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| MTA projects 2012 surplus, but deficits to follow (264324) | |||
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MTA projects 2012 surplus, but deficits to follow |
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Posted by Gold_12TH on Thu Jul 26 03:25:03 2012 The Metropolitan Transportation Authority on Wednesday projected slight budget surpluses in 2012 and 2013 but said deficits are expected to return in the three years following that.In releasing its 2013 preliminary budget, the MTA, which runs the nation's largest mass transit system, said the $13.1 billion plan relied on components including continued fare and toll increases every other year as well as three years of no overall labor cost increases. "The MTA's underlying cost structure is increasing for reasons that are beyond the authority's control, so we are depending on all stakeholders coming to the table to find ways to address those areas that we can control," MTA Chairman Joseph Lhota said in a statement, referring in part to pension and health care costs. Transport Workers Union Local 100 President John Samuelson said that he didn't put any faith in the numbers in the MTA's preliminary budget and that his members, who are working without a contract as negotiations continue, wouldn't agree to a new contract with no raises. "At the end of the day, it's not unreasonable for New York transit workers to get raises that match inflation," he said. "We're the ones that make this system run." A toll and fare increase is expected for 2013 and again in 2015. The MTA is looking for the 2013 hike to bring in $450 million a year and the 2015 hike to bring in $500 million. The agency didn't release specifics for how the tolls and fares would be increased. The agency last week said it would be adding and extending service on dozens of bus routes in a $29 million service enhancement plan. The MTA projected that 2012 would end with a $46 million surplus, with a similar balance in 2013. But the deficit would be $129 million in 2014, $14 million in 2015 and $231 million in 2016. The MTA board will vote on the 2013 budget in December. An increase in the current bus and subway fare, $2.50 for a ride or $2.25 per trip using a multi-ride MetroCard, would go into effect in March. |
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