Governor Steve Bullock today highlighted Standard & Poor’s recent renewal of Montana’s high AA bond rating and warned legislators that he will not accept a budget that puts the state’s fiscal standing in jeopardy.
“This is a timely reminder to all legislators that we cannot ignore what has ensured our state’s fiscal strength: maintaining a healthy rainy day fund, making sure we don’t spend more than we take in, and using best practices to govern responsibly,” said Governor Bullock. “Montana’s strong record of fiscal management means we can leverage dollars to invest in priorities – like infrastructure – to build Montana communities and create thousands of jobs across Montana.”
Standard & Poor’s cited the following reasons for renewing Montana’s rating:
- Low tax-supported debt burden and rapid debt amortization;
- Government framework that requires Montana to adopt a balanced budget and provides some flexibility to the governor to reduce spending across agencies within the biennium to maintain structurally stable fiscal results; and
- Low historical unemployment rate compared with the national rate.
At the beginning of the 65th Legislative Session, Governor Bullock proposed a budget that made responsible decisions about the states’ finances while investing in areas that help grow Montana’s economy and help businesses create good-paying jobs for Montanans.
“I will work with Republicans and Democrats to ensure we craft a fiscally responsible budget that reflects Montana values,” Governor Bullock continued. “But let me be very clear: I will not accept a budget that puts Montana’s fiscal health in jeopardy and that fails to fulfill our obligations to the people of Montana.”