(2005-11-07) Voting Tomorrow

The Citizens Budget Commission says:

• vote no on New York StateProposition1

• vote no on Prop2 - (Transportation Bond) - Using six steps to judge affordability, the report concludes that New York State's current level of outstanding debt, which totals $46.7 billion, is nearly $10 billion over affordable levels and, therefore, places the State well into the danger zone. Adding as much as $13.2 billion will make a bad situation even worse. Among the nation's 50 states, only seven others are in the danger zone. Only two, Massachusetts and Ha Waii, are in a riskier position than New York.

  • their DebtBeyondOurMeans report shows that most state debt is held by State Funded Authority-s. State leaders have devised ways to circumvent the constitutional requirement. They have created and used authorities to issue debt that does not have to be approved by voters. This "backdoor" borrowing now represents $43.0 billion of the $46.7 billion in total State debt.

• vote yes on Ballot Question 4 (City CharterAmendment) - would incorporate features of the New York State Financial Emergency Act (FEA) into the City Charter.