APNewsBreak: Cuomo’s plan could boost borrowing

ALBANY, N.Y. (AP) – Three state officials say
1 of Gov. Andrew Cuomo's proposed budget amendments could
greatly expand the power for state and local governments to borrow money
with less independent oversight while potentially avoiding approval
from voters or the Legislature.

The officials familiar with
Cuomo's proposed amendments say one proposal appears to let the state
Dormitory Authority extend its borrowing power beyond campuses and state
buildings to a wide array of state and local projects.

The officials spoke on the
condition of anonymity because of the sensitivity of negotiations
between the governor and Legislature.

That could mean more
so-called back-door borrowing that has run up the state's debt without
requiring approvals by the Legislature or review by the state
comptroller.

Cuomo's budget office had no immediate comment.

Copyright
2012 The Associated Press. All rights reserved. This material may not
be published, broadcast, rewritten or redistributed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s