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.”
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