New York City Mayor ­Michael Bloomberg last week said he wants to rein in employee pension costs. But what he didn’t mention in his remarks at the annual meeting of the board that monitors the city’s finances was debt service costs, which are consuming a rising level of the city’s tax revenue.

Though borrowing for capital projects increased dramatically under Bloomberg compared to the two terms of former Mayor Rudolph Giuliani, the city hasn’t paid a penalty — in fact, its credit rating is high and market demand for its debt remains robust.

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