Statement on June 4, 2019 comments by Governor Cuomo on MTA Finances

“Despite the passage of congestion pricing, today’s comments from Governor Cuomo and his office raise extremely serious concerns about the MTA’s finances. The MTA has already borrowed a huge amount of money and debt payments are soaring into the red zone. That means riders have to pay more just to repay old debt.

Here’s why we’re worried: before any new borrowing, the MTA estimates its debt payments will go up by about 20% in the next three years. (From $2.69B in 2019 to $3.223B in 2022 — this is about six times the rate of inflation.) Today, the governor’s office implied in a written statement that the MTA will have to borrow upwards of at least $20 to $30B to continue rebuilding the subways, buses and commuter rail.

On top of this, the state already owes the $7.5B in state funds for the current, 2015-2019, capital plan and we and many other long-time observers believe there is a real risk Governor Cuomo and legislative leaders will renege on this commitment.