Joseph Spector writes on LoHud.com - “Lt. Gov. Richard Ravitch proposed Wednesday the state move back the start of its fiscal year to July 1, establish a financial review board and add new borrowing to help pull the state out of its fiscal problems.

Ravitch, whom Gov. David Paterson appointed last year to help with the state’s financial problems, said New York faces severe problems if it cannot control spending, which is outpacing revenue. He said his plan would end the state’s structural deficits, which could exceed $60 billion over the next five years.

“We have to have a way to get out of this mess,” Ravitch said.

But the borrowing proposal drew a quick rebuke from fiscal watchdogs, who said it would provide additional cover to political leaders to avoid making cuts in spending — which has ballooned to $132 billion this year.
As part of a five-year fiscal plan, Ravitch proposed the state borrow up to $2 billion a year over the next three years to cover operating expenses.

The problem, some officials said, is that the state’s debt load has quickly become onerous to taxpayers, with a $3,089-per-person tab that’s fourth highest in the country.”

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