(Reuters) - New York's Metropolitan Transportation Authority will need at least $20 billion from 2015 to 2019 to keep its system in good repair, but the mass transit operator has yet to figure out how to pay for these upgrades, a report said on Tuesday.
The MTA, the largest U.S. mass transit system, runs the city's buses, subways, commuter railroads and some major bridges and tunnels. Its capital needs are hitting customers in the wallet. Between 2007 and 2015 fares and tolls are set to have risen 35 percent, according to the report, issued by State Comptroller Thomas DiNapoli.
The estimate for the MTA's future maintenance does not include the cost of expansions, such as the second phase of the Second Avenue subway on Manhattan's East Side, which would extend the line from 63rd St. to 125th St., the report said.
The MTA's current capital plan, which runs from 2010 to 2014, totals $22 billion, an MTA spokesman said. This plan was cut from a proposed $28 billion due to a lack of funding, the report said.
http://news.yahoo.com/ny-mta-may-20-billion-just-keep-system-020708829.html
The MTA, the largest U.S. mass transit system, runs the city's buses, subways, commuter railroads and some major bridges and tunnels. Its capital needs are hitting customers in the wallet. Between 2007 and 2015 fares and tolls are set to have risen 35 percent, according to the report, issued by State Comptroller Thomas DiNapoli.
The estimate for the MTA's future maintenance does not include the cost of expansions, such as the second phase of the Second Avenue subway on Manhattan's East Side, which would extend the line from 63rd St. to 125th St., the report said.
The MTA's current capital plan, which runs from 2010 to 2014, totals $22 billion, an MTA spokesman said. This plan was cut from a proposed $28 billion due to a lack of funding, the report said.
http://news.yahoo.com/ny-mta-may-20-billion-just-keep-system-020708829.html
