2019 Financial Condition Report

For Fiscal Year Ended March 31, 2019

Public Authorities

2019 Financial Condition Report
For Fiscal Year Ended March 31, 2019

Created by the government, public authorities are legally separate entities that provide services to the public as well as to the State and local governments. Public authorities are generally self-supporting through their revenue-generating activities. However, in some cases, governmental financial assistance and support is provided for operating and other expenses. New Yorkers pay for public authorities in a variety of ways including rates, tolls, fees and, in some cases, taxes.

The fiscal stability of the State is related in part to the fiscal stability of certain public authorities closely related to the State. The State’s access to public credit markets could be impaired if certain public authorities closely associated with the State were to default on their obligations.

  • In addition to issuing debt for their own purposes, public authorities issue debt on behalf of the State for which the State provides the funds for repayment.
    • The Enacted Budget for State Fiscal Year 2019-20, along with legislation enacted at the end of the 2019 legislative session:
      • Increased bonding authorizations for 22 programs financed through State-Supported debt issued by public authorities;
      • Added new authorization for State-Supported borrowing for statewide equipment purposes; and
      • Provided for a combined increase in State-Supported bonding authorizations of $6.7 billion, or 5.2 percent over previous limits.
  • Public authorities and subsidiaries reported nearly $71 billion in revenue and capital contributions in 2018.*
  • Public authorities and subsidiaries reported making payments of nearly $15 billion pursuant to contracts in 2018.*
Public Authority Data on Expenses, Debt and Employees

For more information on public authorities, please see www.osc.state.ny.us/public-authorities

The data reported is submitted by public authorities through the Public Authorities Reporting Information System (PARIS). The data contained in PARIS and used in this section of the report is self-reported by the authorities and has not been verified by the Office of the State Comptroller. As required by Public Authorities Law, certain data submitted is required to be approved by the board of directors and/or have its accuracy and completeness certified in writing by the authority’s chief executive officer and chief financial officer. Not all authorities have complied with reporting requirements for 2018.

** Numbers may not add due to rounding.