MTEF is winding down its operations.
Jeff Hooke, MTEF Chairman, wants to thank everyone who has been supportive of MTEF’s efforts to educate taxpayers and elected officials on sizable fiscal issues.
Among some of MTEF’s notable projects:
MTEF spearheads education drive to shine a light on Peter Angelos’ law firm’s tobacco lawsuit fee (billed to the state of Maryland) of $1.1 billion. The proposed fee was later cut to $150 million.
MTEF research shows that the proposed casino license giveaway to horse racing tracks provides them with likely windfall of $1 billion. Legislation postponed until a more equitable arrangement reached for the taxpayer.
MTEF study compares Montgomery County school system to ten other affluent counties. This was an “apples to apples” comparison never before used in the education industry. The County rates highly, but spending accelerating faster than others ($1 billion in extra spending – over and above inflation- in just five years).
Analysis of Washington Suburban Sanitary Commission (WSSC), a $ 4 billion government-owned water utility. WSSC’s performance compared to a dozen similar operations throughout the United States. The study was highly innovative within the insular municipal water industry.
MTEF provides an analysis of Constellation’s transactions with EDF, which unfairly enrich stockholders at the expense of BG&E ratepayers. Work with Senators Rosapepe and Pipkin. Formally intervene in MD public utility commission (PUC) hearings to block transactions. Eventually, Constellation’s contribution to ratepayers increases a modest $100 million to $200 million, even as stockholders show billions in gains.
Several studies on $35 billion MD state pension fund and its chronic underperformance from an investment perspective, relative to other state pension funds. Underperformance has cost the state roughly $300 million per year, or $3 billion or ten years. Surprisingly, Wall Street money managers charge the state upwards of $200 million per year for lousy performance. No legislative action, despite multiple testimonies by MTEF Chair.
Study shows 60% of MD horseracing subsidies from MD casinos will go to out-of-state horse owners, despite the government’s assertion that the $100 million in annual subsidies were going to help the local industry. Front page coverage from Baltimore Sun. No legislative action.
Casino license at National Harbor is worth close to $500 million, but license fee is only $15 million, according to MTEF research. Unfair gain to casino owners, and unfair loss to taxpayers. Competition for the license may alter the economics in 2014.