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New York & Tri-State  + Finance  | 

NYS Comptroller: MTA Can’t Fully Fund $55B Capital Program

With a $2.9-billion budget hole, the Metropolitan Transportation Authority doesn’t have the resources to fully fund its $54.8-billion 2020-2024 capital program, New York State Comptroller Thomas DiNapoli reported Tuesday. He said the program is vital to improving riders’ experience and bringing them back to the transit system.

DiNapoli said his annual report on the MTA’s finances finds that delays to capital projects, severe revenue declines and a pandemic-related increase in borrowing are making the authority’s capital program to repair, modernize and expand the transit system appear increasingly unrealistic.

“The MTA and its riders face difficult years ahead, despite recent federal relief that helped avoid drastic short-term budget cuts,” DiNapoli said. “The MTA’s mounting debts and devastated revenue make it unlikely that it can afford all the work it planned. The numbers just don’t add up.”

MTA will need to find other sources of funding unless ridership improves rapidly, he added.


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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