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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.
Subway Chief Cites Fare-Beating In MTA Budget Woes - New York City, NY - Andy Byford said fare evasion is a factor in the MTA's budget problems, drawing fire from the Manhattan DA's...
The New York Times described MTA funds as a "piggy bank" for the state, with the issuance of MTA bonds benefiting the state at the MTA's expense. By 2017, a sixth of the MTA's budget was allocated to paying off debt, a threefold proportional increase from 1997.
In New York City, a planned congestion pricing scheme will charge vehicles traveling into or within the central business district of Manhattan. This disincentivizing fee, intended to cut down on traffic congestion and pollution, was first proposed in 2007 and included in the 2019 New York state government budget by the New York State ...
The WMATA staff preliminary budget for 2011-12 shows an $89 million operating deficit. This deficit can be addressed by fare increases, service reductions, or increased funding from the participating local jurisdictions.
May 10, 2024 at 4:03 PM. SACRAMENTO, Calif. (AP) — California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus ...
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 agency is facing a more than $100 million budget deficit this coming fiscal year and a nearly $1 billion shortfall the year after, shortfalls mass transit agencies around the country are ...