LIPA trustees approve 2014 operating budget

LIPA trustees today approved its 2014 operating budget in the last meeting before the utility turns over almost complete control to PSEG on Jan. 1.

LIPA trustees today approved its 2014 operating budget in the last meeting before the utility turns over almost complete control to PSEG on Jan. 1.

LIPA trustees today approved its 2014 operating budget in the last meeting before the utility turns over almost complete control to PSEG on Jan. 1. (11/26/13)

WOODBURY - LIPA trustees today approved its 2014 operating budget in the last meeting before the utility turns over almost complete control to PSEG on Jan. 1.

Officials say the $3.5 billion spending plan includes $915 million in new borrowing. That includes $460 million for refinancing old debt and $455 million for improvements to the system as well as start-up costs for PSEG.

Trustees project that LIPA will end nearly $8 billion in the red next year, one of the highest debt levels in its 15-year history.

Over the past 15 years, LIPA officials say they've been trying to pay off their old debt while investing about $4 billion in the utility's infrastructure.

advertisement | advertise on News 12

Top 5 Must See

The LIRR said on its social media that 1 LIRR: Cancellations, delays expected for PM commute after derailment
Police say they found a man dead inside 2 Police: Man found dead inside Farmingville home
According to police, the incident happened on Wolf 3 Occupied mini school bus crashes with car in Melville
The Vertex report was submitted by the MTA 4 Officials, citizens call for another review over LIRR third track woes
The unidentified body was discovered near Seaview and 5 Police: Body of young man found in Massapequa Preserve

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE