An efficient and rational transportation system is necessary for economic renewal and an integral part of “smart” growth in our communities. That's why the MTA capital program is so important.
The Capital budget of the MTA is a vital source of jobs for our members in the construction industry. It is critical to Long Island’s economic development. Historically a large proportion of revenue has been diverted to service debt payments and as a result needed infrastructure investments and projects such as the Third Track have been scaled down or shelved.
In August 2009, the MTA proposed a $28 billion capital program for 2010-14 to modernize the existing system and to complete the East Side Access project and the first phase of the Second Avenue Subway. In September 2009, the New York State Capital Program Review Board (CPRB) vetoed the program after the Office of the State Comptroller (OSC) found a $9.9 billion funding shortfall. It was later approved after the MTA curtailed spending by $1.8 billion to reflect a realistic assessment of anticipated federal dollars for the first two years.
In September of 2011, the OSC identified a $9.9 billion funding gap for the remaining three years of the program in his annual report on the agency's financial outlook. In December 2011, the CPRB approved a proposed plan amendment submitted by the MTA that further reduces costs by $2 billion and fully funds all the projects in the last three years of the program without compromising their integrity. The MTA expects to achieve its savings by reducing administrative and design expenses among other approaches.
For more information about the MTA, check out their website which lists agency information including financial information and organizational leadership and governance structure.