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Donald Trump is the first person to assume presidency without prior military or government service and at 70, he is also the oldest one to assume the office. Joseph Robinette "Joe" Biden, Jr. He served as the 47th vice president of the United States from to Born in a middle-class family in Pennsylvania, Joe Biden learned the value of hard word, determination and perseverance from his parents who always encouraged him to stand up for himself and bounce back after failures.
As a child he used to stammer but he overcame this problem by memorizing and reciting long passages in front of the mirror. He went on to study law and also developed interest in politics. He joined the Democratic Party and became active in politics alongside managing his legal career.
He won the U. Senate election in Delaware when he was just 29 and assumed office the next year.
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A devastating family tragedy threatened to end his career, but he persevered on bravely. He proved to be a popular senator and set his ambitions higher. He was selected as the running-mate for presidential nominee Barack Obama in and the Obama-Biden ticket went on to win the election. They won again in In , Joe Biden announced his bid for the candidacy of the Democratic presidential nominee for election.
In , he was chosen as Democratic Party's presumptive nominee for the presidential election. As is the case with other cities, Grand Prairie has experienced the effects of coronavirus mitigation and the related economic shutdown. The governor directed a gradual reopening of the state's economy in late April, but the subsequent pace of economic traction remains conditioned on the still-evolving nature of the pandemic in Texas.
Amid rising levels of coronavirus cases throughout Texas recently, Governor Abbott mandated a pause in reopening further businesses and a return to certain social distancing measures, such as the reduction of maximum service capacity at restaurants and the closure of bars. Pre-pandemic, fiscal city sales tax performance was strong, exceeding prior year actuals, according to management. Monthly sales tax receipts have subsequently weakened from that trend given the effects of the pandemic-related economic shutdown, followed by the irregular pace of businesses openings, closures and reduction of capacity mandated by the governor.
The sum of these measures is currently anticipated to result in roughly break-even fiscal general operating performance by year-end. Management does not presently anticipate any liquidity pressure. Although recognizing the year's fiscal plan will likely continue to evolve, Fitch expects the city will continue to prudently manage its liquidity and costs in order to maintain a financial cushion consistent with the current rating. This cushion may prove critical as the year progresses; the budgeted revenue projections could prove overly optimistic given the recent spike in reported coronavirus cases in the state.
Overall, Fitch believes this trend is expected to resume once normal business activity returns.
Post-pandemic economic prospects for the city of Grand Prairie appear positive with further population, income and economic growth anticipated. Revenue growth continued to outpace U. S GDP over the year period of fiscal to Fitch expects that despite the potential for near-term decline in general fund revenues, longer term, resumption of normal business activity should produce a return to economic, population and tax base gains in line with pre-pandemic trends given the city's integral position in the DFW metroplex and its own economic base.
However, the recently enacted Texas Senate Bill 2 SB2 made a number of changes to local governments' property tax rate setting process.
Historical Election Results (Resultados Históricos Anteriores)
Most notably, SB2 will reduce the rollback tax rate now the 'voter approval tax rate' to 3. A ratification election that replaces the current petition process is required if the voter approval tax rate is exceeded. The tax rate limitation in SB2 excludes new additions to tax rolls and allows for banking of unused margin for up to three years. Remaining control over other local revenues such as fines, fees, and charges for services is sufficient to generate still ample revenue-raising flexibility relative to Fitch's assessment of expected modest revenue volatility in a typical downturn.
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The revenue cap does not apply to debt service tax levies. Expenditure flexibility is aided by the city's lack of contracts with any of its personnel. Management maintains strong legal control of labor costs and headcount. Debt service drives carrying costs, although Fitch notes a separate tax levy restricted for debt service rather than general operations supports much of the city's outstanding debt. Fitch expects carrying costs will increase somewhat, but will remain moderate as budget expansion should offset some of the increase. Also supporting Fitch's expectation of a manageable burden is the city's flexible, multi-year capital improvement plan, history of steady capital investment, and rapid direct debt amortization.
Fitch's Analytical Stress Test FAST , which relates historical tax revenue volatility to GDP to support the assessment of operating performance under Fitch's criteria, has now been adjusted to reflect GDP parameters consistent with Fitch's global coronavirus forecast assumptions.
FAST is not a forecast, but it represents Fitch's estimate of possible revenue behavior in a downturn, based on historical revenue performance. Hence, actual revenue declines will vary from FAST results and Fitch expects the city will implement decisive corrective actions to offset them. FAST does provide a relative sense of the risk exposure of a particular local government entity compared to other local government entities.
Grand Prairie's unaddressed FAST results under both the coronavirus baseline and downside scenarios indicate pressure on the city's financial resilience in the medium-term, absent policy interventions. Fitch anticipates the city will absorb any downward budget pressure by utilizing a combination of expenditure cuts and revenue-raising, and will also have the option to make reserve draws if necessary.
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Given the array of budgetary solutions available to it, the 'aaa' operating performance assessment reflects Fitch's expectation the city will be well positioned to rebuild its financial resilience through the eventual recovery period and maintain the highest level of financial resilience through the current economic contraction. Strong Growth Prospects for Pledged Revenues: Fitch believes the natural pace of future pledged revenue growth is likely to be strong once normal business activity resumes, given ongoing and anticipated economic expansion in both the city and metro region.
Resilience of Security: Pledged revenues are highly resilient and generate a sufficiently strong debt service cushion to comfortably withstand the current severe economic contraction and future business cycles. Fitch assumes pledged revenues for the outstanding park and recreation venue project sales tax bonds will not be leveraged down to the 1.
The dedicated taxes pledged to the bonds do not meet the requirements set out in Fitch criteria for treatment as "pledged special revenue" under section 2 of the bankruptcy code and are not otherwise insulated from the operating risk of Grand Prairie.
Therefore, the rating of the debt is capped at the IDR. Pledged revenue growth has continued to strengthen over the last 10 years post-recession at a CAGR of about 5.
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The dedicated sales tax revenue stream is levied on the diverse and expanding base of taxable sales activity city-wide. Fitch believes the natural pace of future pledged revenue growth is likely to be strong once normal business activity resumes. To evaluate the sensitivity of pledged excise tax revenues, Fitch considers both 1 the revenue sensitivity results produced by the Fitch Analytical Stress Test FAST , and 2 the largest cumulative decline in revenues over the data series examined dating back to fiscal