Fitch rates minnesota’s $878mm gos ‘aaa’; upgrades outstanding debt – yahoo finance online housing benefit

Fitch rates minnesota’s $878mm gos ‘aaa’; upgrades outstanding debt – yahoo finance online housing benefit Fitch Ratings has assigned a ‘AAA’ rating to the following State of Minnesota general obligation (GO) state bonds: –$7,500,000 GO taxable state various purpose bonds series 2016C; –$301,395,000 GO state various purpose refunding bonds series 2016D. The bonds are expected to sell through competitive bid on Aug. Housing benefit entitlement uk 2, 2016. –The state’s Issuer Default Rating (IDR) to ‘AAA’ from ‘AA+’; –$6.5 billion in outstanding state GO bonds to ‘AAA’ from ‘AA+’; –$1 billion in state general fund appropriation bonds series 2012B, 2014A and 2014B to ‘AA+’ from ‘AA’; –$79 million


in State of Minnesota certificates of participation (COPs), series 2014 (legislative office facility project) to ‘AA+’ from ‘AA’; –$95 million in St. Housing benefit forum Paul Port Authority (State of Minnesota Office Building) lease revenue bonds to ‘AA+’ from ‘AA’; –Minnesota’s school district credit enhancement program, to ‘AA+’ from ‘AA’. The bonds are general obligations of the state of Minnesota, to which its full faith, credit, and taxing powers are pledged. How much housing benefit is a single parent entitled to In addition, per the state constitution, payment of trunk highway bonds is a first charge on money coming into the state trunk highway fund, which receives a share of taxes on motor vehicles and motor vehicle fuels.

Per the state constitution, the state auditor is required to levy an annual tax on all taxable property in the state, in an amount that, when combined with balances on hand in the debt service fund, will pay principal and interest due on GO bonds through July 1 of the second ensuing year. Housing benefit helpline number A state property tax has not been required for this purpose since 1966. Housing benefit documents This provision results in debt service being funded well in advance of payment dates, as the deposit to the debt service fund is made on Dec. Can i get housing benefit calculator 1 of each year.

The upgrade reflects a combination of positive credit developments and application of Fitch’s revised criteria for U.S. Help with housing benefit state and local governments, which was released on April 18, 2016. How do i claim housing benefit The ‘AAA’ rating reflects Minnesota’s solid and broad-based economy, a revenue structure well designed to capture economic growth, a low liability burden, and strong control over revenues and spending that, in conjunction with a sophisticated approach to reserve funding, leaves the state exceptionally well positioned to manage throughout the economic cycle while maintaining a high level of financial flexibility. The ratings on the general fund appropriation bonds, COPs, lease revenue bonds and school district credit enhancement program are one notch below the state’s IDR, reflecting the slightly higher degree of optionality associated with payments that are subject to appropriation. Housing benefit single person The upgrade on these bonds reflects the upgrade of the state’s IDR. Minnesota’s economy is broad based and resembles that of the nation, although the manufacturing, education and health services, and financial activities sectors are somewhat more important than the national average.

Apply for housing benefit The state’s population of about 5.5 million is well educated and wealth levels are above average. Housing benefit rate Population growth is moderately slower than the U.S. Housing council tax benefit pace. Minnesota’s revenues have shown solid growth even after adjusting for the impact of tax increases.

Calculator for housing benefit Fitch believes that revenue growth prospects continue to be strong. Housing benefit entitlement for a single person The state has complete independent legal control over revenues. Fitch expects that the natural pace of Minnesota’s spending growth, driven by education and Medicaid funding demands, will be generally in line with to marginally above revenue growth and require ongoing budget management. Claiming housing benefit calculator The state has ample flexibility to control spending.

Minnesota’s combined debt and unfunded pension liability is a low burden on resources, in line with the state median as measured against personal income. Cancel housing benefit online GO debt amortization is rapid and other post-employment benefit obligations are minimal. Minnesota has shown significant financial resilience through downturns and a strong commitment to bolstering its financial position as conditions improve. How much will housing benefit pay for private rent The state historically has relied on non-recurring budget-balancing measures at times of recessionary weakness, with positive performance during recoveries allowing for timely replenishment of reserves and repayment of deferred school aid. How much housing benefit for single person Although revenue volatility has increased as capital gains have become a larger part of the state’s tax receipts, the state has materially strengthened its approach to reserve funding in response.

The rating is sensitive to the state’s ongoing strong budget management, including adherence to well-developed reserve funding policies, as well as Fitch’s expectations for continued strong economic and revenue growth prospects and a low long-term liability burden. Minnesota’s economy is balanced, with positive wealth indicators and demographic strengths. Housing benefit update The Minneapolis-Saint Paul area serves as a major regional center, and robust growth in the educational and health services sector has made that an increasingly significant part of the state economy.

The state experienced job losses less severe than those of the U.S. Housing benefit enquiry number in the Great Recession, while the state’s employment recovery has been generally consistent with that of the U.S. How much housing benefit for a couple The unemployment rate remains well below that of the nation; the state believes that Minnesota is currently essentially at its full employment potential, which could serve to moderate growth. Minnesota’s general fund revenues are diverse, consisting of individual and corporate income, sales, and property taxes.

Apply for housing and council tax benefit Personal income tax revenues make up about 54% of all general fund tax revenues, and sales tax revenues another 27%. The state’s income and sales taxes respond quickly to changes in economic conditions. Housing benefit online On average, tax revenues have grown at a pace about the rate of national economic growth. How much housing benefit can a single person claim Fitch expects this trend to continue. Like most states, Minnesota has the independent legal ability to raise operating revenues without any external approval required.

