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MTA's Cash Woes Could Lead to Higher Transit Fares

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Straphangers may have to reach deeper into their pockets if the city and state continue to shoot down pleas for more funding from the Metropolitan Transportation Authority. A report released by State Comptroller Thomas DiNapoli and spotted by DNAinfo says that the agency may be unable to maintain a 4-percent fare hike cap if the city and state don't contribute more to the MTA's capital budget. Last week, MTA chairman Thomas Prendergast announced that if the city doesn't pony up the additional $3.2 billion the MTA is seeking for its budget, the agency would look into delaying the Second Avenue Subway until a later date when its funding is more established. DiNapoli's report reiterated that if the MTA doesn't secure the funding it needs, it will have to "choose between cutting the size of the capital program or borrowing more, which could lead to less reliable service or higher fares and tolls." Oh, great.
The MTA currently faces a funding gap of $9.8 billion, which the agency says could be bridged by a $7.3 million contribution from the state through 2019. At that, the city would need to contribute $3.2 billion: $2.5 billion more than it currently budgets for the MTA. Fares on buses and subways last rose in March from $2.50 to $2.75 per ride.
· Subway Fares to Increase if De Blasio, Cuomo Don't Pony Up to MTA: DiNapoli [DNAinfo]
· Second Avenue Subway's Next Phase Threatened With Delays [Curbed]
· All MTA coverage [Curbed]