Upheaval at New York State Thruway Authority
"A number of high-profile resignations at the New York State Thruway Authority is renewing concerns about its shaky fiscal foundation," reports Jessica Gould.
"Executive Director Tom Madison and Chief Financial Officer John Bryan left the agency Wednesday. Chairman Howard Milstein stepped down at the beginning of December."
The resignations come at a time of intense scrutiny on the Thruway Authority's finances following the authority's recent approval of a budget burdened by a $27 million deficit. Moreover, according to Gould, "the authority hasn't said how it will pay for the new Tappan Zee Bridge, which is estimated to cost $4 billion. It did say in a report to investors it would have to raise tolls nearly 70 percent in the next few years to cover its expenses."
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