All three major credit rating agencies award Delaware with ‘AAA’ bond rating

WILMINGTON, Del. – All three major credit rating agencies have once again awarded Delaware with a ‘AAA’ rating, citing the state’s ongoing commitment to strong fiscal management. With this endorsement, Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s Global Ratings have favorably acknowledged the current administration’s efforts to balance the state’s budget, make difficult cost cutting decisions, and develop new ways to raise revenue.

“Delawareans expect us to responsibly manage taxpayer dollars, and these ratings reaffirm that we are committed to doing just that,” said Governor John Carney. “We remain focused on building a sustainable financial plan, operating efficiently, and making important investments in education, our economy, and other services that make Delaware an even better place to live, work, and raise a family.”

The ratings agencies noted that Delaware has a strong government framework and provides frequent updates to revenue forecasts. This sets the stage for the state’s ability to proactively manage its budget, and respond to fluctuations in the economy – resulting in what they referred to as the state’s exceptional financial resilience.

Delaware officials worked quickly with financial advisors and bankers over the last two weeks to respond to proposed tax policy changes under consideration by Congress. The State disclosed, structured, marketed and closed $115 million of advance refunding bonds in record time, ensuring that state taxpayers did not miss out on a $4.7 million savings opportunity created by this refinancing.

“Positive credit ratings ultimately translate into long-term savings for Delawareans,” said Rick Geisenberger, Secretary of the Delaware Department of Finance. “In this case, our ability to move quickly to adapt to rapidly changing market conditions will also create near-term savings that will free up funds to invest in growing our economy and improving the lives of Delaware citizens.”

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DOVER – DNREC’s Environmental Finance will host a special project notice-of-intent (NOI) workshop Thursday, Oct. 5 to discuss $5.7 million available to finance potential projects under the Clean Water State Revolving Fund’s (CWSRF) Land Conservation Loan Sponsorship Program (LCLP) and/or Water Quality Improvement Loan Sponsorship Program (WQILP). The workshop will be held from 1 – 3 p.m. in the DNREC Auditorium, 89 Kings Highway, Dover, DE 19901.

Financial assistance will be provided based on a competitive evaluation of project proposals at zero percent interest rate over a maximum loan term of 25 years. A prior, existing, or future CWSRF municipal loan is not necessary for this special project notice-of-intent solicitation. Project funding will be based exclusively on the proposed LCLP and/or WQILP project information submitted.

Workshop attendees will receive detailed program information, including overviews of the LCLP and WQIP, project eligibility, project NOI evaluation criteria, and examples of projects that have been previously funded. Special project NOIs will be solicited starting the same day as the workshop and are due by Friday, Nov. 3. Submitted project NOIs will be ranked and scored based on evaluation criteria to be presented at the Workshop.

For more information or to RSVP for the workshop, please email Laura Rafferty or call 302-739-9941.

Contact: Michael Globetti, DNREC Public Affairs, 302-739-9902

Vol. 47, No. 215

Delaware Department of Finance Secretary Rick Geisenberger has announced the appointment of Jennifer Noel, Esq. as the new Director for the Division of Revenue, effective October 1, 2017.

Ms. Noel has represented the Department of Finance, the Division of Revenue, and the Division of Accounting as a Deputy Attorney General since 2012. In this role, she helped draft major legislation reforming corporate income tax laws (the Delaware Competes Act) as well as updates to tobacco, alcohol, personal income, and estate tax laws. She has worked with taxpayers and their representatives to ensure cases are managed fairly and transparently, while working with the Department in diverse matters, including statutory interpretation, audit management, and contractual obligations.

“Jenn is well known to tax practitioners throughout the State,” said Secretary Geisenberger. “With two and half decades of experience in tax law – mostly as an advocate for taxpayers, but also as the Division of Revenue’s lawyer – she is uniquely equipped to fairly administer Delaware’s tax system while driving forward the Carney Administration’s efforts to continuously improve customer service to our citizens and businesses.” Ms. Noel will also serve as Delaware’s State Escheator, with responsibility for unclaimed property administration.

Prior to joining state government, Ms. Noel was a tax attorney in private practice for 12 years at one of Wilmington’s largest law firms, Young Conaway Stargatt & Taylor, LLP. While completing her undergraduate and law degrees, she worked as a law clerk, tax paralegal and legal assistant. Ms. Noel earned her J.D. and B.S. degrees from Widener University, and is currently pursuing an LLM in Tax from Georgetown University, with a certificate in state and local tax. She is active in the Delaware tax community, having chaired the Delaware State Bar Association’s Tax Section and served on the planning committee for the Delaware Tax Institute.

“I look forward to the opportunity to continue working with the outstanding team at the Division of Revenue to serve the taxpayers of the State of Delaware. Customer service will be a priority as we look for ways to improve our effectiveness and create greater efficiencies in our processes,” said Director Noel.

The Delaware Division of Revenue will extend certain deadlines for filing individual and business tax returns, as well as for making certain tax payments for taxpayers who have been directly impacted by the severe storms and flooding caused by Hurricane Harvey.

“The Division of Revenue recognizes the impact that Hurricane Harvey has had on taxpayers and will take all steps necessary to assist hurricane victims who need assistance with Delaware’s tax filing obligations,” said Division of Revenue Director, David Gregor.

Delaware will follow the rules outlined by the Internal Revenue Service in news release IR-2017-135. The extended tax return filing due dates apply to taxpayers located in the impacted disaster areas identified in the IRS notice. The tax relief postpones various tax filing deadlines that occurred starting on Aug. 23, 2017 thru January 16, 2018 to January 31, 2018. This includes an additional filing extension for individual taxpayers with valid extensions to Oct. 16, 2017, and businesses with valid extensions to Sept. 15, 2017.

To avoid a penalty assessment for late filing, taxpayers should submit a written request seeking an additional extension via email to Jeffry.schott@delaware.gov. If your request is based upon the tax records being located in the disaster area, please include the address where those tax records are located. Business taxpayer requests should be on company letterhead and signed by a company official.

DOVER – DNREC’s Division of Watershed Stewardship is now accepting project proposals from state, county, municipality, city, town, conservation district, not-for-profit organization representing local government, watershed organization, community organization, and/or homeowner’s associations for water quality improvement projects within Delaware’s portion of the Chesapeake Bay watershed. Proposals for the Local Implementation Funding Grant (LIFG) must be received by 4:30 p.m. Sept. 20, 2017.

The LIFG is annually-determined money within Delaware’s Chesapeake Bay Implementation Grant (CBIG) provided by the US Environmental Protection Agency. The LIFG is intended for use by Delaware entities within the Chesapeake Bay watershed for implementation projects that will improve water quality by reducing nutrient and sediment loads. Competitive grants will be available from the CBIG program, which administers the grant application process and provides technical and financial guidance during the grant application and project period.

Grant applications of up to $100,000 (from $400,000 in total funding for fiscal year 2018) will be considered with a one-to-one non-federal match requirement. Up to 10 percent of the grant funds may be used for administrative costs.

The grant guidelines and application instructions can be found online at Chesapeake Bay Local Implementation Funding Grant. Proposals must be submitted by email to James.Sullivan@delaware.gov and must be less than 10 MB.

For more information, please contact Jim Sullivan, Division of Watershed Stewardship, at 302-739-9922.

Media Contact: Michael Globetti, DNREC Public Affairs, 302-739-9902