Big Increase In NY State’s Debt
New York's Authorities Budget Office reports 577 state and local authorities statewide had outstanding debt of more than $263 billion in 2015, up almost 8 percent since 2011. The report shows the authorities, involved in public works, transportation and economic development and other projects, have generally increased operating expenses over four years. The 530 local authorities and development corporations on average show increases of nearly 14 percent since 2011, while the 47 state authorities' expenses are up almost 10 percent. All state authorities show $31.5 billion in operating expenses last year, led by the Metropolitan Transportation Authority's $15.3 billion, up almost 12 percent.