Give the riders a break!
The MTA has an almost $2 billion more in new resources than it anticipated in its five-year financial plan, and should consider using it to spare riders the pain of future fare and toll hikes, a new analysis by the New York state comptroller found.
“The MTA’s financial outlook is much improved,” said Comptroller Thomas DiNapoli. “While funding the next capital program and improving services are critically important, reducing the size of planned fares and toll hikes must also be considered.”
The authority’s finances improved this year with almost a $500 million increase in tax revenues, and costs such as energy, debt service and pension contributions have decreased.
Some of the new funds are slated to improve service and maintenance, fund the capital program for big projects like the Second Avenue Subway and reduce projected budget gaps.
But all fares and tolls are still scheduled for a 7.5 percent hike in 2015 and 2017.
An MTA spokesman said the authority is considering a smaller increase, but is concerned that health-care and pension costs are expected to double through 2017.
“Our goal is to keep all future fare and toll increases as low as possible,” said spokesman Adam Lisberg.
He added that the MTA is on track to cut $1.3 billion in operating expenses by 2017.