Tom DiNapoli
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DiNapoli: If Cuomo Borrows More for the MTA, Get Ready for Fat Fare Hikes
Without a commitment from the state to close the $15.2 billion gap in the MTA's capital program, the cost of a MetroCard is likely to spike as the MTA adds to its cumbersome debt load, according to a new report from Comptroller Tom DiNapoli [PDF]. The warning comes as Governor Andrew Cuomo and the legislature begin the very early stages of negotiations over funding the capital plan, which maintains, upgrades, and expands the transit system.
October 21, 2014
Straphangers Will Be Asked to Shoulder MTA’s Growing Debt and Labor Costs
A new report [PDF] from New York State Comptroller Thomas DiNapoli says that the MTA budget picture is slowly improving as tax collections and ridership increase with a recovering economy, but that won't protect straphangers from big fare hikes.
October 3, 2012
DiNapoli’s Press Release Obscures Biggest Source of MTA Budget Woes
Earlier this week State Comptroller Tom DiNapoli came out with his latest report on the MTA's troubled finances [PDF], and if you take a look at the numbers, the big takeaway is pretty stark. Without funding for the $9.9 billion hole in the agency's capital program, MTA debt will soar even higher. If legislators don't secure more revenue for maintaining and expanding the transit system, there are basically two options: either the MTA can reduce its capital spending or straphangers can pay the price through higher fares and worse service.
September 29, 2010