This could be critical to completing funding for not only many of the projects listed in this forum, but as well as continued funding for the LIRR, metro North and Subways.
https://www.railwayage.com/news/report- ... annel=news
https://www.railwayage.com/news/report- ... annel=news
According to a report on Bloomberg.com, New York’s Metropolitan Transportation Authority (MTA) will run out of money in August if the U.S. Senate does not approve the economic stimulus measure that would provide about $3.9 billion to the agency, Chairman Patrick Foye said.
“We’re in a dire financial situation,” Foye said during a Bloomberg Television interview, as the city prepared to enter a second phase of reopening. “It is absolutely critical that the MTA receive that money.”
The $3 trillion measure passed by the Democrat-controlled House of Representatives would provide about $1 trillion to state and local governments being battered by the shutdowns. The amount the MTA would receive could carry it through the rest of the year, Foye said.
Earlier this year, the system received $3.8 billion with the enactment of the $2 trillion stimulus package in March. That money will fund the system through August, Foye said.
MTA runs the city’s buses and subways, regional commuter rail systems, and several bridges and tunnels. Its revenue since the COVID-19 lockdown began in March plummeted along with a 90% drop in subway and bus ridership, while costs increased as crews disinfect its train cars and stations daily, Foye said. Retired Federal Transit Administration Region 2 official and frequent Railway Age contributor Larry Penner (left), “The Federal Transit Man,” comments:
“During the AM New York MTA NYC Transit and NYC’s Reopening transportation webinar in response to a question about plans for any fare increase as a result of COVID-19, New York Metropolitan Transportation Authority Chairman Pat Foye said in no uncertain terms there is no consideration toward imposing a fare hike in the worst-case scenario due to the COVID-19 ridership loss. What he failed to mention is the previous plan agreed upon by both New York State Governor Andrew Cuomo and New York City Mayor Bill de Blasio; it included both congestion pricing and fare increases as part of a funding package to support the $51 billion MTA 2020 – 2024 Five Year Capital Plan. This plan includes fare increases no greater than 2% per year. The MTA and State Legislature committed to fare increases occurring every two years. With a fare increase in 2019, the next would be in 2021. The MTA currently faces financial shortfalls in the billions for both capital and operating expenses. Any fare increase for NYC Transit local, express and select bus service, subway, Staten Island Railway, MTA Bus along with Long Island and Metro North Rail Roads could be up to 4%. There is still no guarantee that Congestion Pricing will begin any time in 2021. Due to the economic recession as a result of COVID-19, billions anticipated from congestion pricing, real estate transfer, Internet sales, along with other city and state taxes, will be lost. The result could be a larger fare increase in 2021. The alternative could be reductions in the level of service, frequency of maintenance along with delays to capital projects and programs to minimize any fare increases.”
"Look down, step over, and watch the gap!" - Dr. John Clarke, The Gap Rap (2010)