Unfunded


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Unfunded

Describing any liability or other expense that does not have savings or investments set aside to pay it. That is, the party responsible for paying an unfunded liability pays for it out of current income or by borrowing. The risk of an unfunded liability is that a payee may not receive that which he/she is entitled to if the payer goes through a difficult financial period. It also increases the payer's current liabilities.
References in periodicals archive ?
Yet the LNP is now committing to funding its construction, along with other totally unfunded promises it has made.
The other day this body voted to have a constitutional amendment that we could not have unfunded mandates for counties," Thompson said, referring the House's recent approval of a resolution to amend the Texas Constitution to prevent the Legislature from issuing unfunded mandates to counties and municipalities.
Bank Leumi is believed to be the only bank with an unfunded pension for its workers.
The trends in these indicators show deterioration in overall funding health for all three states and sharp increases in unfunded liabilities for Pennsylvania and New Jersey.
The letter goes on to say that keeping the annuity program in-house, even if the interest rate were changed, could still lead to the possibility of unfunded liabilities.
According to the NIER's assessment, there will be a margin for unfunded measures totalling SEK 21 billion in 2013-2016.
Another option involves "pre-funding" the cost by borrowing $31 billion and depositing it into a retiree benefit trust fund, eliminating $48 billion in unfunded liabilities for health care costs.
In May 2005, the league established a joint powers agency (JPA) to help districts deal with their unfunded liabilities; now the agency has established a trust with Union Bank of California to allow districts to fulfill their obligations to employees.
Tom Davis (R-Virginia), who is currently chairman of the House Committee on Government Reform, was also instrumental in the legislation's passage, and continues to play an essential role in the area of unfunded mandate reform.
The CalCPA Committee on Taxation put the question of unfunded sub-trusts to the IRS at its annual liaison meeting in November 2002.
NCSL has identified at least $30 billion in federal unfunded mandates and cost shifts within the 2006 federal budget proposal.
The House of Representatives passed an energy bill last week 249-183 that includes a provision that imposes an estimated $29 billion unfunded mandate on local governments to clean up water contaminated by the gas additive methyl tertiary-butyl ether (MTBE).