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2023 Financial Condition Report

For Fiscal Year Ended March 31, 2023

Capital

2023 Financial Condition Report
For Fiscal Year Ended March 31, 2023

A robust, efficiently managed capital investment program can support healthy economic growth, while the deterioration of capital assets can weaken the State’s economy and its ability to attract and retain business. Capital assets include not only highways and bridges, but also facilities for education, government, health, housing, environmental conservation and recreation.

Capital Spending Has Increased Over the Past Five Years*

At the end of SFY 2022-23, the State reported $116.7 billion in capital assets, an increase of $4.4 billion (4 percent) from the prior year.

  • From SFY 2018-19 to SFY 2022- 23, capital spending increased by $1.8 billion (14.3 percent). Spending increases within major categories included:
    • Transportation, up by approximately $1.2 billion (20.3 percent). Transportation accounted for 51.1 percent of all capital projects spending in SFY 2022-23, up from 48.5 percent five years earlier. The increase is largely related to spending for the Metropolitan Transportation Authority.
    • Education, up by $449.2 million (38.7%).
    • Housing, up by $239.4 million (71.5 percent). This category’s share of total capital spending increased from 2.7 percent to 4.1 percent.
    • Mental Health, Health and Social Welfare purposes, up $238.6 million (25 percent).
    • All other purposes decreased by $726.8 million (31 percent), partially offsetting the above increases.
    Bar chart of New York Spending from Capital Projects Funds
    Pie chart of Capital Spending by Functional Area - SFY 2021-22
  • Over the past 20 years, the State has financed an average of 41.4 percent of non-federal capital spending on a pay-as-you-go basis when including off-budget spending.
  • Over the next five years, the Division of the Budget projects:
    • Capital spending to average $18.8 billion per year; and
    • The share of nonfederal capital spending financed on a pay-as-you- go basis to average 37.1 percent.

At the end of SFY 2022-23, the State reported $116.7 billion in capital assets, an increase of $4.4 billion (4 percent) from the prior year.

Pie chart of New York State Capital Assets - as of March 31, 2022

* Actual spending figures in this section do not include off-budget spending by public authorities funded directly from State-supported bond proceeds, while figures for the Division of the Budget’s projections include such spending.