The MTA Wants to Increase Capital Spending, by Borrowing More

The Metropolitan Transportation Authority's board of directors Wednesday voted to increase spending in its 2015-2019 capital plan by $5 billion, right as the quality of its service is coming increasingly under fire.

Last year, the MTA approved its biggest-ever capital plan, which devoted $27 billion to long-term investments in equipment and infrastructure. Even then, it was unclear how the authority would cover the entire cost.

Now, the nation's largest mass transit agency is seeking to spend a total of $32 billion on a variety of projects. That includes money to restore funding for phase 2 of the Second Avenue Subway, which had been cut two years ago as the authority tried to pare its original wish list. The MTA also is planning to make station upgrades such as countdown clocks, Wi-Fi, USB and accessibility improvements, as well as free-flow tolling, clean energy buses, and work on a third track for the Long Island Rail Road.

Officials at the cash-strapped MTA said they would fund the extra projects by shuffling existing funds around — and by borrowing $1.6 billion.

The lack of a strong financing plan prompted board member Veronica Vanterpool to vote against the amended plan. "It is a crushing amount of debt, and business has to change," she told the board.

Yet the majority of the board members voted in favor.

The Capital Plan Review Board, which is made up of state and city officials, now has 30 days to veto the plan. Otherwise, it will go into effect.