New York City Comptroller John Liu last week proposed a plan to accelerate $2 billion of capital spending over the next two fiscal years for school construction and other capital projects that have already been approved.
The comptroller’s office estimates that borrowing $2 billion now could save taxpayers up to $468 million in long-term borrowing costs.
“The plan addresses infrastructure challenges such as school overcrowding, deteriorating roads and bridges, and the need for new and better parks. It also offers an opportunity to save taxpayer money by taking advantage of today’s historically low interest rates and relatively low construction costs,” Liu said in a statement.
The plan could also “jump-start 15,000 jobs” in fiscal 2013 and 2014, he added.
The city plans to commit $28.8 billion in capital projects for fiscal 2014 to 2021 to build schools and upgrade other infrastructure.