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NEW YORK CITY — The coronavirus pandemic will leave the MTA with a $16.2 billion budget deficit if the transit agency doesn't cut costs and receive billions in federal aid, officials said.
NEW YORK CITY — A budget under consideration by MTA board members assumes there will be no hope on the horizon in 2021. The transit agency's board met Wednesday to discuss a grim budget plan...
Fare Hikes Could Come To Metro-North To Address 'Fiscal Cliff': MTA - New Rochelle, NY - Post-COVID impacts including dramatically reduced ridership has led to a deep budget shortfall, officials say.
By December 2020, the MTA had decided not to implement a budget that would have resulted in 40% service cuts and massive staff layoffs, under the assumption that Congress would give $4.5 billion of aid to the MTA. [205]
On February 1, 2023, as part of her Executive Budget proposal to the New York State Legislature, Governor Kathy Hochul proposed raising the MTA payroll tax, a move projected to increase revenue by $800 million, and also giving the MTA some of the money from casinos expected at present to be licensed soon for business in Manhattan. [153]
The TBTA is the largest bridge and tunnel toll agency in the United States by traffic volume. It generated more than $2.4 billion in toll revenue from 335 million vehicles in 2023. [2] As of 2023, its operating budget was $596 million; [3] the budget is funded through taxes and fees. [5]
Officials Worry MTA Budget Puts Subways On 'Chopping Block' - New York City, NY - The MTA Board approved the $16.1 billion plan despite objections from Mayor Bill de Blasio's appointees.
The MTA faced a budget deficit of US$1.2 billion in 2009. [275] This resulted in fare increases (three times from 2008 to 2010) [276] and service reductions (including the elimination of two part-time subway services, the V and W ).
Facing massive budget and ridership shortfalls because of the coronavirus pandemic, Metro-North may cut service by 50 percent, Metropolitan Transit Authority officials said Wednesday.
In 1991, then-New York Governor Mario Cuomo allocated $22 million to renew planning and design efforts for the Second Avenue line, [70] but two years later, the MTA, facing budget cuts, removed these funds from its capital budget. [71]