Negative bond outlook worries lawmakers
Lawmakers tackling the state budget are planning to address the recent revision of the state's bond outlook from stable to negative.
Earlier this month, Standard & Poor's Rating Service revised the state's bond outlook to negative, following concerns over the state's cash flow and cash reserves, according to Capitol News Service. Finance Commissioner Ryan Low told the news service that S&P was concerned that the state's buget was not yet finalized, and that the state used money from the rainy day fund, or the Budget Stabilization Fund, last year. The House and the Senate are scheduled to take up state budget revisions, which include $7.1 million for the rainy day fund.
Members of the appropriations committee said they were concerned about S&P's rating, since it could lead to a downgrading of the state's credit rating. But Low and others said the state's actions toward balancing the budget without raising taxes would keep the rating from being lowered.
Go to the article from Capitol News Service >>
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