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News Digest for July 26, 2022





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The auburn waters of Mandido Falls flow on a beautiful summer day at Porcupine Mountains Wilderness State Park.

*This edition's stories:*


* Gov. Whitmer Announces First Fitch Credit Rating Upgrade in Nearly 10 Years as State Displays Strong Financial Position, Economic Growth [ #creditrating ]
* Treasury Earns Recognition as Silver-Level Veteran-Friendly Employer [ #silver ]
* Fostering Futures Scholarship Application Priority Deadline; Applications Must Be Received by Aug. 1, 2022 [ #ffsdeadline ]
* Fiscally Ready Communities Webinar Scheduled for Aug. 4 [ #webinar ]
* Become an Infrastructure Asset Management Champion [ #mic ]
* Mass Joins Treasury's Office of Legislative Affairs [ #mass ]
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Gov. Whitmer Announces First Fitch Credit Rating Upgrade in Nearly 10 Years as State Displays Strong Financial Position, Economic Growth

Credit Rating

On July 22, Governor Gretchen Whitmer announced that the state of Michigan?s strong financial position, prudent fiscal management and economic growth have prompted Fitch Ratings to boost the state?s credit rating from AA to AA+ with a ?stable outlook.?

With the first Fitch upgrade since 2013, the strong credit rating is an affirmation the state is headed in the right direction, saving taxpayers money by lower borrowing costs for upcoming bond issues.

?Today?s credit rating upgrade is a testament to our hardworking people and innovative small businesses,? said?*Governor Whitmer*. ?Our unemployment rate remains low at 4.3%, last month we added 10,000 jobs, and last week I signed my fourth balanced, bipartisan budget, which did not raise taxes by a dime, delivered on the kitchen-table issues, and brought our rainy-day fund to an all-time high of $1.6 billion. Our economy is headed in the right direction, and we still have billions left on the table that I have proposed using to offer families real relief right now, including $500 inflation rebate checks, a rollback of the retirement tax, and a suspension of the state sales tax on gas. Michigan is on the move and the nation is taking notice. We will continue to stay focused on growing our economy, creating good-paying jobs, and investing in every region of Michigan. Let?s keep getting it done.?

Fitch specified in its report that the updated credit rating reflects the state?s higher level of fiscal resilience and diversified economy compared to the previous decade, fiscally responsible budgeting and effort to address debt.

Fitch noted state of Michigan is managing economic risks by improving budgetary flexibility through increased fiscal reserves, paying down liabilities and practicing conservative budgeting and revenue forecasting. The state has boosted its resilience by replenishing its rainy-day fund, expanding cash balances held in its government-wide Common Cash Reserve, and maintaining structural balance, Fitch stated.

In addition, Fitch anticipates Michigan will take advantage of continued economic growth and boost the competitiveness of its workforce.

?Credit rating upgrades are difficult to come by,? said?*State Treasurer Rachael Eubanks*. ?With this upgrade, Wall Street has taken note of a track record of smart financial decisions and a thriving economy. A stronger credit rating tangibly benefits countless Michiganders, from better local school buildings to lower taxpayer costs for environmental projects.?

Prior to offering approximately $150 million in Michigan State Building Authority revenue bonds, Fitch reviewed the state?s economy, finances and other factors to determine a credit rating.

?Michigan?s decisions to invest in our students, our workforce, and the environment are balanced alongside purposeful actions to address long-term debt and responsibly invest our one-time funds and these financially prudent decisions are paying off,? said?*State Budget Director Chris Harkins*. ?This fantastic news means we are well-positioned to continue investing for our state?s current needs with an eye toward our future.?

Money from the bonds will pay for a portion of the authority?s facilities program, which includes construction of and improvements at various state universities, financing improvements to a veterans? home run by the Michigan Department of Military and Veterans Affairs, and improvements to the Michigan State Capitol.

Because the Michigan State Building Authority?s bonds are an appropriation credit of the state, Fitch rated these bonds one notch below the general obligation credit ratings of the state of Michigan. The authority?s bonds were upgraded from AA- to AA by Fitch.

The Fitch report can be found?here [ [link removed] ].


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Treasury Earns Recognition as Silver-Level Veteran-Friendly Employer

Silver Level Status

State Treasurer Rachael Eubanks on July 19 announced that the Michigan Department of Treasury had achieved Silver-Level Veteran-Friendly Employer Certification from the Michigan Veterans Affairs Agency (MVAA).

?I am excited that Treasury has been designated as a Silver-Level Veteran-Friendly Employer,? State Treasurer Rachael Eubanks said. ?This has been a priority for several years and having this designation shows our commitment to veterans, who bring unique skills and talents to the organizations they serve. We will continue to recruit and retain high-quality veteran candidates to help Treasury be successful in serving Michigan?s taxpayers.?

Since being created in 2013, the Veteran-Friendly Employer Program has recognized 532 Michigan employers with either Bronze-, Silver- or Gold-level status for their efforts in supporting the recruitment, training and retention of veteran workforce talent. As part of the program, MVAA aids employers as they develop and improve their efforts to recruit and retain high-quality veteran candidates.

?The MVAA applauds the Department of Treasury for its commitment to hiring and retaining veterans,? said Zaneta Adams, director of the Michigan Veterans Affairs Agency (MVAA). ?More and more Michigan employers ? both public and private ? are recognizing the value that our former service members bring to the table, and the MVAA is dedicated to actively helping these businesses and organizations grow their veteran workforces.??

