The MTA would not have threatened service cuts and layoffs through at least 2022 – thanks to transit on Thursday due to federal cash, transit rules.
Public transit agencies across the country have been superseded by the COVID-19 epidemic, and New York’s MTA is no exception – losing billions of dollars of revenue typically generated from rents and taxes.
The agency previously said it may need to cut service in about half and more than 9,000 transit workers could lose their jobs.
However, on Thursday, MTA President Pat Foe told agency board members that $ 8 billion in federal funding, $ 3.4 billion in loans and better-than-expected finances prevented an immediate financial disaster.
“We are able to end the worst-case service cuts that were previously on the table for 2021,” Foye said.
“With better financial results than last year, we are now able to reduce these bad cases even in 2022.”
Meanwhile, the MTA’s $ 51.5 billion modernization plan, which officials held due to the epidemic fiscal crisis, will eventually begin in 2021 with an investment of $ 6 billion. The Wall Street Journal reported.
Future cuts are still on the table in 2023 and beyond.
But Foye hoped those cuts could be avoided, citing US House Speaker Nancy Pelosi’s assurance that President Joe Biden’s proposed COVID-19 relief bill would contain another $ 8.8 billion provision.