(TRENTON) – State Treasurer Elizabeth Maher Muoio released the following statement on the decision by Moody’s Investor Services to upgrade New Jersey’s outlook from negative to stable due to the better than expected revenue performance in Fiscal Year 2021, and the expectation that large resulting fund balances will support budget flexibility through the coronavirus recovery:
“We are pleased that Moody’s recognized the Murphy Administration’s decision to use the stronger than anticipated revenues to build our surplus, accelerate our pension payment, and avoid incurring hundreds of millions in additional debt.
“We saw what happened during the Great Recession when New Jersey chose to cut its way out of a crisis and ended up being one of the last states to fully recover. Governor Murphy’s proposed budget utilizes New Jersey’s better-than-expected revenues in a fiscally responsible way that reduces pension costs, avoids additional planned debt, and invests in the resources that will support our residents at a time when they need assistance most and make New Jersey more resilient in the face of future challenges.
“We are pleased that Moody’s recognizes the value in this decision.”