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State treasurer outlines debt‑capacity metrics and warns about growing debt‑service ratio
Summary
State Treasurer Monica Mizzapelli briefed senators on debt affordability metrics, the statutory 10% cap formula, and how continued borrowing affects debt‑to‑revenue ratios used by rating agencies.
State Treasurer Monica Mizzapelli told the Senate Capital Budget Committee that the state’s current debt profile allows borrowing capacity but that officials should watch the debt‑service‑to‑revenue ratio that credit rating agencies monitor.
Mizzapelli described two ways the state evaluates debt capacity: (1) a statutory calculation she cited as "CRSRS 6 c" that limits new authorizations if projected debt service would exceed 10% of unrestricted revenue, and (2) an annual debt‑affordability study that models ratios…
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