State Spending in New York close to $7,000 per resident; comptroller says progress is being made NEW YORK – State spending increased 3.3 percent to $137.5 billion while State-funded debt declined slightly to $63.3 billion, according to the annual report on the Financial Condition of New York State released today by State Comptroller Thomas DiNapoli. “Recent budget actions and an economy that continues to strengthen have helped address the state’s structural imbalance, but more progress is needed,”DiNapoli said. “Our budget is still dependent on billions of dollars in temporary resources that will have to be replaced down the road. Our cash position and outlook are better than they were just a few short years ago, but until we stop depending on one-time or non-recurring resources, we will not achieve long-term balance.” DiNapoli’s report found total state spending increased 3.3 percent, or $4.4 billion, in 2013-14 from the prior year. Since 2010, state spending has grown 8.4 percent, in line with inflation over the same period. State spending has been partially paid for through borrowing $17.1 billion since 2010, including $2.7 billion in 2014. New York was the second most indebted state after California, and ranked fifth among all states in debt per person. State-funded debt outstanding declined to $3,224 per person, or 6 percent of personal income. State-funded [...] newsnyork/state-spending-in-new-york-close-to-7000-per-resident-comptroller-says-progress-is-being-made/
Posted on: Fri, 24 Oct 2014 12:03:10 +0000
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