S&P Upgrades South Dakota To AAA Issuer Credit Rating

PIERRE, S.D. – Gov. Dennis Daugaard announced today that Standard & Poor’s has upgraded South Dakota’s issuer credit rating to AAA with a stable outlook, an improvement over the previous rate of AA+.

“This is great news for South Dakota! We now join a very exclusive group of states to which Standard and Poor’s has given a AAA rating, which is the highest rating possible,” said Gov. Daugaard. “We’ve worked hard to place our state on a firm financial footing, and that stewardship has paid dividends.”

Credit ratings give potential bond purchasers a measurement of state performance and credit worthiness. Upgrades typically allow issued bonds to carry a lower interest rate, providing interest savings to issuers like the Building Authority.

Universities, state parks and taxpayers may save money because of the upgrade. The rating comes as the South Dakota Building Authority prepares to issue $11.5 million in bonds for the phase two improvements in Custer State Park.

In their release of the rating, S&P confirmed their confidence in upgrading the state to AAA, highlighting the state’s consistently strong financial position and rainy day funds, a historical record of conservative budgeting, and new improvements in the state’s financial planning processes and long-term budget forecasting.

S&P also cites the state’s recent improvements to its pension program funding and the elimination of unfunded liabilities and post-employment benefit liabilities.

“The upgrade of our bond rating will give the financial markets affirmation of our state’s exceptional credit worthiness and save the state substantial amounts in future interest payments,” Gov. Daugaard said.

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New Prescribed Burn Policies Would Ensure Collaboration

By Senator John Thune

 

One of the most satisfying aspects of my job in the Senate is working to help South Dakotans cut through the bureaucratic red tape of the federal government. I know it is often frustrating for constituents to weave through the maze of federal agencies and programs that have become far too large and no longer serve people as intended. Far too often, federal agencies act alone rather than coordinating with state and local governments, resulting in the right hand not knowing what the left hand is doing.

The lack of common-sense collaboration between federal agencies and other levels of government is often frustrating, and can result in reckless actions by federal officials placing lives and property at risk. One recent example of this type of reckless action was the out-of-control prescribed burn, known as the Cold Brook Fire, at Wind Cave National Park. On April 13, the National Park Service (NPS) initiated a prescribed burn of an intended 1,100 acres, which burned out-of-control consuming 6,500 acres in Wind Cave National Park.

This is not the first time federal agencies have disregarded imminent fire danger, putting lives, land, and property at risk. It was just over two years ago that the Forest Service (FS) started a prescribed burn in northwest South Dakota, known as the Pautre Fire, which resulted in extensive property losses. Landowners impacted by the Pautre Fire still have not been reimbursed by the Fire Service, nor has the Fire Service accepted liability more than two years after the fire occurred. 

The fires started by the NPS and FS are prime examples of federal agencies taking questionable actions without first collaborating with adjacent landowners and local and state officials. To better prevent future out-of-control burns and to ensure the agencies responsible assume liability for the damage caused by these fires, I introduced the Prescribed Burn Approval Act of 2015.  

My bill would prevent federal agencies from starting future prescribed burns on federal lands without first collaborating with state government and local fire officials. My bill would also require that when a prescribed fire burns out-of-control, that the federal agency responsible accepts liability for resulting expenses and damage to private property. Finally, my bill stipulates that damages are to be paid within 120 days of receipt of a substantiated claim.

As a member of the Senate Agriculture Committee, I will continue working with my colleagues to hold our federal agencies accountable, make common-sense changes to our federal prescribed burn policies, and do my best to ensure that Washington’s right hand finally starts working with its left.

 

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The Water Quality Protection Act

By Senator Mike Rounds

May 1, 2015

 

In 2014, the Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers proposed a rule to expand the definition of ‘waters of the U.S.’ This power grab would dramatically expand the federal government’s jurisdiction under the Clean Air Act, beyond what the Act intended. The proposed rule, commonly known as WOTUS, has the potential to be one of the most burdensome and overreaching regulations in history for South Dakota’s farmers and ranchers by requiring onerous and unnecessary new permits.

 

I’ve heard from a number of South Dakota farmers and ranchers, who continue to tell me the WOTUS rule would bog down productivity. Our Ag producers should be focused on growing crops and caring for their herds, not wasting time filling out paperwork or waiting around to get a permit to spray weeds in their ditches.  In the Senate, I recently joined my colleagues in a bipartisan effort to prevent WOTUS from taking effect.

 

Our bill, the Federal Water Quality Protection Act, would protect traditional, navigable waters as well as the livelihood of farmers and ranchers by requiring EPA and the Army Corps to completely abandon their current WOTUS rule. Instead, it directs the administration to go back to the drawing board, following principles and procedures we set forth in our bill.

