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 P. 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 debt service totaled $7.5 billion in 2013-14 and is expected to grow to $8.6 billion by 2019.
The report found:
- Tax receipts totaled $69.7 billion in 2014, representing a 20.8 percent increase since 2010;
- Public health and education spending accounted for 66.9 percent of total state spending;
- State, local and federal Medicaid costs rose to $51.9 billion in SFY 2013-14 from $48.1 billion four years ago;
- $58.1 billion in support for public elementary and secondary schools in 2011-12 came from state ($23.1 billion), local ($31.8 billion) and federal ($3.2 billion) sources;M/
- In 2012, 60 percent of college graduates in New York left school with debt, down from 65 percent in 2008;
- The state’s food stamp program, funded by the federal government, experienced the slowest growth in enrollment since 2006-07 and expenditures actually declined, with an average monthly enrollment increase of 46,249 to nearly 3.2 million individuals in SFY 2013-14;
- In 2013, 61.9 percent of the state’s highways were rated good to excellent, a 0.9 percent decline since 2009; and
- A total of 83,766 inmates were held in 135 state and local correctional facilities as of September 2013 (including 58 state correctional facilities, 61 county jails and 16 NYC correctional facilities), an 8.9 percent decrease since 2004.
The annual Report on the Financial Condition of New York State provides the public with an overview of the fiscal situation, as well as selected economic and demographic trends affecting the state.
DiNapoli also released the Comprehensive Annual Financial Report (CAFR) for SFY 2013-14 which contains the state's audited financial statements. The CAFR received an unmodified opinion from the State's external auditors.
For a copy of the Financial Condition Report for SFY 2013-14, visit: http://www.osc.state.ny.us/finance/finreports/2014fcr.pdf
For a copy of the Comprehensive Annual Financial Report for SFY 2013-14, visit: http://www.osc.state.ny.us/finance/finreports/2014cafr.pdf