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.

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