Discussions about the success of the Utah bond alongside the concept of a public defence authority in New York State…
Creating An Independent Public Defense Authority In New York State
Francis A. Zarro – 3bl Media
As we continue to address the many complex issues involving New York’s badly broken public defense system, we have to start by reducing the problems to their fundamentals. If one looks closely enough at public policy problems, answers and solutions can usually be found by correcting long-held political misperceptions, examining the basic structure of the system in question, and finding the money to get it right.
FINDING THE MONEY: The use of public authority borrowing power and social impact bonds to finance an independent public defense authority and a statewide public defender’s office
New York State public authorities are independently empowered to raise funds by selling their own bonds in the public markets. This process is undertaken in conjunction with the Office of the New York State Comptroller and with the assistance of investment bankers and licensed securities dealers.
In addition to the issuance of conventional public authority bonds, social impact bonds are fast becoming a favored tool for financing government or quasi-government programs to advance public causes. Federal funding to complement this form of financing, and private-sector professional assistance in planning and implementing this raising of capital, are also available
In the United States, social impact bonds are referred to as “Pay for Success Bonds.” A report from the Center for American Progress, released in February 2011, analyzes the potential of social impact bonds, and surveys state and local governments across the country that have begun launching social impact bond pilot projects. Social impact bonds are now in full use in New York State on public safety and prison recidivism prevention programs.
William Savedoff & Janeen Madan – Center for Global Development
The most essential feature of a social impact bond (SIB) is measuring impact. But what happens if the impact metric is questioned or unclear? A recent dispute over measuring the impact of a SIB for early childhood development in Utah yields two important practical lessons for this innovative financing tool. First, SIB implementers should be careful not to exaggerate the precision of their success indicators. Second, they need to be clear to everyone about which objectives they are pursuing.