Friday, February 5, 2010

MTA still in the red

From the Daily News:

The already recession-battered MTA is looking at a $400 million budget gap this year - even with the sweeping service cuts it plans to make this summer, the agency said Wednesday.

The Metropolitan Transportation Authority learned from the state budget office that revenue from a new payroll tax created as part of the agency's bailout has come up short, again, the authority said.

Since the spring, the projected revenue from the new tax has dropped by $700 million -- from $4.17 billion for 2009, 2010 and 2011 to $3.47 billion, officials said.

This shortfall makes it an even tougher battle for advocates who have been urging the MTA to halt this summer's service cuts, as well as plans to start charging students to commute to school.

The latest grim financial news also raises the possibility the authority may seek to raise bus, subway and commuter train fares beyond the planned 7.5% next year.

It would probably help if they didn't hire crappy contractors. They may use stimulus money to bridge the gap. But Bloomturd suggests another fare hike.


Anonymous said...

the private sector ,which used to produce the tax revenue to pay municipal union workers ,presently have a 10 -17 % unemployment rate.

when are the union workers in n.y.c. with(a 3.5% unemployment rate) going to sacrifice and reduce salaries,pension benefits and out of control spending?

the stimulus is being borrowed from China.the U.S. government can not sustain additional debt.

with no tax revenue from the private sector,we go broke. the obama administrations fiscal policies are insane.
the stimulus that was paid back was to go back to the U.S. Treasury,not in the pockets of obama to bribe U.S. city unions,for the next election in 2010 and 2012.

Anonymous said...

Just like CBS staffers are complaining that Katie should cut her pay to keep staffers on the payroll

The Unions should cut pensions 10-20% over $50K and give those people an IOU payable in 5 years, or to their estate.

But then its always don't cut MY pay!

Anonymous said...

PS maybe lower that to $40K why do you need that much money if you are retired?

Your house should be paid no mortgage..but I'll bet you Heloc'ed it up to your eyeballs...

Liberated that equity....and now you are underwater.

and then expect us to pay for your irresponsibility.

Anonymous said...

great time to give the union an undeserved raise for three years, huh? and keep racking up those pension & healthcare costs.

if another fare hike comes after the TWU's recent theft, i'll be hopping turnstiles

Anonymous said...

1- stop the 2nd Avenue subway line project
2- Cut pensions and other benefits

Anonymous said...

Don't worry, the next MTA proposal will completely eliminate the M (future V, apparently) train in its entirety. MTA will charge people $8 (each way) to walk along the tracks to Broadway Junction.

Watch out for that 3rd rail!!!

Anonymous said...

I think the time has come for the MTA to be investigated something is oh so very wrong here.

Anonymous said...

This city needs to take back control of it's transit system from the state.

Anonymous said...

Anonymous said...

This city needs to take back control of it's transit system from the state.

Yes thats for sure because bloomberg has weaseled his way out of paying the cities share of 17 percent for years while he wastes it on stadiums, development etc and the MTA is run poorly too obviously.

You would never see such a mess of a subway in Europe anywhere. The garbage the service cuts and on.

Anonymous said...

Damn Straight, Anonymous No. 1 ! I was gonna comment about that until I saw your comment.

There should be no overtime pay because most of those MTA workers are lazy, and greedy asses anyways.

Oh I forgot one thing too.. they are incompetent asses too. Just look at this miscalculated shortfall. Where did the accountants come from. The accountant is incompetent and the HIRING manager is incompetent.

Everyone at the MTA is not afraid of losing their jobs because they know they have the union to back them. Someone should do something about that. The union must be broken up. Look at how the union screw GM.

And don't tell me the union have nothing to do with it. Look at the salary and pension funds and benefits they are getting for the crap value the MTA workers are providing to the general public. Who ever disagree with this comment is from the MTA, or someone associated with the MTA and benefitting from it. Enough said.

Anonymous said...

The more they raise it, the more people walk, NYer's are resourceful and will not put up with service cuts, less safety, dirtier trains and stations ALL for more money. Their strategy defeats the purpose, to raise revenue by driving people to the streets. Next increase, they will come up short again, because people are already protesting with their feet. Don't they get it? I walk more now. And I bet I am not the only one. They see me when it rains, that's about it.