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Comptroller warns Houston’s disaster exposure and shallow reserves raise fiscal vulnerability
Summary
The controller's office presented an economic analysis showing Houston has seen increasing frequency and costs of disasters, that the city's reserves are below best-practice standards, and recommended policy options to strengthen the budget stabilization fund and insurance coverage.
Deputy Comptroller Will Jones told the Budget and Fiscal Affairs Committee that Houston faces rising disaster costs and frequent storm exposure, and that the city’s current reserve policies leave it financially vulnerable.
"The U.S. is seeing disasters grow not only in frequency but also in financial impact. Houston ... is directly contributing to and experiencing these sharp increases," Jones said, citing national figures and Houston's history of high-cost hurricanes including Harvey and Ike. He told the committee Harris County ranks highest nationally in FEMA's hurricane-risk score.
Jones…
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