With ridership levels still far below pre-pandemic levels and inflation on the rise, the MTA could have an operating deficit of $4.6 billion by 2026 unless the agency finds a new way to bring in money, according to a new analysis.
Make your contribution now and help Gothamist thrive in 2022.The MTA’s internal projections forecasting a $2.5 billion deficit in 2025 may actually underestimate the agency's dire financial future, according to a new analysis by the state comptroller.
“The MTA needs to come up with billions of dollars to pay for operations in the coming years and that puts greater strain on its capital plan to update and repair the transit system. This has to be achieved against broad economic challenges that are increasing costs and threaten a recession,” DiNapoli said in a statement.
“Over the last year, the fiscal position of the Metropolitan Transportation Authority has deteriorated, as the trajectory of ridership has ebbed closer to the low end of the agency’s forecasted range,” the comptroller’s report notes. “The focus and celebrations of the ‘pandemic high’ ridership days feeds into NYC boosterism that can undermine the message that MTA is in deep financial trouble,” said Rachael Fauss, a policy adviser with the good government group Reinvent Albany., which it would use to sell bonds and generate $15 billion in revenue. But by law, that money is only supposed to be used for capital improvements.
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