Payments to STARC / NYC

Budget Highlights

This local assistance appropriation is required pursuant to Section 3238-a of the Public Authorities Law and is related to the refinancing of prior New York City Municipal Assistance Corporation debt and other debt by the Sales Tax Asset Receivable Corporation (STARC), a local development corporation established by the City of New York.

The FY 2022 Executive Budget recommends $170 million for the Corporation. This is unchanged from the FY 2021 budget. The FY 2022 Executive Budget includes a proposal to refund outstanding STARC (NYC) bonds with PIT or Sales Tax Bonds to generate savings. STARC bonds are funded exclusively by the annual $170 million payment made by the State. If the bonds are refunded, it would eliminate the obligation to pay $170 million annually to the Corporation.

Note: Most recent estimates as of 01/19/2021