TRENTON – Senator Paul Sarlo, the Chairman of the Senate Budget and Appropriations Committee, issued the following statement in response to Moody’s Investors Service joining three other credit rating agencies in upgrading New Jersey’s outlook from stable to positive:
“This is an additional endorsement of the actions the Legislature and the Governor took to manage state finances during very difficult economic conditions. The upgrade is the productive result of responsible fiscal decisions.
“We took a series of actions to improve the state’s fiscal health. We put in place the largest surplus in the state’s history, created a debt reduction plan, fully funded the pension system, made strategic infrastructure investments and were careful to avoid fiscal cliffs by funding vital services with sustained spending. We accomplished all of this at the same time we produced the largest tax relief program ever.
“We took a multi-year approach with the budget to protect against any downturns in the economy, maintain fiscal stability and provide savings to the taxpayers.”