Treasurer Muoio:  Moody’s Agrees We Need to Grow our Reserves to Prepare for the Inevitable

(TRENTON) – State Treasurer Elizabeth Maher Muoio released the following statement Monday on the latest Moody’s analysis that underscores New Jersey’s need to better prepare for an eventual recession:

“Many of the sentiments expressed in this latest Moody’s analysis are in line with the points we made during last week’s budget hearings, which are points we have repeatedly highlighted for more than a year now. We need to grow our surplus and we must make the rainy day fund deposit prescribed by statute.

“New Jersey has been punting on its responsibilities for far too long. While our projected surplus is certainly better than the far too risky position New Jersey had become accustomed to in recent years, we are still far behind most states when it comes to being adequately positioned to weather a future economic downturn.  This administration is committed to better preparing us for the future.

“Moody’s analysis confirms Treasury’s position that our need for sustainable revenues is real and pressing because our obligations will only continue to grow in the coming years. Savings, surplus, and sustainable revenues are the key to putting us on the path to fiscal stability.”