Comptroller warns of growing NYS debt
ALBANY – New York State Comptroller Thomas P. DiNapoli reported Thursday that New York's state-funded debt is projected to reach $63.7 billion by the year's end, and $71.8 billion over the next four years.
As a result, the comptroller is calling for reforms to New York's use of debt, including voter approval of borrowing and better capital planning for infrastructure projects.
“New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture,” said DiNapoli.
“Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs. My debt reform proposal would help ensure effective capital planning and manageable debt levels.”
DiNapoli's report notes that: New York State's current debt total is second only in the United States to California’s debt of $87 billion; NYS' debt as a percentage of personal income, at 5.1 percent, is more than two times the national median of 2.5 percent; NYS' debt per capita of $3,116 is three times the national median of $1,025; NYS' debt as a percentage of state GDP – 4.1 percent – is nearly twice the national median of 2.2 percent; and NYS follows Illinois with the highest debt service as a percentage of All Funds receipts in the peer group.
DiNapoli's proposal for debt reform includes statutory and constitutional provisions that would: amend the state constitution to limit all state-funded debt to 5 percent of personal income beginning in 2027-28; amend the constitution to ban the issuance of state-funded debt by public authorities and other entities; create a NYS Capital Asset and Infrastructure Council to provide an inventory and monitor the status of all capital assets of the state and its public authorities; and establish a Statewide Capital Needs Assessment and require a comprehensive 20-year long-term strategic plan to guide the five-year Capital Plan.
To read the comptroller's full report, visit www.osc.state.ny.us/reports/debt/debt-impact-study-2017.pdf
– Grady Thompson, Sun Staff Writer
As a result, the comptroller is calling for reforms to New York's use of debt, including voter approval of borrowing and better capital planning for infrastructure projects.
“New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture,” said DiNapoli.
“Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs. My debt reform proposal would help ensure effective capital planning and manageable debt levels.”
DiNapoli's report notes that: New York State's current debt total is second only in the United States to California’s debt of $87 billion; NYS' debt as a percentage of personal income, at 5.1 percent, is more than two times the national median of 2.5 percent; NYS' debt per capita of $3,116 is three times the national median of $1,025; NYS' debt as a percentage of state GDP – 4.1 percent – is nearly twice the national median of 2.2 percent; and NYS follows Illinois with the highest debt service as a percentage of All Funds receipts in the peer group.
DiNapoli's proposal for debt reform includes statutory and constitutional provisions that would: amend the state constitution to limit all state-funded debt to 5 percent of personal income beginning in 2027-28; amend the constitution to ban the issuance of state-funded debt by public authorities and other entities; create a NYS Capital Asset and Infrastructure Council to provide an inventory and monitor the status of all capital assets of the state and its public authorities; and establish a Statewide Capital Needs Assessment and require a comprehensive 20-year long-term strategic plan to guide the five-year Capital Plan.
To read the comptroller's full report, visit www.osc.state.ny.us/reports/debt/debt-impact-study-2017.pdf
– Grady Thompson, Sun Staff Writer
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