2022 Financial Condition Report

For Fiscal Year Ended March 31, 2022

Public Authorities

2022 Financial Condition Report
For Fiscal Year Ended March 31, 2022

Public authorities are distinct legal entities that provide services to the public as well as to the State and local governments. New Yorkers pay for public authorities in a variety of ways including service charges, tolls, fees, and in some cases, taxes. 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. In fiscal years ending in 2021, public authorities and subsidiaries reported almost $80 billion in revenue and capital contributions, employed more than 159,000 people, and made more than $20 billion in contract payments.

The fiscal stability of the State is often intertwined with certain public authorities. In fiscal years ending in 2021, public authorities reported more than $324 billion in debt outstanding. The State’s access to public credit markets could be impaired if 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 2022-23:

  • Increased bonding authorizations for 27 programs financed through State-Supported debt issued by public authorities; and
  • Provided for a combined increase in State-Supported public authority bonding authorizations of $21.7 billion or 13.2 percent over previous limits. Most of the bond cap increase is for housing, economic development, and transportation, and includes $2.35 billion for the Hudson Tunnel Project, part of the Gateway Program to improve rail infrastructure between New York and New Jersey.
Table of 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 are submitted by public authorities through the Public Authorities Reporting Information System (PARIS). The data contained in PARIS and used in this report are self-reported by the authorities and have not been verified by the Office of the New York State Comptroller. As required by Public Authorities Law, certain data submitted are required to be approved by the board of directors and/or have the 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 2021.

** Numbers may not add due to rounding.

*** Certain New York State Urban Development Corporation staff are also reported as employees of the New York State Job Development Authority.

**** Certain Long Island Power Authority (LIPA) staff are also reported as employees of the Utility Debt Securitization Authority (UDSA).