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Rail News Home Passenger Rail

7/30/2009



Rail News: Passenger Rail

New York MTA unveils preliminary 2010 budget, four-year financial plan


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Yesterday, the New York Metropolitan Transportation Authority (MTA) released its 2010 preliminary budget and proposed four-year financial plan for 2010-2013.

As promised by Gov. David Paterson and the state legislature, the 2010 budget includes no service cuts or fare increases. The preliminary budget proposes total operating revenue of $6.4 billion and total operating expenses of $13.5 billion.

MTA projects cash balances of $29 million in 2009, $39 million in 2010 and $1 million in 2011, and manageable deficits in 2012 and 2013. The agency also expects to reduce expenses by $64 million in 2010 and eventually boost cost savings to $279 million by 2013.

The release of a preliminary budget kicks off a six-month period of public discussion before MTA approves a final budget in December.

Meanwhile, the financial plan proposes a continued fall off in real estate tax revenue and ridership because of the sluggish economy. The plan also proposes 7.5 percent fare increases in both 2011 and 2013.


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