WXXI AM News

Comptroller: New York State debt to grow to $63.7B

Dec 15, 2017

Credit New York NOW

ALBANY, N.Y. (AP) — New York Comptroller Thomas DiNapoli says that state-funded debt is projected to grow to $63.7 billion within months.

That works out to more than $3,100 per person in New York, or three times the median for all states.

The comptroller used his latest report on state debt to renew his call for reforms that include voter approval of borrowing and better capital planning for infrastructure projects.

New York's annual debt service payments are projected to exceed $8.2 billion by 2022.