NEW YORK — New research suggests that the water utility in New York City is suffering a death spiral and is dying on electrical appliances, according to a new report.
The study, by the Center for Public Integrity, analyzed water bills and the water company’s financial reports, including its revenue, profit and expenses.
The report, based on water bills from 2014 and 2015, said the water department had $1.2 billion in debt and $2.9 billion in equity.
The study said the utility’s total revenue, which includes revenue from its water business, was $14.7 billion.
Water bills show the utility has $2 billion or less in debt, and its equity is less than $2 million, according the study.
The city, which relies on water for nearly 40 percent of its revenue and employs more than 4,500 people, also has a $1 billion deficit, according data from the Water and Sewer Authority.
The water authority’s financial report shows the water service is in danger of insolvency because of the lack of funding.
The water utility, known as the New York Waterworks, is under fire from residents and lawmakers, who are calling for it to be shut down.
The authority has faced calls for it and its customers to be privatized.