The agency says it won’t take out any new loans to finance its planned improvements and is finding other ways to cut costs.
The New York Metropolitan Transportation Authority announced it will not be borrowing any new money to fund repairs on the NYC transit system in an effort to cut costs, reports Michelle Kaske for Bloomberg CityLab. “The MTA had $47.7 billion of debt, including $25.7 billion that’s repaid from farebox and bridge and toll revenue, as of March 20, according to MTA documents.”
Janno Lieber, the MTA’s chief executive officer “he is confident that the MTA can find efficiencies to avoid shelving or postponing much-needed upgrades.” The agency will be able to use $1.2 billion freed up after the administration took over the Penn Station redesign project and has already reduced spending by bundling some capital projects together.
According to Kaske, “The MTA’s capital plan includes upgrading subway signals that are almost a century old, renovating Grand Central Terminal’s train shed, rehabilitating aging power substations and purchasing thousands of new rail cars.”
FULL STORY: NYC’s MTA to Cut Costs Instead of Borrowing More to Fund Upgrades
New York MTA Seeks New Funding Sources
The agency plans to negotiate new options for operational funding as farebox and toll revenue lingers far below pre-pandemic levels.
New York MTA Officials Warn of Massive Budget Gaps Without Congestion Pricing
The agency will lose hundreds of millions in projected congestion pricing revenue, forcing cuts to expansion plans.
New York MTA Cuts Bus Service
The transit crisis continues.
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