Reinvent Albany today released a two-year update on the $55 billion 2020-2024 MTA Capital Plan’s funding and spending. The group’s report, Double Jeopardy, shows the current plan is plagued by historically low funding and spending, and has received only 7% of the funds budgeted.
Delays to congestion pricing have jeopardized the MTA’s ability to complete the 2020-2024 capital plan, and stalled the delivery of $15 billion in funding the MTA is counting on to upgrade subway signals, make accessibility improvements, and purchase new subways, buses, and commuter railroad cars. Additionally, COVID-19 slowed the MTA’s capital spending and decimated its operating income.
As of May 2022, the MTA has on hand only 7% of the funds needed for the 2020-2024 capital plan, or nearly $4 billion of the $55 billion budgeted. This is the slowest pace of the last two capital plans, which at 29 months in had 18% and 20% of the funds needed to complete them, as shown below.
The 2020-24 plan also lags in dollars received 29 months in: $3.9 billion for the current plan, compared to $6.5 billion for the 2015-2019 plan and $4.3 billion for the 2010-2014 plan – both of which were much smaller at $33 billion and $24 billion, respectively.
See below for the full Double Jeopardy report. Click here to view the report as a PDF.