NYS Comptroller DiNapoli Statement on MTA's July Financial Plan

July 31, 2024

New York State Comptroller Thomas P. DiNapoli released the following statement today on the MTA's July financial plan:

"The Metropolitan Transportation Authority (MTA) has a duty to be clear with riders and toll payers on how the $15 billion hole in its 2020-2024 capital program will impact services. The presentation of the July plan makes clear that hundreds of millions of dollars in operational risks have been created by the funding hole, but we still do not yet know if or when critical capital upgrades and maintenance will happen.

"The MTA has already slowed or suspended capital projects due to a lack of funding. It must update its capital project dashboard to identify which projects' schedules and budgets will be changed by the capital funding gap and which projects can't move forward until funding is identified. The MTA should make these revisions before it releases its 2025-2029 capital plan because they may affect the needs and timing of projects in that plan.

"While funding for capital projects remains uncertain, the MTA made it clear that the accelerated use of debt and the deferral of capital projects will affect its operating budget by increasing debt service and maintenance costs. Subway and bus ridership, which now lags projections, is also slowing the planned recovery of operating revenue. While the MTA acknowledges new funding gaps beginning in 2027, these are likely understated, until the capital funding issue is dealt with.

"There is a lot at stake for riders and toll payers. The MTA must be transparent and communicate how its budget and capital plan choices will prioritize safety, frequency and reliability of the system to bring riders back and stabilize its finances."