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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.
A preliminary budget from a consulting firm projects an $2.5 billion structural deficit for the agency as federal aid erodes, said the MTA.
The deficit would then stand at $600 million in 2023 and $1.2 billion in 2024 and 2025. The fare hike would result in $50 million in revenue in 2023, and $100 million in 2024. The increase would ...
The budget deficit of the MTA is a growing crisis for the organization as well as for New York City and State residents and governments. The MTA held $31 billion in debt in 2010 and it also suffered from a $900 million gap in its operating budget for 2011. [132]
The November plan outlines actions from the MTA to shrink the structural deficit from $2.6 billion to $600 million in 2023 and from almost $3 billion in 2025 and 2026 down to $1.2 billion ...
The New York City Transit Authority (also known as NYCTA, the TA, [2] or simply Transit, [3] and branded as MTA New York City Transit) is a public-benefit corporation in the U.S. state of New York that operates public transportation in New York City. Part of the Metropolitan Transportation Authority, the busiest and largest transit system in ...
In March 2014, the NICE bus system faced another $3.3 million budget deficit. [60] At that time, the bus system expected an additional $1.2 million in state aid. [ 60 ] On October 31, 2014, the Nassau County Legislature adopted a 2015 budget that would increase Nassau County's contribution to NICE bus from $2.6 million to $4.6 million in 2015 ...
To cover budget deficits in 2024 and 2025, officials said Wednesday that the MTA was granted the authority by the 2020-2021 State Enacted Budget to borrow up to $10 billion in deficit financing ...