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N.Y. Comptroller: MTA Debt Will Slow Improvements

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Joelle Schrock
/
WSHU

New York State Comptroller Tom DiNapoli said the Metropolitan Transportation Authority’s debt is expected to slow down the transit agency’s five-year modernization plan.

DiNapoli said the MTA and its riders face difficult years ahead, and the agency must find new sources of income to pay for nearly $55 billion in capital investments.

The MTA borrowed nearly $3 billion from the Federal Reserve in the beginning of the year. According to the MTA, payments against this loan are not due until the end of 2023.

The MTA is expected to borrow another $10 billion to fund its capital program. DiNapoli said the agency may have to make cuts to the program, if revenue does not recover fast.

The MTA predicts more than 90% of its riders could be back by 2025.

Clare is a former news fellow with WSHU Public Radio.