The public entities sector, hit hard by the economic downturn, will see belt-tightening a while longer even as positive changes in the broader economy take hold, according to a workers' compensation and risk management expert.
The public sector will start to turn around, but there is a lag time, said Mark Walls, assistant vice president, claims with Safety National, an excess workers' compensation insurance carrier based in St. Louis, Mo. Once jobs are created and more people are working, taxes begin to flow, he said. “Eventually there is more money for the municipalities, but all these other things have to happen first.”
For many public entities, “the situation hasn't improved that much,” he added. “You still have states that are struggling financially.”
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