State Comptroller: MTA’s Financial Condition is Dire

New York State Comptroller Thomas DiNapoli is warning that big service cuts and fare hikes will be needed, unless the MTA receives federal help.

“With ridership down, debt burden rising and no additional help likely from New York state or New York City, the MTA desperately needs an influx of federal funds or unheard of service cuts and workforce reductions will happen,” DiNapoli said.

The MTA has asked the federal government for $12 billion to help close budget gaps in the next four years. Without help, subway and bus service could be reduced by as much as 40 percent and a scheduled 4 percent fare and toll hike next year would increase.

“Failure to fund the MTA now could disrupt maintenance and repairs and increase the MTA’s debt to suffocating levels that could take multiple generations to recover from,” DiNapoli said.

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