Gov. Tom Wolf Tuesday announced Moody’s Investor Service has revised Pennsylvania’s outlook to stable from negative. This follows the final enactment of the Commonwealth’s 2016-17 budget that is balanced and includes sustainable, recurring revenue.
“The 2016-17 budget was an important step forward, and Moody’s revision of Pennsylvania’s outlook to stable from negative reflects that fact,” said Gov. Wolf. “Working with Republicans and Democrats in the legislature, we completed a budget that is balanced and includes sustainable, recurring revenue. When I came into office, following years of unbalanced budgets, the commonwealth faced a structural deficit of more than $2 billion. Now, we have made significant progress in reducing the deficit, but we still have more to do and I look forward to continuing to work with the legislature to fix the Commonwealth’s deficit.”
Moody’s said the following:
“Moody’s Investors Service has revised the Commonwealth of Pennsylvania’s outlook to stable from negative… Still, the 2017 budget fight represents some improvement: the legislature and governor agreed on a budget, and a government that had been unable to pass new revenues in 2016 was able to do so in 2017.”A copy of the Moody’s report is available online.