Bill > A961

This bill mandates that an annual State debt affordability analysis be incorporated into the State Debt Report, which is a document detailing the state's financial obligations. This analysis will provide a comprehensive look at the state's capacity to take on new debt, including projections of available revenues for debt service, anticipated future debt issuances, and a schedule of debt service requirements for the next ten years. It will also compare the state's debt ratios to those of the ten most populous states and review the criteria used by credit rating agencies. Furthermore, state agencies and authorities that issue debt secured by state revenue will be required to provide the commission with necessary information to complete this analysis. The bill also requires state agencies to identify capital projects that would necessitate additional state debt and to evaluate these projects based on the debt affordability analysis to aid in prioritizing spending.