Mixed Bag for New York State in Annual Financial Condition Report

According to the annual report on the financial condition of New York State, state spending declined for the second straight year in fiscal year 2012-13, while debt reached an all-time high of $63.5 billion.

State Comptroller Thomas DiNapoli says the report found total state spending decreased 0.3 percent, or $407 million, from the prior year. Still, since 2009, state spending has grown 9.5 percent, outpacing inflation.

State spending has been partially paid for through borrowing $17.8 billion since 2009, including $3.5 billion in 2013.

New York was the second-most indebted state after California and ranked fifth among all states in debt per person. State funded debt outstanding equaled $3,246 per person, or 6.2 percent of personal income. State funded debt service totaled $7.1 billion in 2012-13 and is expected to grow to $8.6 billion by 2018.