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State Comptroller Warns of MTA’s “Dire” Finances
State Comptroller Thomas DiNapoli said Tuesday that the Metropolitan Transportation Authority (MTA) has few viable options without federal funding to avoid cuts in service and staff, additional fare hikes and long-lasting damage that could impair regional transit for decades. DiNapoli reached this conclusion in his annual report on the Lower Manhattan-based transit agency’s finances.
“The MTA’s financial condition is dire,” said DiNapoli. “With ridership down, debt burden rising and no additional help likely from New York state or New York City, the MTA desperately needs an influx of federal funds or unheard-of service cuts and workforce reductions will happen.
“Failure to fund the MTA now could disrupt maintenance and repairs and increase the MTA’s debt to suffocating levels that could take multiple generations to recover from,” he continued. “More than a reliable subway or commuter train ride is at stake.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
