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PRIVATE SECTOR SOLUTIONS FOR PUBLIC SECTOR CHALLENGES
Ohio Treasurer Robert Sprague is committed to tackling Ohio’s most pressing public policy issues by pursuing investments and solutions driven by private sector ingenuity.
The ResultsOHIO fund will support pay for success initiatives championed by the DeWine Administration and the General Assembly to tackle the social and public health challenges facing Ohio. By leveraging this fund, Ohio can direct its efforts toward initiatives that are proven effective rather than wasting taxpayer dollars on failed programs.
- This approach does not create new debt.
- This approach is not a new form of public assistance.
- This approach does not put taxpayer dollars behind existing, failing government run programs.
- This approach only invests in programs that are proven effective.
WHY IT MAKES SENSE FOR OHIO?
Government entities across the United States, and even internationally, are using pay for success models to combat public policy challenges while also dealing with budget restrictions.
Why? The answer is simple: Paying for outcomes – instead of paying for inputs – improves accountability and ensures a more responsible use of taxpayer dollars. This same concept can be applied on the front end as a way to test new programs before taxpayer dollars are on the line.
As the state’s money manager, the Treasurer’s office will ensure a consistent and accountable process is achieved for investments related to pay for success initiatives.
Challenges that can be addressed:
- Infant Mortality
- Long-Term Care
- Early Childhood Education Preparedness
- Water Quality
- Workforce Training
- Criminal Justice
- Foster Care
Any public policy challenge that has a measurable outcome of success may be a candidate for this new initiative. The DeWine Administration and General Assembly set priorities and decide where investments are best directed.
PAYING FOR RESULTS
Private Sector Solutions.
The private sector is well-positioned to make new programs successful and is motivated to produce the public policy solutions that government partners desire.
Third-party Assessment and Verification.
Results are assessed and measured by a third party, providing an objective standard for success that public and private sector partners agree on before work begins.
No taxpayer dollars are spent on failing programs. This means government entities can redirect valuable resources toward initiatives that are proven effective.