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New York authorities racking up debt

Jan 13, 2017 12:05 am
Casey Seiler reports in Capitol Confidential that New York state is increasingly bypassing voters and borrowing huge sums of money under several "authorities," such as the New York Thruway Authority. The state constitution does not allow borrowing without voter approval, but authorities can do what they want. “Some of these entities are repeatedly used in a way that circumvents borrowing limits and oversight. As a result, New York is shouldering a huge debt load issued by public entities operating in the shadows that voters never approved," said state Comptroller Tom DiNapoli who issued a report on the issue Jan. 12. Currently, 1,192 public authorities operate in New York with $267 billion in debt, roughly $13,487 for every state resident, according to the report. Read the full story in Capitol Confidential.
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