(New York -- Jim O'Grady, WNYC) The New York City MTA passed a spending plan for 2011 that erases the $900 million deficit officials had projected earlier this year. But authority chairman Jay Walder warns the budget is just barely in the black.
"It is an extremely tight budget for the MTA," he said at yesterday's board meeting. "We're running an incredibly complex, multi-billion dollar company with essentially no margin."
The $12 billion budget has only an $8 million dollar cushion--less than a tenth of one percent of the total.
The agency says it filled the gap by laying off 1,000 workers and cutting bus and train service back in June. Those savings will continue to this year. And the December 30th fare hikes will kick in more than $400 million.