MTA Faces Years Of Red Ink As Deficit Grows To $200 Million

MTA chairman Pat Foye sent a letter to employees that paints a grim financial picture for the agency's future.

The MTA faces a $200 million deficit next year and a projected deficit of $1 billion by the year 2023.

Foye, whose letter was obtained by the New York Daily News read, "As the MTA enters our next chapter, we do so with the understanding that our cost structure is not where it needs to be. Our next step must be to establish how to migrate to the right level of resources needed to run the MTA."

Abbey Collins, a spokeswoman for the MTA said the chairman's letter "does not suggest service cuts because there are no current plans for service cuts."

An internal update sent by Foye said that a historic transformation is essential to the agency's future as it works "to operate more efficiently and increase the reliability of the systems."

Photo Credit: Getty Images

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