Authorities in deep debt, according to audit
New York's state and local public authorities have increased their debt to almost $250 billion, according to a report released today by state Comptroller Thomas P. DiNapoli.
“Public authorities are an increasingly influential sphere of government, but they still operate in the shadows with too little accountability to the public,” DiNapoli said in a statement. “The Public Authorities Reform Act of 2009 made some progress in improving oversight but more needs to be done to curb the state’s overreliance on public authorities issuing debt without voter approval.”
The full report is available below.
The report said that almost $56 billion was spent by authorities in the last fiscal year, with 63 percent coming from state authorities and the rest coming from local authorities.
There are 1,169 public authorities, according to DiNapoli. This total includes 324 state authorities, 837 local authorities, and eight interstate or international authorities.
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