MTA Already Looking Over ‘Fiscal Cliff’ as Federal Funds Near End …

Jul 25, 2022 · The MTA has long held that more than $15 billion in one-time federal COVID relief funds would allow the agency to balance its budgets through 2025. But officials now concede …

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MTA Already Looking Over ‘Fiscal Cliff’ As Federal Funds Near End …

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Jul 25, 2022 · The MTA has long held that more than $15 billion in one-time federal COVID relief funds would allow the agency to balance its budgets through 2025. But officials now concede …

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Looming Fiscal Cliff 'will Destroy The MTA,' Watchdog Warns - New …

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Nov 17, 2022 · A $15 billion cumulative infusion of federal cash over 2020 and 2021 temporarily secured the MTA’s budget — but only until 2024. The MTA’s budget is further hamstrung by over $40 billion in ...

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Transit Faces A Fiscal Cliff In New York City—Sooner Than Expected

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Jul 27, 2022 · The day after Martinez’s report about the fiscal crisis at the MTA, a tweet showing the cost of making Broadway Junction accessible is estimated at $384.8-$474.1 million made …

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Looking To The Horizon: How Agencies Are Anticipating The Mass …

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Nov 4, 2022 · This is the second article in a multi-part series exploring the looming mass transit fiscal cliff. ... VRE has an approved operating budget of $97.8 million for their fiscal year …

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2022 MTA July Financial Plan Presentation

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Jul 26, 2022 · Fiscal cliff moved up, from 2026 to 2025. Deficit projected to be approximately $2.5 Billion per year. Operating efficiencies will be key to managing risks. Fiscal cliff can be …

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MTA Faces Fiscal Cliff Over Low Ridership - POLITICO

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Jul 26, 2022 · The new numbers mean that the MTA will go off a “fiscal cliff” a year sooner than previously expected, with the $14.5 billion they’ve gotten in federal aid running out by the end …

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Navigating The Fiscal Crisis In Public Transit - Governing

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Nov. 13, 2023 •. Jared Brey. New York City's transit system has weathered the current fiscal crisis by securing a new sustainable funding source that will bring in over $1 billion a year to the ...

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Metropolitan Transportation Authority November 2022 …

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Nov 30, 2022 · Federal Aid* and MTA actions to reduce costs over longer time period ($2,965) ($2,978) ... Federal COVID Funds for Operating and Debt Costs 1,943 1,785 902 1,028 650 ...

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FAQs about MTA Already Looking Over ‘Fiscal Cliff’ as Federal Funds Near End … Coupon?

How can MTA avoid a fiscal cliff?

“The best way to avoid a fiscal cliff is to have a balanced budget solution with new dedicated revenue streams, find areas to be more efficient, and continue to bring riders back,” said MTA Chief Financial Officer Kevin Willens. ...

Does the MTA have a balanced budget for 2027?

With the increase of the payroll mobility tax, increased City funding for paratransit and other dedicated taxes in the FY 2024 New York State Budget, the MTA projects a balanced budget through 2027, the first time in more than 20 years the Authority has projected a balanced budget for five consecutive years. ...

How much money does the MTA have to pay off?

A $15 billion cumulative infusion of federal cash over 2020 and 2021 temporarily secured the MTA’s budget — but only until 2024. The MTA’s budget is further hamstrung by over$40 billion in debt, which is pays off in part with money from rider fares, the report said. ...

Will a decline in fare revenue destroy the MTA?

“We believe the decline in fare revenue, combined with an end to federal COVID operating aid and historically high debt levels,will destroy the MTA and transit service unless the state delivers the MTA billions in new dedicated operating funds,” the report read. ...

Does the MTA need new dedicated funding?

“We agree the MTA needs new dedicated funding and the fiscal cliff is real and appreciate Reinvent Albany’s passionate advocacy for investment in mass transit,” MTA spokesman Aaron Donovan said in a statement. MTA CEO Janno Lieber has already started speaking to state and city lawmakers about the MTA’s finances. ...

Is the MTA a financial nightmare?

Nearly two and a half years later, the MTA is grappling with the fact that many of those riders may not be coming back, spelling a financial nightmare for the transit system. The MTA on Monday abandoned its rosier projections and issued new numbers predicting that subway, bus and rail ridership will be way down for a very long time. ...