NY 'Shadow Government' Debt Rises To $140 Billion
NEW YORK (AP) ― The latest state records show New York's public authorities -- long criticized as a shadow government subject to little outside scrutiny -- have increased their debt to more than $140 billion. That's a 16 percent increase over the past five years, reflecting more borrowing even when fiscal times were good and revenue was healthy.
Democratic Assemblyman Richard Brodsky says Wednesday the growth in borrowing by public authorities through unelected boards shows the need for reform required in a bill now before Gov. David Paterson.
The bill would create an oversight board and require more transparency in how authorities provide services, including operations of the Thruway Authority and the Metropolitan Transportation Authority.