DiNapoli: State Approaching Borrowing Limit, Could Jeopardize Infrastructure

State Comptroller Thomas DiNapoli on Monday warned in an analysis that New York State’s heavy debt burden could jeopardize critical infrastructure projects and other capital needs.

New York State has the second highest level of debt in the country and is approaching its legal borrowing limit. The state’s debt capacity is projected to dwindle to $509 million by the end of the next fiscal year.

New York’s outstanding debt averages $3,253 per state resident, almost three times the national median. New York’s State-funded debt totaled $63.3 billion as of March 31, second only to California and 80 percent higher than New Jersey, the state with the third highest level.

This represents an increase of $24.3 billion, or 62.2 percent, from state fiscal year 2002-03.