Utah maintains AAA credit rating from all major rating agencies, saves taxpayer dollars on transportation projects
SALT LAKE CITY (January 15, 2019) – Utah Gov. Gary Herbert and Treasurer David Damschen today announced that S&P Global, Moody’s Investors Service and Fitch Ratings have reaffirmed the State’s AAA credit rating – the highest rating a state can receive.
“Utah once again stands out as a leader in the nation for its broad fiscal and economic success, which can be largely credited to our conservative approach to budgeting, debt management and other financial policies,” Gov. Herbert said. “In Utah, we are thorough and collaborative in our fiscal management. We have worked closely with the legislature to adhere to the principles of fiscal discipline and budgetary restraint, making our state one of only a handful to receive a AAA rating by all three rating agencies. I applaud the Utah team for this collective achievement.”
Agencies base their ratings on a range of financial, economic, managerial and institutional factors. Utah’s history of continuous AAA bond ratings dates back to 1965, when S&P initiated its rating system. The State’s AAA rating with Moody’s commenced in 1973 and with Fitch Ratings in 1992.
“We’re seeing overwhelming demand from investors for our bonds,” Treasurer Damschen said. “This is in clear response to the strength of our credit, which allows us to finance large projects at the lowest interest rates available in the market and ultimately save big for Utah taxpayers.”
The rating affirmations coincide with today’s legislatively authorized $128 million general obligation (GO) bond transaction, which will finance transportation projects. During the December special legislative session, the governor and legislature jointly approved additional appropriations for the prison project, which eliminated the need to borrow for the prison project this year and significantly reduced today’s transaction from the initially-planned $375 million – increasing savings on prison project costs.
As cited in the rating reports, the agencies’ rationales for Utah’s strong ratings include:
Strong governmental framework, with a constitutional requirement to maintain a balanced budget and a fiscal policy that allows for changes to the revenue structure and program spending by a simple majority of the legislature.
Conservative fiscal and debt management policies that include constitutional or statutory limits on appropriation growth and debt issuance to keep debt levels low and quickly amortizing, despite demands of population growth.
Continued leadership in the management and funding of long-term liabilities for pensions and other post-retirement benefits, leading to low fixed costs relative to its peers and contributing to the state's good budgetary flexibility.
Successful and timely action when addressing budgetary imbalances.
Reserve funds that accumulate based on a statutorily determined formula.
Job growth across most major sectors, including solid growth in trade, transportation and utilities - the state's largest employment sector.
An unemployment rate that is typically well below the national average.
Annual real GDP growth that has continuously surpassed the nation’s since 2013 and is expected to continue to outperform the nation due to a favorable industry mix and strong population growth.
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A weekly report on education news and commentary you won’t find anywhere else — from the nation’s leading voice on education innovation and opportunity.
EDUCATION & EMPLOYMENT. The potential for innovation in higher ed, alternative pathways, programs and flexibility across postsecondary is the subject of debate at the US Department of Education’s (ED) “Accreditation & Innovation” hearings this week, part of ED’s negotiating rule-making process. The highly bi-partisan effort embraced by people across higher ed, ed tech, the investment community and consumers appreciate the urgency of getting rid of 20th Century nostrums and regulatory straitjackets that create barriers to fresh thinking. They back the need to focus on the ability of institutions to develop innovative programs that are responsive to the needs of students and employers. Higher ed disruptors, including education company investors and ed sector experts gathered for the semi-annual Capital Roundtable hoping to drive dramatic change by early next year.
SPEAKING OF THE NEXUS BETWEEN EDUCATION , INNOVATION AND EMPLOYMENT, and we just were, Ryan Craig argues that with nearly 7 million unfilled jobs, technology and associated required skills advancing at breakneck pace, and postsecondary education and workforce development systems that have refused to budge, we need unprecedented innovation in order to sustain the American Dream of continued growth and shared opportunity… solutions won’t only come from higher education, but from a range of public, not-for-profit, and private actors, and via new pathways that aren’t immediately recognizable as education or training.” Craig is the Co-Founder and Managing Director of University Ventures, a leader in reimagining the future of higher education and creating new pathways from education to employment. You can join the fresh conversation here:
YOU’LL HAVE TO TRY HARD TO AVOID UNIONS IN THE NEWS THIS WEEK. And kudos to the media for working hard to balance their false narrative that they are only working for better teacher conditions. The strike by teachers in the Los Angeles Unified School District – the nation’s second largest – has dominated education related headlines. Our leadership has been a much sought after voice of reason on this issue. We’ve pointed out that their increased post - Janus decision opposition to the demand and success of charter schools in LA and elsewhere are driving many of their demands, with negative and misleading activities intended to turn parents who have experienced life-saving experiences in these innovative schools against them (see Exhibit A). Check out our comments in the Los Angeles Times , the Atlantic and some major dailies, as well as on talk radio on one of LA's most listened to radio stations, KABC-FM.
Exhibit A: Tweet from UTLA on charters
NEXT WEEK IS NATIONAL SCHOOL CHOICE WEEK. There’s a reason more than 20,000 events are organized to salute the options parents have utilized to educate their students in the manner that suits them best. Learn about those events, the cause, and the promise that has lifted boats for all children.
