ALBANY – New York State Comptroller Thomas P. DiNapoli reported Thursday that New York's state-funded debt is projected to reach $63.7 billion by the year's end, and $71.8 billion over the next four years.

As a result, the comptroller is calling for reforms to New York's use of debt, including voter approval of borrowing and better capital planning for infrastructure projects.

“New York faces tremendous infrastructure challenges and the wise use of debt can be an essential part of the financing picture,” said DiNapoli.

“Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs. My debt reform proposal would help ensure effective capital planning and manageable debt levels.”