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News & Events Digest: July 2023





Credit Rating
*Governor Whitmer Announces Credit Ratings Agencies Reaffirm Michigan?s Competitive Economy, Responsible Budgeting Practices*

Governor Gretchen Whitmer recently announced that the state of Michigan?s strong financial position, competitive economy and responsible budgeting practices have prompted the three main international ratings agencies to reaffirm the state?s credit ratings.

?Michigan is on the move, with low unemployment, a diversifying economy, and strong fiscal fundamentals,? said Governor Whitmer. ?All three ratings agencies reaffirming our credit ratings proves that the work we are doing is working. Michigan delivers for working families and is open for business. The Michigan Legislature just passed a balanced, bipartisan budget bringing our rainy-day fund to an all-time high and setting aside funding in a new reserve fund for schools. Our economic development tools continue to help us bring home projects creating thousands of good-paying jobs and revitalizing communities across the state. Together, we will continue getting things done to grow our economy, make a difference for families and businesses, and ensure anyone can ?make it? in Michigan.?

Prior to the issuance of approximately $390 million in Michigan Building Authority bonds, the credit ratings agencies reviewed the state?s economy, governance, finances and other factors to determine a credit rating.

Moody?s Investors Service reaffirmed their Aa1 rating with a ?stable outlook,? noting the state has effective financial forecast practices, budgetary reserves at record levels, and an increasingly diverse economy. Michigan?s governance practices make the state likely to respond rapidly to developing economic or fiscal downturns, Moody?s stated.

Fitch Ratings reaffirmed their AA+ rating with a ?stable outlook,? stating that Michigan has a high level of financial resilience and low long-term liability burdens. The state?s economy is broad based and marked by stronger diversity than before the last pre-pandemic recession, Fitch noted.

Even further, Standard & Poor?s reaffirmed their AA rating with a ?stable outlook,? adding that Michigan has enacted good budget practices, increased its ?rainy day? fund, and is likely to have strong economic performance. Michigan has established itself as a leader in testing autonomous vehicles and is benefiting from a strong research presence, S&P provided.

?Great credit ratings with a consistently stable outlook have a tangible impact on the everyday lives of Michiganders,? State Treasurer Rachael Eubanks said. ?It means the state of Michigan can borrow money at a lower interest rate to clean up the environment, support higher education facilities or other state needs, creating savings that can be used on other important projects. The state?s credit rating also directly benefits local school districts, many of which utilize the state?s strong credit to issue bonds for their own school building projects. A great credit rating is also a testament by Wall Street to our noted track record of smart financial decisions and a thriving economy.?

Money from the State Building Authority bonds will pay for a portion of the facilities program, which includes various state university and community college facility projects, the new Caro Center State Psychiatric Hospital administration and hospital facilities and refinancing existing debt for interest rate savings.

Because the Michigan State Building Authority?s bonds are an appropriation credit of the state, the credit rating agencies rated these bonds one notch below the general obligation credit ratings of the state of Michigan.



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Michigan Achievement
Complete the FAFSA and Receive Financial Aid for College!

Michigan students who are thinking about enrolling in college after recently graduating high school are encouraged to complete the Free Application for Federal Student Aid (FAFSA) to unlock the financial assistance available from the Michigan Achievement Scholarship.?

Students who graduate from high school in Michigan with a diploma or certificate of completion or achieved a high school equivalency certificate in 2023 or after may be eligible for more financial aid from the state of Michigan:?


* Up to $2,000 if they attend an eligible career training program in Michigan, per year, up to two years
* Up to $2,750 if they attend a Michigan community college, per year, up to three years
* Up to $4,000 if they attend a Michigan private college or university, per year, up to five years
* Up to $5,500 if they attend a Michigan public university, per year, up to five years

Completion of the FAFSA is required to be considered for the Michigan Achievement Scholarship. To get started with the FAFSA, go to?www.fafsa.gov [ [link removed] ].

?The FAFSA opens the door to scholarships, grants and other forms of financial assistance,? said State Treasurer Rachael Eubanks. ?If you are still thinking about attending college after graduating from high school, please take a few moments to complete the FAFSA. The time you take to complete this application could reduce the cost of a college degree or certificate.?