Founded in 1993, the Center for Education Reform aims to expand educational opportunities that lead to improved economic outcomes for all Americans — particularly our youth — ensuring that conditions are ripe for innovation, freedom and flexibility throughout U.S. education.
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FIT FOR A KING
To Support August Burns Red on
The Dangerous Tour
Tickets on Sale Now at http://fitforakingband.com/
"Dark Skies is clearly even more personal" - Revolver
"Killer" - Kerrang!
"Scorching" - Consequence of Sound
"Fit For A King is one of the best
modern metal bands to be a fan of" - The Aquarian Weekly
Recently Released Album Dark Skies
Available to Stream and Purchase at https://solidstate.lnk.to/DarkSkies
January 16, 2019 - Dallas, TX - Fit For A King are excited to kick off 2019 supporting friends in August Burns Red on The Dangerous Tour. Starting later this month in Lexington, KY, they will be joined by Miss May I and Crystal Lake for a 5-week trip across the United States and Canada. On the upcoming tour, front man Ryan Kirby shares "This is probably one of our most anticipated tours, in all honesty. Beyond that fact that the shows will be incredible, we have toured with both ABR and MMI, and played/hung out in Tokyo with Crystal Lake. It'll be an immediate good time from day one." A full list of tour dates can be found below with all tickets available at http://fitforakingband.com/.
Upcoming Tour Dates:
1/24 - Lexington, KY - Manchester Music Hall
1/25 - Richmond, VA - The National
1/26 - Asheville, NC - The Orange Peel
1/27 - Charleston, SC - Music Farm
1/29 - Destin, FL - Club LA
1/30 - New Orleans, LA - House of Blues
1/31 - San Antonio, TX - Alamo City Music Hall
2/1 - Odessa, TX - Dos Amigos
2/2 - Albuquerque, NM - Sunshine Theater
2/4 - Tucson, AZ - The Rock
2/5 - Pomona, CA - The Glass House
2/6 - Sacramento, CA - Ace of Spades
2/8 - Spokane, WA - Knitting Factory
2/9 - Boise, ID - Knitting factory
2/10 - Salt Lake City, UT - The Depot
2/11 - Grand Junction, CO - Mesa Theater
2/12 - Fort Collins, CO - Aggie Theatre
2/14 - Oklahoma City, OK - Diamond Ballroom
2/15 - Lincoln, NE - Bourbon Theatre
2/16 - Minneapolis, MN - Cabooze
2/17 - Des Moines, IA - Wooly's
2/18- Grand Rapids, MI - Intersection
2/20 - Columbus, OH - Newport Music Hall
2/22 - Ottawa, ON - Bronson Centre
2/23 - Quebec City, QC - Imperial De Quebec
2/25 - Hampton Beach, NH - Wally's
2/26 - Portland, ME - Aura
2/27 - Clifton Park, NY - Upstate Concert Hall
2/28 - Buffalo, NY - Town Ballroom
3/1 - Hartford, CT - The Webster
3/2 - Poughkeepsie, NY - The Chance Theater
This tour adds to the band's already busy touring schedule of the last year supporting their most personal release of their career, Dark Skies. The band is continuing to celebrate monumental achievements with the album and just this week, "Price of Agony" surpassed 5 Million Streams on Spotify. Securing charting positions including the #2 Hard Rock, #3 Rock, #13 Top Current Albums and #69 on the Billboard 200, Dark Skiesgave Fit For A King the biggest first week in their decade-long history and has helped propel them into the forefront of the metalcore scene.
Dark Skies is Fit For A King's evocative declaration of a hard won victory. "This album is far from happy. It's about personal struggles,"explains singer Ryan Kirby. "It touches on many subjects relevant to all of our daily lives."Throughout the album, produced and mixed by thelegendary Drew Fulk (I Prevail, Motionless In White, Memphis May Fire), heavy music and melodic hooks are used to honestly explore the dark sides of life. Heralding praise from outlets like Consequence of Sound, Revolver, Kerrang!, Loudwire and Alternative Press, Dark Skies is available to stream and purchase today at https://solidstate.lnk.to/DarkSkies.
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Fit For A King was built with bootstrap ethics and do-it-yourself vigor. On the strength of self-released material, the group joined Solid State for a string of successful albums that connected with the downtrodden and dispossessed. Creation/Destruction (2013) debuted at Number 6 on the Hard Rock chart. Slave to Nothing (2014) cracked the Top 50 of Billboard's Top Current Albums. Deathgrip (2016) climbed to Number 5 among Hard Rock Albums. Now, with the band's latest release, Dark Skies, Fit For A King is looking to, once again, dominate the hard rock/metalcore scene through a collection of diverse anthems powered by the undeniable weight of truth-telling emotional vulnerability.
Fit For A King is Ryan Kirby (vocals), Bobby Lynge (guitar), Jared Easterling (drums), and Ryan "Tuck" O'Leary (bass/vocals).
Follow Fit For A King:
Website: http://www.fitforakingband.com
Facebook: https://www.facebook.com/fitforakingband/
Twitter: https://twitter.com/fitforaking
Instagram: https://www.instagram.com/fitforakingtx/
