After weeks of scuffling, Governor Andrew Cuomo and Mayor Bill de Blasio finally agreed on the Metropolitan Transit Authority’s budget.
A joint press release issued Saturday by the two politicians announced a massive jump in city funding for the deteriorating MTA, increasing it to $2,500,000,000 from $657,000,000 — the city’s most significant capital contribution to the MTA on record.
State budgeting for the MTA will experience no change, remaining at $8,300,000,000. However, de Blasio requested the state be more transparent about where their funding comes from. Currently, only “state sources” are credited for generating Albany’s cashflow. Cuomo declared that the state’s share of the money wouldn’t come from tax increases.
Another key concern remains — will the state divert MTA funds to other uses? It’s something Cuomo’s done every year he’s been in office. So de Blasio has asked for increased influence and transparency in how the money gets spent.
The MTA is in dire need of capital investment. The combined $10,800,000,000 from city and state are partial funding for the MTA’s 5-year $26,100,000,000 capital plan.
[Source: Politico | Photo: Mayor Bill de Blasio’s Facebook]
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