When can i claim housing benefit The state’s comparatively high taxation levels appear to be well balanced by high services. Budget forecasting and management mechanisms are strong, with reviews of economic and revenue forecasts in February and November of each year. Minnesota’s general fund spending is primarily for K-12 education (about 42% of expenditures), higher education (7%), and health and human services (30%). Fitch believes spending growth, absent policy actions, will likely be in line with to marginally above revenue growth over time, requiring regular budget management.

Council housing benefit calculator The ongoing fiscal challenge of Medicaid is common to all U.S. Apply for housing benefit glasgow states, and Minnesota has shown a strong commitment to education funding. The state has substantial flexibility to cut spending as needed, with the broad expense-cutting authority common to most U.S. Housing benefit xmas payments states.

How housing benefit is calculated Fixed carrying costs for debt and retiree benefits are low. How much can you earn to claim housing benefit Although federal rules place limits on the ability to control the Medicaid program, Minnesota has seen health care costs come in below expected levels in recent years. Minnesota’s combined debt and unfunded pension liability is low and at the median for U.S. How much will housing benefit pay for private rent states – 5.8% of personal income as of Fitch’s 2015 state pension update. How does housing benefit get paid The state has well-established debt policies that control issuance and require rapid amortization of GO debt, which equals about 80% of net tax-supported debt. Housing benefit overpayments Seventy percent of outstanding GO debt matures in 10 years and, per the state constitution, debt must mature within twenty years.

Minnesota’s use of appropriation-backed debt has increased in recent years. Housing benefit run on In 2012 the state issued $656 million in appropriation-backed debt to refund the tobacco securitization debt that was issued in 2011 for budget relief for debt service savings. How to claim housing benefit for private rent In addition, in 2014 the state issued $462 million in appropriation-backed debt to fund its $348 million commitment to a new stadium for the Minnesota Vikings as well as the local share.

How to calculate housing benefit The increased debt service cost to the general fund associated with the stadium bonds is expected to be offset by increased gaming revenues, among other revenues. The state participates in multiple defined benefit pension plans, with its obligation for state employees constituting the largest share of its obligations. Cancel housing benefit In aggregate, the state’s unfunded pension liability is below average as a percent of personal income; however, annual pension contributions are determined by statute rather than actuarial calculation and the state’s contributions have been consistently below the actuarial level.

When can you claim housing benefit This comparative credit weakness has been offset to date by the relatively small size of overall obligations and by meaningful reforms to lower benefits, including the court-validated authority to reduce cost of living adjustments. Housing benefit calculator fife Discussions of additional measures to bolster sustainability are ongoing. Can students claim housing benefit Retiree health benefits are very limited.

Minnesota’s historical record for budget management is very consistent, with a reliance on one-time solutions in downturns (particularly school aid deferrals and, in the Great Recession, bonding for deficits) and financial flexibility then quickly rebuilt in recoveries. Criteria for housing benefit The governor has the power to reduce appropriations (unallot) if the budget reserve is not sufficient to close a projected deficit that emerges over the course of a biennium; unallotments are one-time (i.e., not carried over into the next biennium).

Historically, budget negotiations have often been contentious at times of split government. Calculate housing benefit Following the November 2014 elections, and after two years of single-party control, control is once again divided between the two political parties.

Eligibility criteria for housing benefit Budget negotiations for the current biennium were more contentious than the prior budget session, during which the legislature enacted significant tax increases to provide funding for education and property tax relief. Housing benefit and council tax form However, the process was significantly smoother than in some earlier years – disagreements surrounding the budget for the fiscal 2012 -2013 biennium resulted in delayed budget adoption and a 21-day partial state government shutdown. Fitch believes it is significant that in the current recovery the state has materially enhanced reserve funding, making volatility the focus of the policy and introducing automatic funding mechanisms. What documents do i need to apply for housing benefit The reserve target is sized to provide a 95% level of confidence that a biennial deficit will not exceed budget reserves, and 33% of the ending balance projected in each November forecast is transferred to the budget reserve until the reserve reaches the annually established target level ($2 billion for the current biennium).

Given the availability of increased reserve resources, Fitch believes that in a future moderate economic downturn the state would be unlikely to need to take extraordinary measures to maintain balance. Single mother housing benefit The comprehensive and dynamic approach to reserve funding offsets the likely increase in the economic sensitivity of the state’s revenue system following a 2013 increase in the income tax to a top rate of 9.85%. In addition to the new focus on reserves, the state has repeatedly demonstrated its ability and willingness to rapidly rebuild financial flexibility at times of economic and revenue growth. Housing benefit income limit Pursuant to state law, revenue overperformance in recoveries is first applied to fund reserves to their policy targets and reverse payment deferrals.

The state is currently in the middle of the fiscal 2016-17 biennium. Child housing benefit Although estimated spending is largely unchanged from the enacted budget and the biennial revenue estimate has been modestly reduced, the projection for reserves and ending balance is improved due to significant revenue overperformance in fiscal 2015 that was carried over. With an automatic triggered deposit from fiscal 2015 surplus, the budget reserve now holds $1.6 billion (8% of fiscal 2016 spending).

How much will housing benefit pay for private rent Including other reserves and the projected ending fund balance, the most recent forecast has the biennium ending with total reserves and balance of $2.7 billion, about 12.5% of annual general fund expenditures. Who qualifies for housing benefit The state reports that revenue overperformance in fiscal 2016 compared to estimates is likely to increase this figure by about $230 million. The state is now considering a special session that could result in use of balance for capital and other spending ($379 million) and tax cuts ($174 million).

Housing benefit ni If all such measures were to pass, the ending result would be reserves and balance at a still robust 10% of expenditures. Do i qualify for housing benefit uk The special session also may consider pension sustainability and an additional $1 billion in bonding authorization. Additional information is available at ‘ www.fitchratings.

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