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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.
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.
MTA employees also suffered due to the budget issues. By mid-July 2010, MTA layoffs had reached over 1,000, and many of those affected were low-level employees who made less than $55,000 annually. As of 2015, the MTA was running a $15 billion deficit in its $32 billion 2015–2019 Capital Plan.
The cash-strapped MTA will get $1.1 billion in the budget deal — a bailout that likely will forestall fare hikes. The deal proposes to do this by raising the state's payroll mobility tax for New ...
The city's $250 million annual contribution to the MTA budget in 2017 was a quarter of the contribution in 1990. The MTA's East Side Access, became the most expensive underground railway project in the world due to politicians' monetary mismanagement of the MTA, as well as costly, inefficient union rules.
In 2013, the NICE bus system obtained a "windfall" from increased New York State (but not Nassau County) aid of $5 million and $3 million from a fare increase for MetroCard bus riders. [19] In March 2014, the NICE bus system faced another $3.3 million budget deficit. [19]
The MTA — facing an $8 billion budget deficit after ridership dropped 92 percent — responded with a historic plan to stop late night train service between 1 a.m. and 5 a.m. for the first time...
The first fare-free public transit program in the United States started during the 1970s, but the concept has gotten a push in recent years as urban areas look to mass transit to reduce carbon ...
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 ...
Subway Fare Hikes Won't Fix MTA's Budget Woes, Comptroller Says - New York City, NY - The MTA plans to increase subway fares in 2019 and 2021. It'll face a $634 million budget gap in 2022...