Due in part to the passage of three straight on-time, balanced state budgets, controlled government spending and middle-class tax cuts, the states fiscal health is stronger. Recently, Moodys Investors Services, one of the Big Three credit rating agencies, revised the financial outlook for New York State from stable to positive.1
According to the agency, the revision reflects the state's improved economy, governance, financial position and fiscal outlook. Consumer confidence is being restored and New Yorks economy has turned a corner toward a stronger, more promising future.
Over the past few years, the Assembly has partnered with the Senate and governor on a bipartisan basis to close billions of dollars in budget gaps, keep government spending down and make the state more business-friendly. Weve also been investing in effective programs that help our economy grow stronger. New initiatives like START-UP NY which creates tax-free areas around our states campuses show companies from around the world that New York is truly open for business.
This past year, the Assembly Majority invested in programs like the New York State Innovation Venture Capital Fund and the New York State Business Incubator and Innovation Hot Spot Support Act, which will help create high-tech jobs by assisting in the start-up and growth of newly established businesses and technology companies. By investing in such critical high-tech projects, weve been able to put New York on the map as a hub for new high-tech companies to expand. Additionally, we will be able to provide relief to overburdened local governments through the establishment of a permanent Financial Restructuring Board to help municipalities restructure their finances and achieve other savings and efficiencies.
Investing in these new programs, while controlling state spending and passing balanced budgets, has been the key to rebuilding our economy. As we move forward, we will continue to work together to capitalize on these achievements and pave the way toward economic prosperity.