Rabbitt: Meaningful reform would end ‘back door' borrowing

To the editor: My Assembly colleagues and I have long advocated for measures that would make our state government more efficient, more transparent and less intrusive. Through our efforts, and with a groundswell of public support, these measures took root last year and resulted in the first on-time legislative budget in 21 years. This year, we again passed an on-time budget and, though several worthy programs received much-needed funding, I am troubled with the amount of overall spending and lack of fiscal restraint. In particular, I am concerned with the amount of “back door” borrowing that takes place in Albany. New Yorkers continually face increasing taxes due to borrowing without voter approval. As of March 31, 2005, the state-funded debt was $48.2 billion. This is an $11.2 billion increase over the past four years. Over the past five years, state-funded debt per capita grew nearly 30 percent. Back door borrowing makes up approximately 93 percent of outstanding state-funded debt, and the burden is overwhelming our taxpayers and businesses. The solution is simple, yet difficult to achieve - we must control spending and make the system more transparent for the voters. This is why I am co-sponsoring legislation (A.9429) that would prohibit the practice of back door borrowing. This legislation, if passed into law, would require all state debt to be approved by voters through ballot propositions. This would restore accountability and transparency to a system that so desperately needs it. Rest assured I continue to do my best to enact meaningful debt reform measures that make the system better for every New York taxpayer. Assemblywoman Annie Rabbitt Greenwood Lake