A new report warns that the Metropolitan Transportation Authority is on a fast track toward falling off a fiscal cliff — and that fare hikes may have to be implemented to avoid a financial disaster.
The office of New York State Comptroller Thomas DiNapoli crunched the numbers and wants to know how the MTA plans to save money and fund operations while trying to reduce major budget gaps driven by pandemic. COVID-19 brought dramatic and extended reductions in ridership, from which the agency is still recovering.
DiNapoli warned that with government funding running out, and ridership still sagging, severe service cuts and fare hikes could be coming in the future.
In response, the MTA said in part that they are "committed maintaining robust service for our riders, and this report underscores that solving post-pandemic budget gaps with fare increases and service cuts alone is not an attractive option."
It was not clear how much fares would have to be increased in order bridge the budget gap.
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