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New York’s FY2020 budget includes up to USD25 billion in funding for MTA upgrades [free access]

April 1, 2019

New York’s Fiscal Year 2020 (FY2020) Budget includes new funding streams for the Metropolitan Transportation Authority (MTA) and outlines plans for the reform of the MTA. Under the budget, the MTA will receive approximately USD15 billion through the Central Business District tolling programme to meet its capital requirements. The programme will be operated and maintained by the Triborough Bridge and Tunnel Authority (TBTA). It entails the installation of electronic tolling devices on the perimeter of the Central Business District (streets south of 60th Street) in Manhattan.

 

Other sources of revenue include a Progressive Mansion Tax, which will go into effect from July 1, 2019. It is expected to raise up to USD5 billion to fund the MTA projects. Elimination of the internet tax advantage is also expected to provide USD5 billion in financing for the MTA.

 

The planned MTA reforms include developing a reorganising plan by June 1, 2019, conducting an independent forensic audit and efficiency review, and implementing a 20-year capital needs assessment from 2023.