New York Gov. Eliot Spitzer proposed selling more than $6 billion of bonds in fiscal 2009 as part of his $124.3 billion executive budget released yesterday. All funds spending would rise by 5.1% over the current fiscal year’s budget.
The budget calls for $6.28 billion of bond-financed capital spending, which includes some bond proceeds from the current fiscal year. Spitzer also proposed raising $1 billion for economic development by selling state-owned assets in New York City and another $4 billion for an endowment for education aid from a privatization of the state lottery.