NYS Comptroller raises alarm about mounting public authority debt

| Media Coverage

When it comes to racking up debt, the State Comptroller said public authorities have had too smooth of a ride.

In a new report, Thomas DiNapoli found the State’s more than 1100 authorities have accrued nearly a quarter of a trillion dollars; most of it without New Yorkers’ stamp of approval.

“Right now we have 94-percent of our state-funded debt that is held by the public authorities and has never been approved by the voters,” said iRobert Ward, Deputy Comptroller.

Ward said 30-billion of the debt in just the last couple of years was taken on for good reasons, like building bridges and other long term capital improvements.

But the Comptroller’s Office said there’s not enough oversight of the spending, including on salaries.

The report found that 18,000 employees or 11.6-percent of the workforce, earn over $100,000-a-year…..

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