Metropolitan Transportation Authority: An Overview of Capital Needs - Official release, NYS

[realizm]

In this report State Comptroller DiNapoli after an investigation found that the MTA and the pending $12 billion dollars it needs to finance the next capital budget to take effect in 2015 may not cover operation costs in the light of several megaprojects delayed (save for the SAS) new rolling stock purchases, the pending QBL CBTC and Sea Beach Rehabs, surface transit bus extensions and the like. As it is we are facing a definite 4.5% fare hike next year.

 

http://osc.state.ny.us/osdc/rpt6-2015.pdf

 

 

 

Just to note the money is actually there but as revealed the MTA has shrunken into $33 billion dollars in debt, the worst since 2005, leading to recent announcements that they have no money to build phase 2 of the SAS. So that money will only cover the cost of closing this latest fiscal gap. Not looking good for the 2015-2019 capitol budget which will be finalized by December, by the chairman and executive committee.

 

 

[Quill Depot]

Who knew…