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Report shows $151B debt by NY public authorities
ALBANY (AP) -- A new report shows New York's public authorities have added billions of dollars in debt over the past five years with a balance of $151 billion at the end of 2012.
The 45 state public benefit corporations, established to finance, build and manage public projects, have increased debt by $23.8 billion, or almost 19 percent, since 2008.
The report by the Authorities Budget Office notes almost $59 billion is state-obligated debt, an additional $41 billion owed by the authorities themselves from their own revenues and $51 billion issued for third parties.
The Dormitory Authority tops the list at $44.5 billion, up $10 billion. It builds and finances projects for state and nonprofit colleges, hospitals and other entities.
That's followed by the Metropolitan Transportation Authority, up $5 billion to $31.5 billion.