New York spent $6,859 per state citizen in the 2012 fiscal year that ended March 31, according to a report by state Comptroller Thomas DiNapoli.
DiNapoli says that the state has made progress toward aligning spending and revenue.
In the mix is a loan that the state Power Authority, which oversees the St. Lawrence-Franklin D. Roosevelt Power Project at Massena and other facilities, has lent the state treasury approximately $318 million of its reserves.
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.
“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.”
Among the findings in the report:
· Public health and education spending represents 68 percent of total state spending
· Medicaid costs rose to $ 41.4 billion in FY 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 total personal income.
The full report can be seen at http://www.osc.state.ny.us/finance/finreports/2012fcr.pdf.