In addition to state assistance, completing the FAFSA unlocks federal aid -- such as Pell Grants, student loans, work-study jobs and institutional grants.

Additional information about the Michigan Achievement Scholarship is available at www.michigan.gov/achievement [ [link removed] ].

Administered by Michigan Department of Treasury, MI Student Aid is Michigan?s go-to resource for finding the financial resources needed to pay for college. For more information, contact MI Student Aid [email protected], 1-888-447-2687 or @mistudentaid on Facebook, Twitter, and Instagram.

"The Michigan Department of Treasury is not affiliated with National Merit Scholarship Corporation or its registered trademarks National Achievement?, Achievement Scholarship?, or Achievement Scholar?."



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Gold Level Status

ICYMI:?Governor Whitmer: Treasury Earns Recognition as Gold-Level Veteran-Friendly Employer [ [link removed] ]



MDHHS

Michigan is taking additional actions to preserve Medicaid eligibility as renewal process resumes following COVID-19 [ [link removed] ]






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Class
State Tax Commission: Michigan Certified Assessing Technical Program Scheduled for October

The State Tax Commission is pleased to announce that applications are now being accepted for the October 2023 Michigan Certified Assessing Technician (MCAT) Program.

The MCAT Program will be held Oct. 12 and 13, from 8 a.m. to 5 p.m., at the Lansing Parks Foster Community Center. The exam will be on Oct. 16, from 9 a.m. to 11 a.m., at the same location.?

Fully completed applications must be received at the State Tax Commission office no later than Sept. 22, 2023, to be considered for the October 2023 MCAT Program.

The application and additional information is available on the State Tax Commission's website at?www.michigan.gov/statetaxcommission [ [link removed] ].?Further questions can be directed to Will Gast [email protected].



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whitmer
Gov. Whitmer Establishes Michigan Department of Lifelong Education, Advancement, and Potential

Governor Gretchen Whitmer recently signed an executive order establishing the Michigan Department of Lifelong Education,?Advancement, and Potential, or?MiLEAP. The new department will be tasked with improving outcomes?from preschool through postsecondary?so?anyone can??make it in Michigan.? MiLEAP?will achieve this goal by establishing clear metrics, collaborating with cross-sector leaders at the local, regional, and state level, and developing a shared action plan.

?Every?Michigander?deserves a path to??make it in Michigan??with strong, lifelong learning support,? said?*Governor?Whitmer*. ?For too long, we have thought of education as K-12, but we know that?s not good enough. I?m establishing?MiLEAP?today because we need to get every kid started?early,?in pre-K,?so they succeed in kindergarten, have paths after graduation?to get higher education?tuition-free, and forge strong partnerships with our?employers so they can get a good-paying, high-skill, and in-demand job. MiLEAP?will help our?learning ecosystem?take the jump to the next level as we grow our economy and build a brighter future for Michigan.?

As a department, MiLEAP will partner with the Michigan?Department of Education and State Board of Education, complementing their long-term planning efforts. The new department will also work with the new Growing Michigan Together Council as they look at ways to strengthen preschool to postsecondary learning while growing the state?s economy and population.

Additional information about MiLEAP is available in a news release from Governor Whitmer's office. [ [link removed] ]



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Carla Robert
My Career at Treasury: Carla Robert

"As the Freedom of Information Act (FOIA) Coordinator for Treasury,?*Carla Robert*?has responded to FOIA requests from the public, businesses and the media for nearly 21 years. Her position is centralized, bringing her into contact with all Treasury divisions and employees at every level ? which, added to her previous 24 years in other roles at the Austin Building, means Carla holds a lot of institutional knowledge about Treasury?s people, operations and evolution. Here?s how her Treasury career began??????"

My entire career has been with Treasury, working in almost all of the ?silos?. Officially, I have 43 years with the department, but I started as a co-op student in high school and have actually been with Treasury for 45. One of the things that I really like about my current position as FOIA Coordinator is that I deal with all areas of Treasury and that has really helped me learn a lot about the organization. There?s always something new, and I deal with so many different people that my job never gets boring.

Read more about Carla Roberts' career at the Michigan Department of Treasury on LinkedIn. [ [link removed] ]



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Careers

Looking for a career change? Consider the Michigan Department of Treasury. We are posting new positions regularly. Apply today!?[link removed]

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