MTA, in its new budget, admits that agency is in dire straits
New revenue sources needed, but from where?
The Metropolitan Transportation Authority (MTA) on Wednesday released its preliminary 2023 budget and four-year financial plan, including a reforecast of ridership recovery conducted by McKinsey & Company.
The documents project the MTA fiscal cliff presented in February 2022 will occur in 2025, one year earlier than previously forecasted, with federal COVID-19 relief aid largely exhausted by 2024.
While MTA bridges and tunnels toll revenues remain near the best-case scenario laid out in McKinsey’s previous forecast, a slower-than-expected return to the office for many employers, fewer non-work trips, and customer sentiment on issues including safety have seen transit and railroad ridership lag the 2020 forecast.