New York staring at an $80 billion funding gap

    Aug. 12, 2009
    The “un-funded” line is getting longer across the U.S. New York released a report on Aug. 11 that said the state could lack the funds for at least $80 billion of needed infrastructure projects over the next two decades.

    “The future of New York state’s economy will continue to depend, in large part, on public investment in infrastructure,” New York State Comptroller Thomas DiNapoli said in the report.

    The “un-funded” line is getting longer across the U.S. New York released a report on Aug. 11 that said the state could lack the funds for at least $80 billion of needed infrastructure projects over the next two decades.

    “The future of New York state’s economy will continue to depend, in large part, on public investment in infrastructure,” New York State Comptroller Thomas DiNapoli said in the report.

    The report assumes that funding levels will remain the same over the next 20 years, where the bill could top $250 billion to satisfy the water, sewer and highway needs of the state. If that is the case local governments will have to carry more of the financial burden.

    New York is in line to receive $2.3 billion in stimulus money, which should help in the short term, however, “it only scratches the surface of New York’s looming infrastructure deficiencies,” said the report.

    For the full report, go to www.osc.state.ny.us.

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