Taxpayers to benefit from Authorities reform bill

   "This is real reform, it will affect people in their daily lives."

    Westchester County Assemblyman Richard Brodsky is talking about the Public Authorities Reform Act which passed unanimously in the State Assembly Wednesday. 

   There are more than 700 public authorities operating in New York State generating more than $140 billion dollars in debt and the State Senate is expected to soon consider legislation that would reign in and reform these authorities to protect the taxpayer.

  Brodsky said the legislation "creates a new cop" when it comes to public authorities.

   Officials say the Reform Act increases the accountability and transparency of agencies such as the New York State Thruway Authority,the Metropolitan Transportation Authority and the State Power Authority.

 It would force each authority to come up with their own debt limitation and calls for the Comptroller's review of all no bid authorities contracts.

   A spokesman for Assembly Speaker Sheldon Silver said Thursday  that lawmakers in Albany believe these authorities,some of which are small and locally based, have been operating autonomously without oversight and have had the power to issue a lot of debt without taxpayer approval.

  Governor David Paterson said Wednesday,"these authorities have operated largely in the dark,today we're turning the lights on."

  The new legislation calls for a broad scrutiny of the authorities dealings requiring mandated enhanced financial reporting.  It also creates a Whistleblower provision and toughens laws regarding how the authorities deal with lobbyists.

  Brodsky told CBS 6 News had this law been in place when the new Yankee Stadium Authority was created the baseball stadium might not have gone forward and Brodsky said New York taxpayers would have been saved $4 billion dollars.

 Brodsky projected that the legislation will reduce billions of dollars in costs for taxpayers.

   It is unclear how the bill will fare in the Senate and whether Democrats will have enought votes in the Chamber to push the legislation to Governor Paterson's desk.