Report: N.Y. Spending Will Grow Faster Than Revenue
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ALBANY — State spending in New York is projected to grow faster than revenue over the next four years, according to a report issued yesterday.
In the annual report on the financial condition of the state, Comptroller Thomas DiNapoli found that spending has increased to $112 billion in the 2006–2007 fiscal year from $89.1 billion in 2002–2003.
The 26.6% increase from about five years ago is more than twice the rate of inflation, according to the report. The state is expected to increase spending by 31% over the next four years, while revenue is projected to increase only 21%. State-funded debt is projected to reach nearly $64 billion by fiscal year 2011–12 from $51 billion in 2006–2007. New York is the second most indebted state behind California.
