Highest Financial Rating for Hamilton County
Hamilton County Government has received the highest financial rating it can from a financial agency. Hamilton County has received the coveted AAA Bond Rating from three different ratings agencies.
Fitch, Moody’s and Standard and Poor’s rating services have all agreed to give Hamilton County the AAA bond rating.
Hamilton County is the only AAA rated Tennessee County to receive the prestigious financial distinction from three different rating agencies.
Mayor Jim Coppinger shared the credit for the continued AAA bond rating with his financial team. “We believe in fiscal conservatism as the shepherds of the taxpayer’s’ dollars, because this is whose money we are in charge of. Our financial practices carried out by our finance team is to make the most effective use of the taxpayer’s dollars with the best benefit for the county. Obviously, this is working when you consider the number of companies that have chosen to invest or expand in this community and create good paying jobs that benefit their employees over the last few years.”
During Mayor Coppinger’s tenure 5,286 jobs have been created.
Standard and Poor’s summed up their analysis for Hamilton County’s financial future in their report with this statement.
“The outlook reflects our expectation for economic and financial stability. Strong financial reserves should continue to provide a cushion against potential revenue fluctuations, though tax base stability limits those occurrences. Standard &Poor's anticipates debt obligations remaining limited and that they should not place any substantial pressure on the operating budget. We do not expect the rating to go down during the outlook period due to the county's sound management and strong financial position.”
Fitch also cited Hamilton County’s bright economic future in their report, “Fitch anticipates that recent commercial development will continue to diversify the county's economic profile over the next few years. The region is the first nationwide to offer Internet service at gigabit speed to all residences and businesses. Fitch believes that the ability to deploy data at significant speeds will aid the county in attracting additional commercial and industrial enterprises.”
Fitch also praised Hamilton County’s strong financial management, “Consistently high reserves are supported by adherence to conservative policies. Revenue-raising capacity and manageable cost pressures contribute to ample financial flexibility.”
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Last Update on August 28, 2015 08:52 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- As the trading week winds down, stock investors won't be getting much more economic news from the government.
There is, however, one report today that could move the markets a bit. The Commerce Department will release its report on personal income and spending for July.
BEIJING (AP) -- An American business group has urged to China to allow more access to its insurance and other service industries, saying foreign skills could help develop its volatile stock markets and cope with disasters like the recent chemical explosion in Tianjin.
The American Chamber of Commerce in China said Friday allowing more foreign competitors into banking, logistics and other markets would support the communist leadership's plans to nurture service industries and reduce reliance on trade and investment to drive economic growth.
The group's deputy chairman, Lester Ross, pointed to China's stock market plunge and the Aug. 12 explosion in Tianjin that killed at least 145 people, and said bringing in more global expertise could help to develop financial markets and reduce the impact of disasters.
TOKYO (AP) -- Japan reports that its inflation rate fell slightly in July while household spending also edged lower, though incomes were boosted by higher bonus payments.
The government reported Friday that the inflation rate in July was 0.2 percent, compared with 0.4 percent in June. Core inflation excluding volatile food prices was flat. Price increases moderated with the fall in oil prices.
Household spending fell 0.2 percent in real terms on an annual basis, though incomes rose 5.4 percent in real terms, likely thanks to semi-annual bonus payments.
Japan's economy contracted 1.6 percent in April-June, but many economists are forecasting a renewed expansion in the current quarter. So far, the consumer spending that accounts for most of Japan's growth has failed to pick up much despite modest increases in some workers' wages.
FACEBOOK-ONE BILLION A DAY
NEW YORK (AP) -- For the first time, a billion people used Facebook in a single day on Monday.
CEO Mark Zuckerberg marked the occasion with a post on his Facebook page, saying that one out of seven people on Earth logged in to the social network to connect with their friends and family.
The 1 billion figure is different from the daily user numbers Facebook discloses each quarter when it reports its financial results. Those are the average number of daily users, counted over a 30-day period. Facebook had 968 million daily active users in June.
Overall, Facebook has nearly 1.5 billion users who log in at least once a month. It hit the 1 billion user milestone in October 2012. Most people on Facebook live outside the U.S. and Canada.
WASHINGTON (AP) -- Amgen Inc. has won approval for the second medicine in a new class of biotech drugs that reduce artery-clogging cholesterol more than older statin drugs that have been used for decades.
The drug Repatha could eventually help millions of Americans who face increased risks of heart disease because they cannot control their cholesterol with existing drugs. But concerns about the injectable medication's price tag and long-term benefits will likely limit its use in the near term.
The Food and Drug Administration said Thursday it approved the drug for two groups of patients. First, for patients with extremely high levels of bad cholesterol due to an inherited disorder. Second, for patients with a history of heart attack and stroke who are not able to control their cholesterol levels with older drugs.
CONTACT LENS LAWSUIT
DENVER (AP) -- Contact lens makers struggled Thursday to defend their pricing policies in a federal appeals case that could have wide-ranging effects on the $4 billion industry.
At issue is a Utah law banning minimum prices for contact lenses. The nation's largest contact lens companies asked the 10th Circuit Court of Appeals in Denver Thursday to strike down the measure. They say it was crafted just to help a homegrown discounter, 1 800 Contacts.
But a three-judge panel grilled the contact lens lawyers about why they don't simply stop doing business in Utah if they insist on price minimums.
A lawyer for Utah accused the contact lens makers of nationwide price-fixing and said that lens prices would drop as much as 35 percent nationally if the manufacturers dropped price minimums.
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