ALBANY - New York State has made progress toward aligning the state’s spending and revenue, according to the annual report of the Financial Condition of New York State released today by State Comptroller Thomas DiNapoli.
“State policy decisions in the past two years have made budgetary balance a primary goal, but challenges still remain,” DiNapoli said. “The challenge is to build on the progress made and put New York State on a truly sustainable fiscal path.”
DiNapoli’s annual financial condition report on the state’s fiscal health indicated that total state spending decreased 1 percent, or $1.3 billion, from the prior year. Still, since 2008, state spending has grown 15 percent, almost double the rate of inflation. State spending has been partially paid for through borrowing $17.2 billion since 2008, including $3.8 billion in 2012.
The report also found:
- Public health and education spending represents 68 percent of total state spending;
- Medicaid costs rose to $ 41.4 billion in SFY 2011-12 from $32.8 billion four years ago;
- Receipts have increased $17.4 billion, or 15 percent, since 2008;
- New York ranked first among the 50 states in spending on public elementary and secondary education with per pupil expenditures of $18,618 for the 2009-10 school year;
- State funded debt totaled $63.3 billion in fiscal year 2011-12 which is $3,253 per person and 6.4 percent of Personal Income.
The annual report of the Financial Condition of New York State provides the public with an overview of the fiscal situation of the state. DiNapoli also released the Comprehensive Annual Financial Report for SFY 2011-12 which contains the state’s audited financial statements.
For a copy of the Financial Condition of New York State for SFY 2011-12, visit: www.osc.state.ny.us/finance/finreports/2012fcr.pdf
For a copy of the Comprehensive Annual Financial Report for SFY 2011-12, visit: www.osc.state.ny.us/finance/finreports/2012cafr.pdf