Office of the State Treasurer

NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACTS: Tom Vincz
March 8, 2005
 
 (609) 633-6565
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Treasurer Encouraged by Rating Agency Review of
FY 2006 Budget
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blank spaceTRENTON -- State Treasurer John E. McCormac said today that he was gratified by Standard and Poor’s assessment of Acting Governor Codey’s proposed budget for FY 2006. The rating agency issued a report today stating that with his proposed $27.4 billion spending plan, the Acting Governor is “aggressively attempting to address the structural imbalance that has plagued the state over the last four fiscal years.”

blank spaceThe report notes that adoption of the budget “that makes significant strides toward structural balance would be a positive and necessary step for the state in turning around its weakened fiscal position.”

blank spaceTreasurer McCormac said: “S and P accurately notes that Acting Governor Codey has dramatically reduced New Jersey’s reliance on one-time revenues, cut State spending and put a renewed focus on the long term problem of entitlement costs. This budget contains the largest spending cut in New Jersey history and cuts one-time revenues by 70 percent. At the same time, this proposal honestly approaches New Jersey’s core fiscal problems and preserves the state’s fundamental spending priorities.

blank space“While we still await the assessment of Wall Street’s other rating agencies, it is encouraging to learn that S and P recognizes the significance of the Acting Governor Codey’s determined efforts to restore New Jersey’s fiscal stability,” McCormac said.

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