OPINION: State government's economic health is sound
As minority chairs of the Finance and Appropriations Committees, we respectfully must disagree with the recent editorials regarding the state’s latest audits and the concerns over Montana’s economic health.
Any audit is a snapshot in time designed to point to improvements and efficiencies. An honest, more complete analysis of the audit recommendations paints a different picture of the state’s finances.
In spite of the insinuation otherwise, it is important to point out that the portions of the audit that were not acceptable had nothing to do with the state’s budget, the taxes we Montanans pay, or the expenditures the Legislature appropriated. Also, those portions of the audit dealing with all government funds, including the state general fund, federal revenues received, and fees paid by Montanans, received the best possible rating.
The reality is that the audit revealed accounting errors, not underlying financial issues with the state’s budget. As a senior vice president for Moody’s Investor Service acknowledged, nothing in the audit indicates Montana’s fiscal strength has been impacted or that the state’s bond rating will be affected.
The facts show that Montana’s economy is strong. We have a low unemployment rate, we are ranked the most fiscally prudent state in the nation, we are the number one place for business startups, and we have a $300 million rainy day fund. Strong political leadership, from Gov. Bullock on down that insisted on fiscal discipline is a key factor in Montana’s financial success. A bipartisan majority of responsible Republicans and Democrats worked equally hard to achieve these results for Montanans.
As a cautionary note, It is always concerning when sensationalism and opportunism trump practical discussion, especially when it is geared toward bond buyers, taxpayers, and those who do business with the state of Montana. Instead of ringing unnecessary bells and attempting to make political hay out of the process, we should be focusing on keeping Montana strong in the eyes of our citizens, business partners, and peers.
Appropriate oversight is what the interim committee process is all about. And that system, we believe, is working. Areas of improvement have been identified and solutions have been forwarded. This is an outcome that should be celebrated not used to score partisan points — risking our economic stature. To paraphrase Mark Twain, “the rumor of the state’s economic demise has been greatly exaggerated.”
Sen. Jim Keane, D-Butte, Rep. Pat Noonan, D-Butte, are vice chairmen of the House Appropriations and Senate Finance and Claims committees of the last Legislature.