MTA Plans to Hike Fares in 2019, 2021 By 4 Percent Each (New York: credit, income)
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As Amazon and Uber taking over the world MTA for second straight year as seen decline in ridership service and revenues is lower than expect. MTA is planning raise fares in 2019 and 2021 possbile base fare of 2.75 increase still uncertain.
“The MTA is proposing to increase fares twice in the next three years, including a four-percent hike next year, officials said during Wednesday's board meeting.”
“MTA officials said that even with the planned hikes, it is projecting significant deficits over the next several years. Officials on Wednesday blamed the budget gap on a second straight year of declining ridership.”
MTA needs to start blaming themselves. We actually are at a all time high for riders. Its just a high percentage hop the turn cycles and buses and keep it moving. Thats what happens when you have negligent workers who don't give a ***.
Why does the city don’t know how to work within a budget like everyone else?
MTA is a state agency, not city.
In any event state, local governments and public authorities (like MTA) often do not know exact sums they will receive until, well they arrive.
Government budgets depend upon revenue derived from taxes, fees, surcharges, and so forth. While some of these are pay as you go; income taxes in particular aren't due until 15 April, and it won't be until then that Albany or any local government knows exactly what it is getting from that sector.
The MTA also receives funding from a vast and bewildering array of dedicated taxes, fees, and surcharges. From your utility bills, to selling a property and so forth the MTA has their hands in your back pocket. This in addition to the tolls and fares collected.
Adding to this hot mess is fact New York State's budget is due by 1 April of each year. As noted above income taxes aren't due until two weeks later. So the budget is largely done (if completed on time) with projected revenue from certain sectors. If that does not materialize as planned, then things will have to be reworked later.
Finally the MTA has never in recent memory survived on "budgeted" income. Rather since the 1980's they have borrowed *vast* sums to finance things like capital improvements and other schemes. MTA is so deep in debt it really cannot (or should not) take on much more; hence the reason for all these fare/toll hikes in past and predicted for future. https://www.bloomberg.com/news/artic...-credit-rating
Why does the city don’t know how to work within a budget like everyone else?
Quote:
Originally Posted by BugsyPal
MTA is a state agency, not city.
The point is people in the city live on a budget so, so should the MTA! I'm not rich, I live off less than 30 K a year but I budget my money well. Its not hard to do. Don't spend more than you have/take in!
The point is people in the city live on a budget so, so should the MTA! I'm not rich, I live off less than 30 K a year but I budget my money well. Its not hard to do. Don't spend more than you have/take in!
Point is MTA *is* attempting to "live within it's budget". They are simply doing what any other smart business or household does; if outgoing sums are greater than incoming, then more of the former must be found. This and or cuts must be made to decrease expenses.
Sadly for the MTA one of their largest expenses (labor, healthcare, and pensions) consume vast and every greater sums from budget.
Well, first, it isn't the city. The MTA is a state agency. The mayor appoints a few board members, but the governor appoints the majority.
Second, fare only cover a fairly small part of the MTA budget. If you think people are complaining now, you wouldn't want to hear what would happen if the MTA had to cover it's entire operating costs from fare. Fare as supplemented by a hodgepodge of taxes and fees. And even the combination of all of this doesn't cover the MTA expenses, and they have to borrow the rest.
Quote:
Originally Posted by Wakanda18
They blame everything on the budget
Why does the city don’t know how to work within a budget like everyone else?
Point is MTA *is* attempting to "live within it's budget". They are simply doing what any other smart business or household does; if outgoing sums are greater than incoming, then more of the former must be found. This and or cuts must be made to decrease expenses.
Sadly for the MTA one of their largest expenses (labor, healthcare, and pensions) consume vast and every greater sums from budget.
And heaven forbid there should be any form of constructive review to determine what labor expenses could be reduced...
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