New York State Comptroller Thomas P. DiNapoli issued the following statement today on the Metropolitan Transportation Authority (MTA)’s February Financial Plan:
“There is still a lack of clarity on how the MTA will close its $600 million deficit this year. The agency is depending on the state for new revenue to offset ridership loss and balance its budget through 2026, but this funding is not yet assured, and savings have not been identified. The MTA must hold up its end of the bargain and identify how it’s going to save $100 million this year, and more than $400 million annually to stay afloat and avoid impacts to services in the future.
“Steps to generate and publicize savings through efficiencies, rather than cutting services, will likely take on added importance given the current fiscal environment. The MTA potentially faces lower-than-expected payroll mobility and real estate taxes, which could offset increased revenue from fares and tolls. Congestion pricing will also begin later than expected, hindering the MTA’s finances.
“It’s clear the MTA will need all of its funding partners to step up due to its current financial situation; however, the authority must do its part to ensure any funds provided are maximized to increase ridership and enhance operations. Reliable and safe mass transit remains essential to New York City’s economic recovery.”
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