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Public Authority Debt Increased to $250 Billion

401(K)2013, Flickr

Public authority debt increased to nearly a quarter of a trillion dollars in the latest reported fiscal year, according to a report released by State Comptroller Thomas DiNapoli.

New York relies on authorities to undertake most borrowing on its behalf, and routinely uses authority resources to plug state budget gaps.

DiNapoli found that authorities spent nearly $56 billion in the last reported fiscal year. State authorities accounted for $35.4 billion of these expenditures, or 63 percent of the total, while local authorities reported $20.4 billion in spending, or 37 percent.

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