Over the past decade, the firm has completed several public policy analyses for various state entities and public organizations. In addition to the public policy studies (described in more detail below), Dr. Pacey has served on a number of public committees and commissions (e.g., Colorado Commission for Higher Education, Treasurer's Commission to Strengthen & Secure PERA, and the Governor's Revenue Estimating Advisory Committee). Also, with the addition of Dr. McNulty, we are excited about expanding into energy research and complex statistical analyses.
- Our most recent public policy research study, conducted for the Colorado Department of Education, included a comprehensive review of Colorado public school funding and explored the impact of declining enrollments on school districts' funding and expenditures as well as the consequential impact on student performance as measured by CSAP scores. An econometric model was developed to identify the pertinent factors that impact student performance. Analyses associated with the public school funding formula, necessary education costs, education choice, and the characteristics of students and district were performed. In addition, topics including school district consolidation and the cost of providing an education meeting state and federal requirements were addressed.
- Another recent public policy research study measured the economic and fiscal impacts of the Colorado Public Employees' Retirement Association (PERA) benefit payments to Colorado recipients and provided a description of PERA members (active and benefit recipients). PERA is the retirement plan for over 400 government agencies and public entities within the State of Colorado with over 190,000 active members and almost 79,000 retirees. The association provides benefit payments of $2.45 billion annually to Colorado residents (as of March 2009). The research included analyses at the state, regional, and county levels including the use of an input-output model to estimate the economic and fiscal impacts.
- A recent energy project developed econometric models for the National Renewable Energy Laboratory (NREL), a facility of the U.S. Department of Energy. This included quantitative models to identify the factors that impact the consumption and prices of fuels (i.e., gasoline, diesel, and the newer ethanol and biomass-based diesel fuels) and to quantify those relationships. In addition, models were developed to quantify the coupling of energy and transportation prices with the total cost of crop production, and to capture similar energy price-production cost couplings in the downstream steps of the bio-fuels supply chain.
- An earlier public policy study (conducted in 2001) modeled the requirements identified in Amendment 23 to the Colorado Constitution, which created an education fund from a portion of tax revenues and mandated minimum spending levels the state legislature must provide for public education in Colorado. The end result of the project was the development of a comprehensive model, which allows legislators to evaluate the impact of future funding and spending scenarios on the longevity of the fund. This project required personnel from the firm to work closely with members of various government departments including Legislative Council Staff, Office of the State Planning and Budgeting, Colorado Department of Education, Department of Treasury, etc. and to present their findings to the Legislative Audit Committee and the Joint Budget Committee.
- Since the Amendment 23 contract, the Office of the State Auditor has authorized contracts to the firm for multiple economic performance type audits. In the most recent audit, the firm evaluated the fare-setting practices of the Regional Transportation District (RTD). In another audit, the firm analyzed and reviewed the revenue forecasting methods utilized by the Colorado Lottery, with the development of an econometric forecasting model, as well as reviewed the budgeting and grant process of Great Outdoors Colorado (GOCO). Other audits have focused on programs funded by tobacco settlement monies received by the State of Colorado including three health care programs operated by the Colorado Department of Public Health and Environment and the Colorado Department of Health Care Policy and Financing as well as the Read to Achieve Grant Program operated by the Colorado Department of Education.
- The firm has also provided Cost of Living Studies to the Legislative Council. A cost of living study is mandated by law to be completed every other year and is a component of the public school funding formula. The project involved determining appropriate products and sampling techniques, collecting price data for every school district (178 districts) in Colorado, organizing the results of the survey incorporating shopping pattern habits, and estimating the annual cost of living for each district as well as computing various statistical measures to confirm the validity of the study. The firm first completed this project in the fall of 2001 and was awarded the project again in 2003 and 2005.
- In the early 2000s, the firm provided economic loss analyses that were utilized during hearings for the Special Victims' Fund for the victims of the September 11, 2001 terrorist attacks. These loss analyses were structured per guidelines from the Special Master but were tailored for the specific circumstances of each individual.
- The firm also has a long-standing involvement on sports economic issues. Studies have included empirical analyses of sports participation, the economic impact on a university and community as a result of college football games, the financial analysis of Division I athletic programs, the quantification of television ratings and the relation of such ratings to game characteristics among others. Also, the firm has investigated the issues surrounding the federal legislation commonly known as Title IX. In so doing, the firm has compared participation rates in various activities including varsity and intramural athletics as well as scholarship awards to determine, not only if comparable opportunities are being provided to both male and female college students, but also if the opportunities that are provided are meeting the demand for those activities by the respective gender.
- Some of the earlier research studies conducted by the firm were more pulic utility-related matters. The firm was regularly retained to evaluate the competitive effects of rate-making decision or other proposed regulatory matters in the telecommunication industry. In addition, the firm completed a project, related to the Denver metro taxicab market, that analyzed the structure of the market with respect to the legislative intent to create a regulated competitive environment; the results were presented to the Public Utilities Commission.