MTA Faces Steep Costs Despite Extra $1.9B In Budget

Law360, New York (September 27, 2013, 6:26 PM EDT) -- The Metropolitan Transportation Authority is optimistic about its short-term budget outlook, having discovered $1.9 billion in unanticipated resources in its latest financial analysis, but it faces $26.6 billion in project costs between 2015 and 2019, New York State Comptroller Thomas DiNapoli said Friday.

The MTA will use most of the $1.9 billion to maintain and upgrade existing services, fund capital programs and reduce projected budget gaps, the authority said. Still, it will raise fares and tolls by 15 percent by 2017 and might need additional funding...
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