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MTA Has Bigger Surplus But Enormous Deficit
by Beth Fertig
NEW YORK, NY November 29, 2006 —The MTA says fare and toll hikes can be avoided for next year and 2009 thanks to a bigger surplus. WNYC's Beth Fertig has more.
Executive Director Katherine Lapp briefed MTA board members on the financial outlook. She said the authority expects to end 2006 and 2007 with more money than expected. The MTA credits the active real estate market. It's expecting $52 million alone from taxes on the sale of Stuyvesant Town and Peter Cooper Village. The budget proposes using the surplus for new police radios, emergency training and for repainting 200 subway stations.
But Lapp warns the real estate market is slowing down. And the MTA is still facing an enormous deficit in 2008 due to rising healthcare and pension costs, and the authority's own debt. The board will vote on the budget next month. For WNYC I'm Beth Fertig.
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