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Rail News: Financials
MTA board OKs $29 billion capital program
The Metropolitan Transportation Authority's (MTA) board on Wednesday approved a revised $29 billion 2015-19 capital program.
The plan marks the largest investment to date in the New York City agency's transportation infrastructure, according to an MTA news release.
The plan calls for buying thousands of new subway cars, train cars and buses; investing $2.8 billion in subway station improvements; finishing the installation of positive train control on Metro-North Railroad and the Long Island Rail Road (LIRR); building a new LIRR station in Elmhurst, Queens; and constructing four new Metro-North stations in underserved areas of the Bronx.
"Since our first capital program in 1982, we have invested more than $100 billion to rescue our mass transit network from near-collapse and make it an engine of growth for the entire region," said MTA Chairman and Chief Executive Officer Thomas Prendergast.
"This revised capital program will reduce costs and deliver projects more efficiently without cutting any projects or the benefits they will bring to our customers," he added.
The revised program budget is about 10 percent smaller than the $32 billion program first proposed last year.
To deliver the projects at a lower cost, the MTA will take advantage of negotiated procurement processes and public-private partnerships. The agency will continue its strategy of replacing deteriorated components, rather than entire systems.
The program is fully funded with $11.8 billion in MTA funds, $8.3 billion from the state of New York, $6.4 billion in federal funds and $2.5 billion from New York City.
Following the board's approval, the program will be submitted to the state Capital Program Review Board for approval.
If the review board does not veto the capital program within the next 30 days, the MTA can begin pursuing projects within it, agency officials said.
Contact Progressive Railroading editorial staff.