,283,000.  Allow me to explain with a timeline.

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