To be selected as a Silver-Level Veteran-Friendly Employer, the state Treasury Department is required to follow?guidelines outlined by the MVAA [ [link removed] ], which include committing to hiring veterans, signing a statement of support and continuing to learn best practices for hiring veterans throughout the year.

Organizations can learn more about becoming a Veteran-Friendly Employer, including?obtaining an application [ [link removed] ], by visiting the?MVAA website [ [link removed] ].


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*Fostering Futures Scholarship Application Priority Deadline; Applications Must Be Received by Aug. 1, 2022*

Fostering Futures Deadline

The Michigan Department of Treasury reminds young adults who have experienced foster care on or after their 13th?birthday that they are eligible to apply for a scholarship from the Fostering Futures Scholarship Trust Fund.

The?priority deadline for the?Fostering Futures Scholarship [ [link removed] ]?application for academic year 2022-23 is Aug. 1, 2022. Eligible students enrolled at a Michigan degree-granting college or university may now apply to receive scholarship funds for tuition, fees, room, board, books and supplies. Applications received after Aug. 1, 2022, may be placed on a waitlist.

?This scholarship can make a difference in the lives of our foster care youth who aspire to attend college," said Robin Lott, director of the Office of Postsecondary Financial Planning. "Those who have experienced foster care typically don't have the support systems in place to assist with college costs. Every dollar helps create opportunities for our youth who have experienced foster care."

Since 2012, fundraising efforts have totaled more than $1.3 million. This money has been raised through individual donations, group donations, sponsorships, ticket sales, auctions and many volunteer-based fundraising events.

Most of the funds raised have been awarded as scholarships, with a small portion being designated to an education endowment that supplies investment income for scholarships.

To learn more about the?Fostering Futures Scholarship [ [link removed] ], go to?www.fosteringfutures-mi.com [ [link removed] ].

Fostering Future Scholarship [ [link removed] ]?applicants with questions should contact the state Treasury Department's Student Scholarships and Grants area [email protected]?or call toll-free at 1-888-4-GRANTS (888-447-2687).


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Fiscally Ready Communities Webinar Scheduled for Aug. 4

Local Government Webinar

The Michigan Department of Treasury and Michigan State University Extension (MSU Extension) are reminding interested individuals of their next Fiscally Ready Communities training opportunity from 10:30 a.m. to noon on Aug. 4, 2022. This FREE training is an hour-and-a-half webinar that's designed to assist appointed and elected officials.

*Managing Internal Controls*

This training will include a deep dive into internal controls. It will cover what internal controls are, why you need them, how they help your community, how to implement them, and where to start.

*What will be covered:*


* Building a culture of fiscal sustainability
* The role of internal controls in fiscal sustainability
* Understanding internal controls and their importance
* How internal controls help strengthen your community
* Best practices for internal controls implementation

*Register Now [ [link removed] ]*

For more information about Fiscally Ready Communities, please check out the Treasury?Fiscally Ready Communities webpage [ [link removed] ]. This webpage includes Treasury?s 32-page?Fiscally Ready Communities Best Practices [ [link removed] ]?document, which we encourage all local officials to review.

If you have any questions, please [email protected]?with the subject line ?Fiscally Ready.?


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*Become an Infrastructure Asset Management Champion *

MIC Logo

The Michigan Infrastructure Council (MIC) is welcoming a new cohort of leaders into the Asset Management (AM) Champion Program this August.?Interested candidates are encouraged to apply by the Aug.19 deadline by clicking the ?apply now? link below.

This program will establish a network of talented individuals and organizations to help strengthen and ?champion? asset management best practices across Michigan?s complex infrastructure environment.

A scholarship will be provided by the MIC and the State of Michigan for those selected to participate in this enriching program. Therefore, all participants selected to attend the cohort will complete the program for free!

Participants will enhance their knowledge of infrastructure asset management value and learn how to apply the MIC Asset Management Readiness Scale (AMRS) tool to help infrastructure leaders understand, measure, and advance their asset management proficiency.

Will you help us foster a culture of asset management in the State of Michigan? See what an AM Champion graduate had to say about the program:

"?What I liked best about the AM Champion program were the personal testimonies of government officials during the class and during the small group sessions.?These people talked about actual processes that worked to help them make sound financial decisions, and they expressed how easy it was to communicate with their residents about the hard issues they faced and the support they received from their communities.?"

"?Kathy Winczewski, City of Ludington"

*A limited number of spaces are available.*

APPLY NOW [ [link removed] ]

*The program will run from August through November 2022 and will require approximately 25 hours to complete.*

*Application deadline is Aug. 19, 2022.*

For more information on the MIC, becoming an AM Champion, or even nominating someone who you feel would be an excellent candidate for the AM Champion Program, visit _AM Champions (michigan.gov). [ [link removed] ]_ [ [link removed] ]


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Mass Joins Treasury's Office of Legislative Affairs

Rob Mass

Rob Mass joined Treasury's Office of Legislative Affairs on July 11, serving as legislative liaison. Rob comes to us from the Michigan House of Representatives where he worked as staff in various capacities over the past seven years.

For the last five years, Rob served as the senior member-office role of legislative director where he balanced pursuing the representatives' legislative agenda with providing analysis on legislation to be voted upon in committee or on the House floor.

Mass has extensive legislative experience researching legislation on a wide variety of topics, including tax credits, yearly and supplemental appropriations, and economic development incentives.

Rob earned his Bachelor of Arts in political science and economics from Saginaw Valley State University.







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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Michigan Department of Treasury ? Lansing, MI 48922 ? 517-335-7508
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