State Treasurer is Looking Up For Better Times in Maine

January 23, 2013

Augusta-----State Treasurer Neria Douglass reacted to the release of a revised rating from FitchRatings with these comments: “We need to invest in Maine’s future. We can start by issuing the bonds that voters approved in June 2011 and November 2012. The projects voters approved will create jobs and provide the foundation for a better economy. I am looking up for better times in Maine.” The rating report from Fitch points out many good stories: responsive financial management with frequent reviews of economic forecasts; conservative debt ratios strongly secured on 10 year terms; solid funding levels for Maine’s pension system; a stable, but growing economy. Mainers know how to make do, how to weather a storm, and how to roll up their sleeves and work through difficulty. “Everyone knows that taking a loan for a car to get to work is part of improving your personal finances. For its part in improving community finances, Maine should invest in drinking water safety, dental clinic upgrades, commercial port improvements and the many other projects approved by voters, which are distributed throughout the State. ”

Negative comments in the review note that the administration is foregoing income of $342 million following legislation that went into effect January 1, while proposals in the current budget shift costs to towns by eliminating municipal revenue sharing in the sum of $200 million. More negative comments come from Fitch’s anticipation of increased conflict from the Governor. “This situation can definitely be improved,” said Treasurer Douglass, “We need to work together for the good of our State.”

Neria Douglass can be reached at:

Neria R Douglass, JD CIA
State Treasurer
39 State House Station
Augusta, Maine 04333-0039
207-624-7477
Neria.r.douglass@maine.gov