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David A. Lee's avatar

Exciting to hear that you are working on the NYC version of this tool!

One thought that comes to mind is the need for systematic tracking of bond issuance and "backdoor borrowing" by NYS public authorities. Under the NYS Debt Reform Act of 2000, the legislature attempted to impose statutory caps on outstanding debt and debt service by the state fisc. Many of these guardrails have been successfully circumvented, however (e.g. FYs 20-21 and 21-22), with deliberate carveouts in the state budget those years to exempt new bond issuance from the Act's limitations. Not to mention other statutory attempts to get around the Act and the Constitutional general obligation debt limits, like funding SUNY dormitory construction. (DiNapoli has a great report on all this: https://www.osc.ny.gov/files/reports/pdf/roadmap-for-state-debt-reform.pdf)

With the individual most probable to prevail in November's mayoral election antsy to pursue very fiscally expansionary initiatives, it seems that the state's legal structures around debt issuance can no longer be a sidelined conversation, and debt data ought to be visualized and mainstreamed for policymakers in 2026.

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Michael Adams's avatar

I cannot wait for NYC gov graph 🗽

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