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Rail News: Financials

MTA nets $27 billion in New York state's 2016-17 budget


Under a New York state budget agreement announced late last week, New York City's Metropolitan Transportation Authority (MTA) will receive more than $27 billion in funding, including $8.3 billion toward the agency's capital program.

The amount marks the state's largest investment toward the capital program, MTA officials said in a press release.

The MTA will now submit a revised plan of projects to be supported by the capital program to its board and to the state's Capital Program Review Board.

"The [capital] plan will enable the MTA to maintain critical infrastructure while renewing, enhancing and expanding our system to meet the ridership and growth demands of the future and improving the current experience for the millions who critically rely on our system each day," said MTA Chairman and Chief Executive Officer Thomas Prendergast.

The state budget also allocates $1.5 billion toward Phase II of the Second Avenue Subway extension.

Additionally, the budget sets aside $27.14 billion for the New York State Department of Transportation (NYSDOT). That sum includes $21.1 billion for capital improvement of highways, bridges, rail, aviation infrastructure, non-MTA transit and facilities throughout the state, according to a press release issued by New York Gov. Andrew Cuomo's office.

The budget aligns capital programming for NYSDOT and MTA over a five-year period and includes additional commitments for priority projects and programs that extend over a sixth year, Cuomo's release stated.