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 January 28, 2015 13:05 GMT
SAN FRANCISCO (AP) -- Yahoo CEO Marissa Mayer is spinning off the company's prized stake in China's Alibaba Group Holding in a move that will avoid paying billions in future taxes.
A newly formed entity called SpinCo will inherit ownership of Yahoo's 384 million Alibaba shares when the tax-free spin-off is completed toward the end of this year.
Tuesday's much-anticipated announcement about the management of Yahoo's 15 percent stake in Alibaba overshadowed Yahoo's results for the final three months of last year.
Yahoo's shareholders are far more interested in Mayer's plans for the Alibaba stake because it's currently worth about $39 billion. That's far more than the value of Yahoo's own online services, which have been struggling to generate more revenue for the past six years.
BEIJING (AP) -- Chinese regulators have accused e-commerce giant Alibaba of allowing sales of fake and shoddy goods and other mismanagement in a report that was withheld until now to avoid disrupting its U.S. stock market debut.
The report Wednesday by China's industrial regulator said Alibaba allowed unlicensed merchants to use its sales platforms and failed to protect consumers' rights adequately.
The report was the result of a meeting in July but said it was withheld to avoid affecting progress toward Alibaba's stock market listing in New York. The company went public in September after raising a record $25 billion in an initial public stock offering.
An Alibaba spokesman said the company was preparing a public statement about the report.
HEALTH OVERHAUL POLL
WASHINGTON (AP) -- A new poll says most Americans would want Congress to restore federal subsidies for millions buying health care coverage under President Barack Obama's health care law if the Supreme Court invalidates some of that aid.
A poll by the nonpartisan Kaiser Family Foundation says more than 6 in 10 would want Congress to restore the assistance.
That could mean Republicans would face a complex political landscape if the Supreme Court annuls part of Obama's health care law this year. Republicans want to repeal and replace that law.
The court is expected to rule in June whether the law allows federal subsidies only to people buying coverage from state-run marketplaces, and not from Washington's HealthCare.gov.
The federal government runs the marketplace in 37 states, covering more than 7 million people.
NEW YORK (AP) -- Supermarket chain Albertsons says U.S. regulators have approved its purchase of competitor Safeway Inc.
The companies say the deal has been cleared by the Federal Trade Commission and should close within five business days.
Albertsons, which is privately held and part-owned by Cerberus Capital Management, agreed to buy Safeway in March for $7.64 billion in cash. The FTC said the sale would hurt consumers in 130 markets by reducing competition, and in December the companies said they would sell 168 stores in eight states.
Most of the stores will be bought by Haggen, a chain based in the Northwest. Haggen will expand to 164 locations from 18.
Excluding the stores that are being sold, Safeway had about 1,300 locations under names including Safeway, Tom Thumb and Carrs. Albertsons had about 1,100 stores under its own name as well as Acme, Jewel-Osco, and others. The companies have about 250,000 employees combined.
WINTER WEATHER-ECONOMIC IMPACT
NEW YORK (AP) -- Experts say New York City's businesses lost about $200 million following the fizzled snowstorm and decision to shut down the transit system. City officials argued it was better to err on the side of caution.
Moody's Analytics economist Adam Kamins says consumers who would have otherwise made other major purchases on Tuesday will likely do so a day or two later. And he notes that many employees forced to stay home were able to telecommute.
Experts say the biggest impact would be on small businesses and hourly workers such as taxi drivers and restaurant workers. The city's 24,000 restaurants could lose millions.
DENVER (AP) -- Colorado's marijuana experiment was designed to raise tax revenue for the state and its schools, but a state law may give some of the money directly to residents.
The voter-approved constitutional amendment requires Colorado to pay back taxpayers when the state collects more than the limit in a formula based on inflation and population growth.
But lawmakers don't want to put pot taxes back into people's pockets.
Republicans usually want tax dollars returned to taxpayers, but they say marijuana should pay for itself, and general taxes shouldn't pay for things like increased drug education.
Lawmakers might ask voters to exempt pot taxes from the refund requirement. Otherwise, Colorado would have to refund more than $30 million of the $50 million in recreational pot taxes it has collected.
Lawmakers would decide if the money would go to all taxpayers or just people who bought pot.
NEW YORK (AP) -- American Express Co. says it plans to start doing business in Cuba after the Obama administration lifted a ban on U.S. banks and credit card companies operating on the island.
The New York company did not say on Tuesday when people could use American Express cards in Cuba. American Express currently has no terminals set up or merchant relationships there.
MasterCard Inc. last week became the first major U.S. credit card company to say it would start handling U.S. card transactions in Cuba. Visa Inc. did not immediately respond to a request for comment on Tuesday.
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