NY Spending Down / Debt Up

Thomas DinapoliThe Annual Report on the Financial Condition of New York State says New YorkState spending has declined for the second straight year while the debt reached an all-time high of $63.5 billion. New York State Comptroller Thomas Dinapoli says “State policy decisions in the past three years have helped New York better align state spending with revenue, but difficulties remain,” and he continued by saying “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.”

DiNapoli’s report found total state spending decreased 0.3 percent, or $407 million, from the prior year. Still, since 2009, state spending has grown 9.5 percent, outpacing inflation. State spending has been partially paid for through borrowing $17.8 billion since 2009, including $3.5 billion in 2013.

According to the comptroller’s office, New York is the second most indebted state after California and ranks fifth among all states in debt per person. State funded debt outstanding equaled $3,246 per person, That’s 6.2 percent of personal income. State funded debt service totaled $7.1 billion in 2012-13 and is expected to grow to $8.6 billion by 2018.

As for some of the other numbers…

Tax receipts totaled $66.3 billion in 2013, an 11.3 percent increase since 2009;

Public health and education spending accounted for nearly 68 percent of total state spending;

State, local and federal Medicaid costs rose to $51.2 billion in SFY 2012-13 from $44.3 billion four years ago

In 2011, 60 percent of college graduates in New York left school with debt, That number is down from 62 percent in 2007;

In 2012, 60.1 percent of the state’s highways were rated good to excellent, a 4.6 percent decline since 2008;

New York farms generated $4.4 billion in cash receipts from the sale of commodities in 2011;

A total of 83,755 inmates were held in 136 state and local correctional facilities at the end of 2012 (including 59 state correctional facilities, 61 county jails and 16 NYC correctional facilities), a 9.8 percent decrease since 2003.

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