State debt at an all-time high
The state's spending and revenue generation are coming more in line says state Comptroller Thomas P. DiNapoli, who put out a report on the state's financial condition.
“State policy decisions in the past three years have helped New York better align state spending with revenue, but difficulties remain,” DiNapoli said in a statement. “The aim should be to build on the progress made and put New York state on a truly sustainable fiscal path. While short-term financial results appear positive, the fact that we are still dependent on temporary resources means the long-term outlook remains challenging.”
One challenge is the state's debt, which is at an all-time high of $63.5 billion, according to the report, which is available below.
According to the report, state spending decreased .3 percent from the prior year, but spending since 2009 has still outpaced inflation. The state's spending since 2009 has required $17.7 billion in borrow, including $3.5 billion in 2013.
"State funded debt outstanding equaled $3,246 per person, or 6.2 percent of personal income," says the release. "State funded debt service totaled $7.1 billion in 2012-13 and is expected to grow to $8.6 billion by 2018."
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