Tuesday, October 21, 2014

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Record High Ridership Good for MTA's Books, Report Finds

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The Metropolitan Transportation Authority is looking good financially in the short term but still may face issues in years to come, according to a new report from State Comptroller Thomas DiNapoli.

The report finds the agency's finances have improved recently thanks to record high ridership rates and outside factors like an improving economy.

Looking ahead, the report warns that between 2015 and 2019, the authority will still need $15 billion to make planned improvements and repairs.

Fare increases are already on the way for next year, though they are not as high as originally projected.

The comptroller's office is calling on the MTA to balance the books without passing the cost on to riders.

The authority will also need to work out a new deal with transit workers in 2016.

The MTA's debt is expected to reach 38 billion dollars over the next four years, with an additional $32 billion in estimated borrowing to fill the Capital Program.

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