NYC Subway Provider Staring At $25B Budget Deficit As It Seeks To Upgrade 100-Year-Old System
The New York Metropolitan Transportation Authority (MTA), the largest mass-transit provider in the U.S., is facing a potential $25 billion funding gap for future infrastructure upgrades, according to New York’s comptroller.
What Happened: The MTA is expected to release its 2025—2029 capital program by Oct. 1, Bloomberg reported on Thursday. Comptroller Thomas DiNapoli stated that if the spending plan reflects the MTA’s current $51.5 billion capital budget, the agency will need to address a $25 billion deficit, as some revenue sources are already allocated.
The MTA’s capital budget is used for subway station renovations, signal upgrades, accessibility improvements, and sustainability programs to safeguard against extreme weather conditions. The next capital budget will need to incorporate $6 billion to combat climate change, MTA officials announced last month.
The MTA and state lawmakers will need to find new funding sources ...
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