#The MTA’s finances are in free-fall — even if Uncle Sam helps out
“#The MTA’s finances are in free-fall — even if Uncle Sam helps out”
July 16, 2020 | 7:39pm
The Atlantic Avenue-Barclays Center station in Brooklyn.
Paul Martinka
That means revamping its $55 billion modernization plan as well as hikes to fares and tolls.
The agency wants another $4 billion from Congress, but its projected revenue shortfalls are now $8.4 billion to $12.6 billion through the end of 2021. And it also clearly won’t be collecting congestion-pricing fees this year, as once planned. Yet it faces new expenses for amped-up cleaning, as well as retrofitting of buses to protect drivers.
So the MTA faces some very tough decisions — as does its workforce.
It’s already got a hefty debt load, so fresh borrowing must be a last resort, the CBC warns. Fare and toll hikes will be needed, and the modernization plan scaled back.
The CBC lists five ideas: Get concessions to reduce overtime and fringe-benefit costs while boosting productivity. Put off longer-term capital projects. Boost tolls more than fares, to counteract the likely increase in traffic as virus-spooked commuters avoid mass transit. But still raise fares to cover half of costs, up from about a third now.
The MTA probably needs to do all of the above to avoid major service disruptions that would mean trouble for the whole city.
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