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Public authorities' debt at $151.1B at close of 2012

Rochester Business Journal
July 8, 2013

New York’s public authorities had $151.1 billion in outstanding debt at the end of 2012, an 18.6 percent increase from 2008, but debt issued for authorities’ public purposes declined by 13.5 percent, the state Authorities Budget Office reported Monday.

Operating expenses for New York’s 574 state and local authorities have increased at a pace similar to state government, the annual report states.

While outstanding debt has increased in the last four years, debt for public purposes dropped to 27.3 percent of total debt in 2012 from 40.8 percent in 2008, the report states.

Outstanding debt for the state’s industrial development agencies declined to $16.4 billion last year from $21.7 billion in 2008, possibly because IDAs are now prohibited from issuing debt for civic facilities, the report states.

Some 280 IDA projects first approved in 2008 and active in 2012 have received nearly $183 million in tax breaks based on commitments to create 9,100 jobs, but have generated 1,642 fewer jobs than projected, the report states.

The ABO cited 155 authorities as non-compliant with New York’s public accountability, transparency and disclosure requirements. It officially censured the boards of directors at six authorities for chronic failures in corporate governance.

The Western Finger Lakes Solid Waste Management Authority, the Batavia Development Corp., the Batavia Regional Recreation Corp., the Fairport Local Development Corp., the Greater Brockport Development Corp., the Ontario County Economic Development Corp., and the Western Ontario Local Community Development Corp. are among the 155 non-complaint authorities listed.

The annual report is available at www.abo.ny.gov.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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