4 Not all of the longer-term issues facing state and local fiscal authorities involve closing budget gaps. For example, in light of the recent experience, an important question is whether  2  See Alicia H. Munnell, Richard W. Kopcke, Jean-Pierre Aubry, and Laura Quinby (2010), Valuing Liabilities in State and Local Plans (Chestnut Hill, Mass.
Using Call Report data from 2011, they estimated in their preliminary analysis that hiring one additional employee would reduce the return on assets by 23 basis points for the median bank in the group of smallest banks, those with total assets of $ million or less.