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MTA Faces Widening Budget Gaps, Says State Comptroller
After a brief period of financial stability secured by an infusion of state funds last year, the Metropolitan Transportation Authority (MTA) now faces growing fiscal uncertainties and risks leading to projected budget gaps that start at $211 million this year and increase to $652 million in 2028, New York State Comptroller Thomas P. DiNapoli said Wednesday. Those gaps could grow wider still.
“A year ago, the MTA was looking forward to a period of solid fiscal health, but its financial condition has quickly turned from stable back to uncertain,” DiNapoli said. “Paid ridership is not coming back as fast as the MTA hoped. With farebox and tax revenues down, a pause on congestion pricing and other financial risks, significant operating budget gaps could again be on the horizon.”
Although paid ridership in June was at about 70% of pre-pandemic numbers, it failed to grow at the expected pace in July and August. Meanwhile, crossings at the MTA’s seven bridges and two tunnels are at record levels; however, increased toll revenue has not made up for slow farebox growth.
- ◦Financing
- ◦Policy/Gov't
