S&P has just put out a report (no link) on the amount of money that state governments have promised to current and future retirees in “other post-employment benefits” (OPEB), mostly health.

The total in unfunded liabilities? $545 billion — of which New York State owes $55.9 billion, or 10.3 percent.

That’s more than New York’s 6.4 percent of the U.S. population.

New York clocks in at #10 in the amount that each individual person in the state owes, with a $2,859 unfunded liability per capita.

In worse shape than the Empire State, on a per-capita basis, are Alaska ($12,376), Connecticut ($7,551), New Jersey ($6,808), Hawaii ($6,786), Delaware ($6,530), West Virginia ($4,083). North Carolina ($3,508), Alabama ($3,249), and Maryland ($2,868).

The national median is $1,011 per capita. But the national average is $1,884 per capita, showing wide divergence.

S&P warns against making the direct comparisons without taking some differences into account. Some states, for example, include local school districts’ liabilities in the state burden. New York doesn’t.

Last year, E.J. scoured state and local financial statements to come up with a total of $205 billion in unfunded state and local liabilities.

UPDATE: In its enacted budget (p27), New  York has provided an updated figure of $60.2 billion for state liabilities, including $10.1 billion for the State University of New York (SUNY).

Tags:

You may also like

Lawmakers Seek To Revive a $10 Fee for Prescriptions That Was Dropped by DFS

A plan to require a $10.18 "dispensing fee" for filling drug prescriptions is back on the table in Albany – this time in the form of legislation rather than regulation. The Read More

How a Medicaid ‘Cut’ Could Lead to More Unionization of Home Care Aides

A money-saving maneuver in the newly enacted Medicaid budget could end up increasing costs in the long term – by paving the way for more unionization of the state's burgeoning home health workforce. Read More

Budget Deal Slows Medicaid Growth But Plants Seeds for Future Spending

The growth of New York's Medicaid spending is projected to slow but not stop as Governor Hochul and the Legislature effectively split their differences over health care in the newly enacted state budget. Read More

Albany’s New Health Insurance Tax Comes with Few Limits

The newly enacted state budget imposes a multibillion-dollar tax on health insurance without specifying who must pay how much – leaving those basic details to be decided later by the health commissioner in negotiation wit Read More

While New York’s Medicaid Budget Soared, Public Health Funding Languished

Four years after a devastating pandemic, the state has made no major investment to repair or improve its public health defenses. While funding for Medicaid over the past four years Read More

A Medicaid Grant Recipient Sponsors a Pro-Hochul Publicity Campaign

While much of the health-care industry is attacking Governor Hochul's Medicaid budget, at least one organization is rallying to her side: Somos Community Care, a politically active medical group in the Bronx that recently r Read More

Loss of Patients and Revenue Foreshadowed Downsizing for SUNY Downstate

The SUNY-owned hospital in Brooklyn facing a newly announced downsizing plan has seen its patient volume and revenue plunge over the past decade, according to a review of its financial reports. Read More

How a Medicaid Program To Improve Nursing Home Care Ended Up Paying for Union Benefits

New York State's budget-making process sometimes works like a closed loop, as interest groups on the receiving end of state spending reinvest a portion of their proceeds to lobby Albany for still more money. Read More