 

We clarify that the definition of ‘waters of the U.S.’ does not include things such as groundwater, sheet flow, agricultural water and temporary ponds formed from rainwater, floodwater and wastewater because they do not have a connection to navigable waters. We also recommend grandfathering systems that may have been created by converting a stream into a water management system before the Clean Water Act was enacted. These commonsense ideas help set clear limits on the federal regulation of water. 

 

Farmers and ranchers know their land better than anyone. Often times, it is handed down for generations. They make their living from the land, and have a vested interest in preserving and protecting it for their children and grandchildren. As such, they are inherently good stewards of the land. They deserve a voice in any rule that would dramatically affect the way their property is regulated and managed by the federal government. Our bill would also require EPA and the Army Corps to work with the Ag community and state and local governments when determining which water features should be under federal jurisdiction and which should be left to local governments. 

 

Freeing Americans from burdensome regulations such as WOTUS has been a priority of mine since taking office. Our Federal Water Quality Protection Act would stop this unnecessary, burdensome and intrusive rule from getting in the way of our farmers and ranchers. It is another step toward reducing regulatory burden being handed down by unelected bureaucrats in Washington. I look forward to continuing to work with my colleagues in the Senate to get this bill to the President’s desk before a final rule is published. 

 

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Building On Early Successes

By Rep. Kristi Noem

May 1, 2015

 

It’s hard to believe we’ve already passed the 100 day mark of this Congress. The new Senate Republican majority has provided us a valuable opportunity to work together to get the country on the right track, and my assignment to the Ways & Means Committee has put me in prime position to help South Dakota.

 

The goal of the new Republican majority in Congress has been to work across the aisle to move common sense measures that increase freedom, promote opportunity, and make our government accountable. To that end, we’ve made solid progress so far this year.

 

In the House, we’ve passed a budget which balances without any new tax increases. While our budget cuts spending, we continue to focus on areas where the federal government has legitimate responsibility, like defense. In areas where control rightfully belongs in the hands of states or local communities, we introduce new limits on the federal government and even repeal programs it has no business managing. Rather than increasing your taxes, this budget begins to lay the groundwork for a fairer and simpler tax code that could lower your annual tax bill.

 

We’ve also passed bipartisan legislation that’s been signed into law that protects and strengthens Medicare by stopping dramatic cuts to doctors who care for Medicare patients.  This so-called “Medicare doc fix” also contained reforms that save taxpayers money and put our nation’s budget on a more secure footing. I am proud that this law also extends the Children’s Health Insurance Program, which serves more than 8 million children and expecting mothers, giving new parents the certainty they need to plan their family budgets and doctor visits in advance.

 

The House has also taken steps to protect the most vulnerable among us. The bipartisan Human Trafficking Prevention, Intervention, and Recovery Act, a bill I first introduced last year, was passed by the House. This bill will give caregivers, state law enforcement officers, and others the tools they need to prevent trafficking in our communities.  The Senate has recently also passed this bill and I’m hopeful we will be able to get it signed into law soon. 

 

Additionally, we’ve taken action to improve the lives of our nation’s veterans by passing the Clay Hunt Suicide Prevention Act. It provides resources to those who stood up to serve and defend our country. I am glad to report this legislation was signed into law. Additionally, the House passed the Hire More Heroes Act, which aims to provide more economic opportunity for veterans by exempting them from Obamacare’s employer mandate.

 

We’ve also seized the unprecedented opportunity we have – due to the recent North American energy revolution – to break our reliance on overseas oil, which has for so long left us vulnerable.  One of the first items of business this year was passing and sending to the president’s desk the Keystone XL Pipeline Approval Act. The president unfortunately vetoed this legislation, though we are not giving up on the effort to get this common sense pipeline approved. 

 

Simplification of the tax code is another area where there is overwhelming bipartisan agreement. Farmers, ranchers and small business owners in South Dakota are often disproportionately impacted by bad tax policy. I am proud that the House passed a repeal of the death tax, as I have experienced firsthand how this can affect a farm or business when a family is hurting most. 

 

As a lifelong farmer and rancher, I also understand the importance of reasonable deduction levels for new equipment and have heard repeatedly from producers and business owners across the state who are looking for more certainty with how the federal tax code treats these types of investments. In response, earlier this year the House passed legislation that would permanently increase what is known as Section 179 expensing to provide more certainty for our agriculture producers and small businesses.   

 

Hardworking taxpayers deserve a more efficient, effective, and accountable federal government. We have made some progress so far this year in delivering this goal but there is much that remains to be done. As your voice in the U.S. House, you have my word that I will work hard on your behalf to build on these early accomplishments and continue promoting common sense solutions to the challenges our country faces.  

 

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