Post by Prosay on Dec 14, 2017 16:25:25 GMT -5
No mention of MEDICAID, probably because they make sure they pay that...at the expense of everything else! It was recently reported that NYS's Medicaid tab is $60 Billion annually......
auburnpub.com
NY comptroller: Total state debt second-highest in U.S. — and growing
Robert Harding robert.harding@lee.net
5-6 minutes
Total state debt is growing, and state Comptroller Tom DiNapoli says there is no sign of it slowing down.
DiNapoli released a report Thursday projecting state-funded debt will reach $63.7 billion by March 31, the end of the 2017-18 fiscal year. The New York's total debt is the second-highest in the U.S. behind California, which has $87 billion in debt.
The state's total debt is expected to rise to $71.8 billion over the next four fiscal years. Annual debt service payments will likely exceed $8.2 billion by the end of the 2021-22 fiscal year, DiNapoli said.
At the end of the previous fiscal year, outstanding state debt totaled $61.4 billion. A bulk of the debt — $47.2 billion — comes from public authorities. There is an additional $11.7 billion in debt that's been used for hospital program bonds.
The rising debt will impact the state's borrowing capacity, according to DiNapoli's report. Projections show the state's available borrowing capacity will be $58 million in the 2020-21 fiscal year. That limit is based on the state Debt Reform Act of 2000, which established limits on debt outstanding and debt service.
The Debt Reform Act also prohibits the state from issuing debt without voter approval. But the state has used public authorities and other methods for bypassing the restrictions.
DiNapoli supports additional reforms to address the state's rising debt.
"New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture," he said. "Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs."
The comptroller's debt reform proposal includes a constitutional amendment to limit all state-funded debt to 5 percent of personal income beginning in the 2027-28 fiscal year. The amendment would also prohibit state-funded debt from being used for non-capital purposes.
DiNapoli also suggested a separate constitutional amendment to ban public authorities and other entities from issuing state-funded debt, allow bond acts to be considered by voters in the same year and require all state-funded debt to be issued by the state comptroller after it's approved by voters.
The amendment would allow a limited amount of debt to be issued each year without voter approval.
DiNapoli also wants to create a council that would maintain an inventory of the state's capital assets, including assets controlled by public authorities. And he proposed mandating a 20-year, long-term strategic plan that budget officials would use as a guideline when developing the state's five-year capital plan.
"My debt reform proposal would help ensure effective capital planning and manageable debt levels," he said.
DiNapoli's proposal was released three weeks before the start of the 2018 state legislative session. Lawmakers are scheduled to return to Albany in early January.
The debt report also comes as Gov. Andrew Cuomo is drafting his executive budget for the 2018-19 fiscal year. Budget negotiations will likely face additional challenges this year due to the projected deficit of $4.4 billion.
auburnpub.com
NY comptroller: Total state debt second-highest in U.S. — and growing
Robert Harding robert.harding@lee.net
5-6 minutes
Total state debt is growing, and state Comptroller Tom DiNapoli says there is no sign of it slowing down.
DiNapoli released a report Thursday projecting state-funded debt will reach $63.7 billion by March 31, the end of the 2017-18 fiscal year. The New York's total debt is the second-highest in the U.S. behind California, which has $87 billion in debt.
The state's total debt is expected to rise to $71.8 billion over the next four fiscal years. Annual debt service payments will likely exceed $8.2 billion by the end of the 2021-22 fiscal year, DiNapoli said.
At the end of the previous fiscal year, outstanding state debt totaled $61.4 billion. A bulk of the debt — $47.2 billion — comes from public authorities. There is an additional $11.7 billion in debt that's been used for hospital program bonds.
The rising debt will impact the state's borrowing capacity, according to DiNapoli's report. Projections show the state's available borrowing capacity will be $58 million in the 2020-21 fiscal year. That limit is based on the state Debt Reform Act of 2000, which established limits on debt outstanding and debt service.
The Debt Reform Act also prohibits the state from issuing debt without voter approval. But the state has used public authorities and other methods for bypassing the restrictions.
DiNapoli supports additional reforms to address the state's rising debt.
"New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture," he said. "Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs."
The comptroller's debt reform proposal includes a constitutional amendment to limit all state-funded debt to 5 percent of personal income beginning in the 2027-28 fiscal year. The amendment would also prohibit state-funded debt from being used for non-capital purposes.
DiNapoli also suggested a separate constitutional amendment to ban public authorities and other entities from issuing state-funded debt, allow bond acts to be considered by voters in the same year and require all state-funded debt to be issued by the state comptroller after it's approved by voters.
The amendment would allow a limited amount of debt to be issued each year without voter approval.
DiNapoli also wants to create a council that would maintain an inventory of the state's capital assets, including assets controlled by public authorities. And he proposed mandating a 20-year, long-term strategic plan that budget officials would use as a guideline when developing the state's five-year capital plan.
"My debt reform proposal would help ensure effective capital planning and manageable debt levels," he said.
DiNapoli's proposal was released three weeks before the start of the 2018 state legislative session. Lawmakers are scheduled to return to Albany in early January.
The debt report also comes as Gov. Andrew Cuomo is drafting his executive budget for the 2018-19 fiscal year. Budget negotiations will likely face additional challenges this year due to the projected deficit of $4.4 billion.