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<p class="MsoNoSpacing"><b><span style="font-family:"Open Sans""><img width="625" height="147" style="width:6.5069in;height:1.5277in" id="Picture_x0020_1" src="cid:image001.png@01D62F69.B98C4EA0"></span></b><span style="font-family:"Open Sans""><o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">FOR IMMEDIATE RELEASE<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">May 21, 2020<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing" align="center" style="text-align:center"><b><u><span style="font-size:18.0pt;font-family:"Open Sans"">For first time in 38 years, Idaho state government won’t borrow money to support cash flow, saving taxpayer dollars<o:p></o:p></span></u></b></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">Boise, Idaho – Under the direction of Governor Brad Little and State Treasurer Julie Ellsworth, the State of Idaho will not borrow money in the bond market to meet anticipated cash flow requirements
for the current fiscal year.<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">This is the first year since 1982 that the Idaho State Treasurer will not issue a State of Idaho Tax Anticipation Note (TAN) to meet the anticipated cash flow requirements due to the time lag between
when state revenue is received and when state expenses are incurred.<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">“This move is about good government and prudent management of taxpayer dollars. Given the uncertain economic times, we must minimize state borrowing and limit the amount of General Fund that is committed
to interest payments on loans,” Governor Little said. <o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">The move was reviewed by the Treasurer’s Credit Rating Enhancement Committee at its meeting today.
<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Open Sans"">“This prudent approach is a huge win for Idaho taxpayers. It saves General Fund dollars with respect to cash flow management<span style="color:black">. It also leverage</span>s<span style="color:black">
</span>the CARES Act dollars and puts them to work for Idahoans while still making these funds readily available to Idaho small businesses as this COVID-19 situation continues to unfold,” State Treasurer Julie Ellsworth said.<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">When the state issues TANs, the state pays interest to an external entity. Over the past five years, the interest has averaged more than $15 million to a national bank. Those taxpayer dollars will
be saved this year by not issuing the TAN.<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">Governor Little approved a recommendation from his Coronavirus Financial Advisory Committee to leverage federal relief funds for cash management. Idaho has allocated only $450 million to date, out
of $1.25 billion directed to the State of Idaho from the federal government.<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing" align="center" style="text-align:center"><span style="font-family:"Open Sans""># # #<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">NEWS MEDIA CONTACT: Marissa Morrison Hyer, Press Secretary<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">208-943-1686 or </span>
<a href="mailto:marissa.morrison@gov.idaho.gov"><span style="font-family:"Open Sans"">marissa.morrison@gov.idaho.gov</span></a><span style="font-family:"Open Sans"">
<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-family:"Open Sans"">--<o:p></o:p></span></p>
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news from Governor Little</span></i></a><i><span style="font-family:"Open Sans""><o:p></o:p></span></i></p>
<p class="MsoNoSpacing"><i><span style="font-family:"Open Sans"">Reply to this e-mail to unsubscribe</span></i><o:p></o:p></p>
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