New York City's
"We continue to be realistic about the risks ahead, with targeted investments and strengthened reserves to protect taxpayers, and programs that will lift up families across the five boroughs," de Blasio said Nov. 12.
Also on Thursday, Moody's Investors Service upgraded the New York City Municipal Water Authority to Aa1 from Aa2, citing strong management.
The plan update, said de Blasio, includes the historic reserves and low out-year gaps established in the $78.6 billion budget approved in June.
City spending has largely remained flat since the budget's adoption. While the overall budget has increased from $78.5 billion to $79.9 billion, it is almost entirely the result of new federal grants for Hurricane Sandy recovery and resiliency and homeland security.
According to de Blasio, the November update continues to recognize potential risks ahead, including the likelihood of an economic downturn. The current U.S. expansion has already reached 77 months, exceeding the average 58-month length of post-war expansions.
Fitch Ratings and Standard & Poor's rate the city's general obligation bonds AA, while Moody's rates them Aa2.
