According to New York State Comptroller Thomas P. DiNapoli, the Metropolitan Transportation Authority (MTA) is once again facing financial uncertainties and risks after a brief period of stability last year due to an infusion of state funds. The projected budget gaps for the MTA are expected to start at $211 million this year and increase to $652 million by 2028.
DiNapoli stated on Wednesday that these gaps could potentially grow even wider in the future. He also noted that while a year ago, the MTA was anticipating a period of strong fiscal health, their financial situation has quickly deteriorated back into uncertainty.
The main factor contributing to this instability is the slow return of paid ridership. Although June saw about 70% of pre-pandemic ridership numbers, July and August did not see as much growth as expected. Additionally, while crossings at seven bridges and two tunnels operated by the MTA have reached record levels, toll revenue has not been enough to make up for sluggish farebox growth.
Overall, with decreased farebox and tax revenues along with other potential financial risks such as congestion pricing being put on hold temporarily,the MTA may once again face significant operating budget deficits in the near future.
