"The State of the County is much stronger today than it was this time last year," proclaimed Suozzi.

Earlier today, Moody's Investor Service upgraded Nassau County's bond rating from Baa3 to Baa2 - the first bond upgrade in the County's recent history. "Not only does the upgrade mean lower interest costs to the County," said the County Executive, "but it is the seal of approval by an independent fiscal entity, with no partisan agenda, saying loudly and clearly, Nassau County is moving forward again."

"Last year I promised that if we stuck by my four-year plan, the budget would be in balance and our credit rating would be upgraded. Our budget is balanced and today we received a bond rating upgrade. Nothing makes me prouder than to stand here before you tonight having accomplished both goals," said Suozzi.

In a release issued by Moody's today, the Investor's Service pointed to: "reduced expenditures, particularly through employment reduction and operating efficiencies, in an effort to reduce the county's budgetary deficit." In addition, Moody's cited four major initiatives as central contributing factors:

• Workforce reduction efforts - $25 million was saved in 2002 as a result of the 10.4% personnel reduction reducing the county headcount by 980 compared to the September 2003 goal of 1,400.
• Increased revenues - relative to budget, the county increased revenues by approximately $48 million through litigation settlement, increased operational effectiveness, and improvements in billing.
• Reduced expenses - A freeze in other-than-personnel-service (OTPS) and reduction in contractual services and saved the county $20 million.
• Sales tax revenues exceeding the budget - a 4.14% increase in sales tax revenue is expected for fiscal 2002 compared to 2.5% budgeted resulting in $11 million of additional county revenues.

Furthermore, Moody's cited the county's 2003 budget as "conservatively structured" and stressed the need for labor concessions and the State Legislature to pass the proposed Sewer and Storm Water Authority.

Linking Nassau County's scientific history with the his plan to attract high-tech businesses to Nassau, Mr. Suozzi delivered his address from Cold Spring Harbor Laboratory helping to commemorate the 50th anniversary of the discovery of DNA.

County Executive Tom Suozzi presents Doctor James Watson with the Theodore Roosevelt Award for Citizenship.

Among his goals for the, New Year the County Executive listed a cap on State Medicare costs and renewed a call for the State Legislature to pass the Sewer Storm Water Authority. The County Executive also outlined plans for a $10 million parks revenue and improvement plan, building consolidation plan, and a new economic development plan establishing 35 separate economic development zones.

Among the guests in attendance at the County Executive's address were Suffolk County Executive Robert J. Gaffney, Dr. James Watson, the co-founder of DNA; and Nassau County's Intel Talent Search Finalists Semifinalists.

State of the County Address