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MTA Faces Five-Year Funding Gap of $10B

NEW YORK CITY-The transit authority will look to Albany to work out additional funding for its $28.1-billion capital program.

By Paul Bubny | Updated on August 11, 2009

NEW YORK CITY-The Metropolitan Transportation Authority needs to close a $9.9-billion funding gap for its 2010-2014 capital program, according to a draft report released Monday. As reported by GlobeSt.com, the bailout bill enacted by the State Legislature in May covers only the first two years of the MTA’s five-year program.

“Since this proposed program is a full five-year program as required by law, the MTA will work with legislative leaders to develop a funding package for the remaining three years of the program,” according to the report. Federal sources and MTA bond sales will also comprise a big chunk of the funding for the $28.1-billion plan, most of which is given over to rebuilding the authority’s core system.

Among other things, the MTA plans to buy more than 500 new subway cars, 2,800 buses and 410 rail cars; upgrade signals for its subways and commuter rail lines; and renovate stations, including improved access for disabled passengers. The authority also plans to replace its Metrolink swipe cards with a contactless payment system and make improvements to bus service including off-board fare collection.

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