STATE OF NEW YORK
Authorities Budget Office
P O Box 2076
Albany, NY 12220-0076
Local:518-474-1932Toll Free: 1-800-560-1770
total, the percentage of outstanding debt issued by state authorities for their own purposesdeclined from 40.8 percent to 27.3 percent. Outstanding state authority debt issued at thedirection of the state for state purposes increased from 34.9 percent of the total to 38.9percent, and the percentage of outstanding state authority debt issued on behalf of third partiesrose from 24.3 percent in 2008 to 33.8 percent in 20128.
The debt outstanding for local authorities (other), as reported to the ABO, rose from $44.6billion in 2008 to $68.4 billion in 2012 – a 53.4 percent increase over 5 years. This increase isattributable to a $23.0 billion increase in debt reported by various New York City authorities.
During this period, outstanding IDA debt, as reported, declined by 24.4 percent, from $21.7billion to $16.4 billion. This decline is attributable, in part, to the statutory prohibition on theissuance of debt by IDAs to finance civic facility projects, which took effect in 2008. As a result,IDA financial assistance to approved projects is increasingly in the form of property and sales taxabatements rather than tax exempt bond financing.
Conversely, debt issued by not-for-profit corporations, defined as local authorities, increasedfrom $1.5 billion to $11.5 billion between 2008 and 2012. This is further evidence thatmunicipalities are utilizing these local authorities to issue tax exempt debt for civic facilityprojects. The increase is also likely attributable to an increase in the number of not-for-profitcorporations defined as local authorities and improved reporting to the ABO.
Eighteen authorities reported bonus programs in 2012 that awarded bonuses to more than2,200 staff – 64 of whom received bonuses of $10,000 or more. Most individuals who receivedbonuses were employees of medical centers and regional transportation authorities.
The 280 IDA projects which were approved in 2008 and remain active in 2012 have fallen 1,642 jobs short of the job creation commitments made at the time the projects were approved.These projects have received almost $183 million in financial assistance over the past 5 years.
149 LDCs reported issuing debt, making loans, or awarding grants at least once between 2008and 2012. This means that 143 local development corporations, subject to ABO oversight,reported providing no financial assistance to any project during this period. This lack of reportedactivity raises questions concerning the role and purpose of these entities.The ABO is continually working to improve compliance with reporting requirements and the quality of the information reported. Our mission is to make authorities more accountable and transparent. Lastyear the ABO formally censured the boards of directors of six authorities for repeated and chronic non-compliance with reporting requirements. This brings to 25 the number of authorities censured by theABO in the past two years. In addition, the ABO trained more than 500 directors and executive staff in