State Credit Rebounds after Years of Downgrades
Last week, the three major ratings agencies — Fitch Ratings, Moody's Investors Service and S&P Global Ratings — each upgraded the state's credit rating, a rare hat trick that puts the state a little more than halfway back from those downgrades over the past decade.
Under former Gov. Chris Christie, the agencies lowered the state's rating a record 11 times in a row. The three upgrades last week, combined with three previous ones, put the total rating improvements at six in the last 13 months.
A combination of factors led to last week's upgrades: an improved economy, strong revenues and the state paying down high debt. Murphy, in his $53.1 billion budget for the upcoming 2024 fiscal year, has proposed making the third straight actuarial pension payment of nearly $7.1 billion, plus a $10 billion surplus in case of an expected economic downturn.
But even with the upgrades, New Jersey is far from financially sound compared to other states.
It is tied with Kentucky for second-lowest credit in the country, behind Illinois, Hitchcock said. And while the budget surplus would help soften the blow of economic hardship, Moody's noted in its assessment that "the state nevertheless remains subject to long-term liability and fixed-cost burdens much more substantial than those of most other states."
DEP Issues Permits for Offshore Wind Farm near Atlantic City Coast
New Jersey’s first offshore wind farm has cleared several significant hurdles in building the project planned for 15 miles off the state’s southern coast.
Last week, the NJDEP issued a series of permits for the Ocean Wind I project, the initial permits issued for construction and operation of the facility, including a “federal consistency determination” in line with policies of the Coastal Management Zone Plan.
The federal consistency determination confirms DEP’s assessment that construction of the 1,100-megawatt wind farm will conform to the Coastal Management Zone Plan, which details the regulations governing the protection of coastal resources. The permits involve work in and around coastal areas, tidal areas and coastal and freshwater wetlands.
Construction of onshore connections for Ocean Wind I is expected to begin before the end of 2023. Commercial operation is projected by the end of 2024.
So far, the state has approved three offshore wind projects, but eventually hopes to develop 11,000 MW of energy off the coast.
RCSG’s Young Executive Recognized as ‘50 under 30’
Please join us in congratulating RCSG’s Yasmin Brissac for being selected by the Meadowlands Chamber of Commerce for recognition as a top ‘50 under 30’, which recognizes the top young executives, advocates and business leaders in the state.
As part of the Meadowlands Chamber 50th anniversary celebration, it will be recognizing Yasmin and fellow recipients at a special awards ceremony at BizFest ‘23, which will be hosted at Dream Live in American Dream on May 18th. The emerging leaders awards ceremony will be held from 4:00-6:00PM.
“Yasmin started her career with the Middlesex County Democratic Organization before becoming a full-time government affairs professional with one of the top firm’s in the state – River Crossing Strategy Group. She’s a tireless advocate on behalf of her clients and been able to utilize her vast network of relationships to advance her client’s priorities,” said James Kirkos, President and CEO of the Meadowlands Chamber of Commerce.
SI FerryHawks Break Guinness World Record in Support of Autism Awareness
On April 19th, the Staten Island FerryHawks hosted a coalition of local non-profits to Staten Island University Hospital Community Park to break the Guinness world record with 2,423 participants that formed a human puzzle, which is the logo for the Autism Foundation.
“Breaking a world record is impressive, but here on Staten Island, we go above and beyond. I applaud the numerous community groups working together in organizing the Puzzle for Autism event to raise awareness for those with autism,” said Borough President Vito Fossella. “Not only has Staten Island been at the forefront of treating individuals with special needs with compassion, dignity and respect, but we continuously support those families and caregivers who are with them every step of the way.”
The Staten Island FerryHawks play their home games at Staten Island University Hospital Community Park and have begun their second season in the Atlantic League. RCSG’s Founding Partner, Eric Shuffler, is President of the FerryHawks.
Click here for more information about FerryHawk ticket packages on sale now.
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