A new clearinghouse of links to Vermont’s key financial reports is now online through the state treasurer’s office. The Web page is designed primarily for investors, and can be helpful to anyone researching the state’s financial disclosures.
“Rather than searching through multiple state and national websites for financial information, this Web page organizes financial data in 10 key areas in one location to allow investors easier access to the information they need,” Pearce said.
The disclosure topics are: tax revenue, budget updates, cash flow, debt outstanding, economic forecasts, pensions and other post-employment benefits, interest rate swaps and bank liquidity, investment, debt management policies, and filings with the Electronic Municipal Market Access system.
In a news release, Pearce said the design follows best practice guidelines from the National Association of State Auditors, Comptrollers and Treasurers. NASACT is an organization for state officials that sets standards for the financial management of state governments. It formed a task force on disclosures in January 2013 to determine what steps state governments could take to address disclosure concerns.
Kinney Poynter, executive director of NASACT, said Vermont is the first state to implement all 10 of the recommended best practices, as far as the organization is aware.
“The best practices were developed to help states enhance their existing disclosure programs and to help them organize and maximize the potential for information that in many cases they have already gathered, albeit in disparate formats and locations,” Poynter said. “States like Vermont and others participating in our Continuing Disclosures Implementation Group are paving the way for all states to provide more transparency and efficiency for the investor community.”
Pearce said Vermont’s financial disclosures spotlight the secure financial footing behind the state’s high bond rating. With two AAA ratings and one AA+ by the country’s leading ratings agencies, Vermont’s standing is the highest in New England.
“A strong demand by investors for Vermont bonds helps reduce the borrowing costs for the state,” Pearce said. “I hope this Web page connects investors to financial data that gives them even greater confidence in their investment in our State and municipal bonds.”
Vermont is scheduled to issue a new round of bonds this fall.
