The New York comptroller says the state government’s debt has topped $63 billion, with New York on track to approach its borrowing limit in early 2014.
Comptroller Thomas DiNapoli says today the debt burden, averaging $3,253 per resident, is almost three times the national median. New York’s debt is second only to California’s $96.4 billion in state-funded debt and 80 percent higher than New Jersey, which is in third place.
The $63 billion total is $24 billion, or 62 percent, higher than a decade ago. DiNapoli says that could threaten critical infrastructure projects, including those following Superstorm Sandy.
State lawmakers in 2000 imposed the debt limit, which is based on personal income.
The comptroller projects New York’s borrowing capacity falling to $509 million after the 2013-2014 fiscal year.