The good news is that overall state debt in New Jersey is at the lowest it has been in 10 years, according to the Department of the Treasury’s Fiscal Year 2023 Debt Report, which was released this week. The bad news: The state’s debt total is still an eyepopping $200.9 billion.

Overall state debt decreased by $38.1 billion from 2018 to 2023.

“We have made great strides towards righting our fiscal ship, including actions such as making full pension payments and defeasing bond obligations, leading to reductions in the State’s overall debt levels,” said state Treasurer Elizabeth Maher Muoio.

The Debt Defeasance and Prevention Fund has helped the state to eliminate almost $3.7 billion in bond principal. And in January, Treasury successfully retired almost $500 million in debt.