Weekly Legislative Newsletter

Dear Neighbor,

Consistent conservative leadership during this year’s legislative session and over the past decade is setting up Idaho for being an economic leader in recovering from the current recession. But you don’t have to take my word for it.

This week Standard & Poor’s Ratings Services raised the State of Idaho’s issuer credit rating from an already strong ‘AA’ to ‘AA+.’ They stated this was based on three factors:

  • “Strong economic growth during the past decade relative the U.S. as a whole and retrenchment that was comparatively mild during the recent recession;”
  • “Practice of building up reserves in the general fund and ‘rainy day’ funds during the most recent economic expansion;” and
  • “Constitutional prohibition on long-term general obligation debt and low debt ratios.”

Further the report went on to emphasize that Idaho’s “reputation for a low cost of doing business” positions it to create jobs as “the economic recovery gains momentum.”

Standard & Poor’s also praised Idaho’s commitment to public education while still making the needed cuts elsewhere in its budget. “We consider the state to have made timely expenditure reductions in most program areas as revenues plunged, while trying to minimize the scope of K-12 cuts, which traditionally make up about half of general fund expenditures,” they wrote.

This year’s proposed education budget continues that legacy as members of the legislature worked successfully to find millions more in additional funding for Idaho’s public schools without raising taxes. This greatly reduced the anticipated cuts to K-12 projected earlier this year. Most significantly the budget includes language that will automatically trigger increases in funding for public schools as the economy recovers and revenues improve.

This approach combines the realism of the current recession with the optimism of a larger recovery this year. I am hopeful that this trigger could put millions more into our public schools as Idahoans again find work. In the meantime I will continue to work to create pro-business policies that will create jobs and place Idaho as a leader in recovering from this recession.

Sincerely,

JOHN MCGEE
Idaho State Senator

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