A new analysis from state Comptroller Thomas DiNapoli warns that New York’s debt burden could jeopardize infrastructure projects and other capital needs.
New York has the second highest level of debt in the country and is approaching its legal borrowing limit, according to the comptroller’s office. The state’s debt capacity will fall to $509 million by the end of the next fiscal year.
“New York’s past borrowing is limiting our future options,” DiNapoli said in a news release. “We spend billions each year to repay existing debt, so fewer resources are available for more pressing needs. This comes at a challenging time when our state needs to rebuild and repair critical infrastructure and has growing capital needs.”
(Sponsored)
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
Fraud Contingencies Plans Are Essential
Your business likely has a disaster recovery plan in place—procedures for handling fires, natural disasters or other crises that could disrupt operations or endanger lives. While a fraud contingency plan
New York’s outstanding debt averages more than $3,200 per resident, which is almost three times the national median, according to the comptroller’s office. The debt totaled $63.3 billion as of March 31, second to California.
The debt totaled $24.3 billion for the 2002-2003 fiscal year.
The timing of construction projects, maintenance on roads and bridges, and capital investments in economic development initiatives could all be affected if the state can’t borrow enough money, according to DiNapoli’s office.
Contact Tampone at ktampone@cnybj.com