Study: NY fiscal state bad, but other states worse

New York State is not one of the top 10 states to face looming budget disasters, but it isn’t far behind, according to a new report from the Pew Center on the States.

New York saw revenue drop 17 percent from the first quarter of 2008 to first quarter 2009 -- among the largest drops in the country.

The size of the budget gap for fiscal year 2010, as of July 2009, at 32.3 percent, is also among the highest nation-wide.

What likely kept New York off the top 10 list is the state’s foreclosure rate of .76 percent -- on the lower end of the spectrum compared to other states during the first quarter of 2009. New York’s foreclosure rate was nearly half the national average of 1.37 percent.

Arizona, California, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin are the states that top the list.

To see the complete breakdown, click here.