New York’s public authorities have added billions of dollars in debt over the past five years and had a balance of $151 billion at the end of 2012, according to a new report.
The 45 state public benefit corporations, established to finance, build and manage public projects, have increased debt $23.8 billion, or almost 19 percent, since 2008.
The report of the Authorities Budget Office notes almost $59 billion is state-obligated debt, an additional $41 billion is owed by the authorities themselves from their own revenues, and $51 billion was issued for third parties. A large chunk was refinancing old debt at lower rates.
The Dormitory Authority, which builds and finances projects with tax-exempt bonds, topped the list at $44.5 billion, up $10 billion. That’s followed by the Metropolitan Transportation Authority, up $5 billion to $31.5 billion.