Here’s an interesting graphic from Comptroller Thompson’s annual report on the city’s capital debt and obligations released late last week, showing the rapid rise in debt service that the city will owe in coming years. Between 2008 and 2018, the report says that annual debt payments will increase from $4.8 billion to $8.1 billion—which comes out to 5.3 percent—a rate that assumes that the amount of debt the city issues will drop substantially in the next few years.
With glaring city budget gaps looming ($11.3 billion over the next two-and-a-half years), the long-term effects of Mayor Bloomberg’s massive capital projects are coming into better view. read more »
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