DiNapoli Report Warns Of Growing State Debt

State Comptroller Thomas DiNapoli is warning of a growing state debt.

According to a report from the Comptroller, New York's state-funded debt is projected to reach $63.7 billion at the end of the current fiscal year.  It's expected to increase to $71.8 billion over the next four years.

DiNapoli is once again calling for reforms to New York's use of debt, including voter approval of borrowing and better 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,” DiNapoli said. “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.”

New York ranks second in the nation is total state debt behind only California.

You can read the full report on the Comptroller's website.