 Letter
to Comptroller McCall
November
20, 2002
Hon. H.
Carl McCall
Comptroller
633 Third Avenue - 31st Floor
New York, New York 10017
Dear Comptroller
McCall:
I write
to request that you conduct a comprehensive audit of MTA New York City
Transit's current and projected finances, as well as those of the MTA's
suburban railroads.
The Metropolitan
Transportation Authority is now considering a range of fare increases,
service cuts and administrative actions to close an unspecified deficit
in its operating budgets for next year. A fare increase and/or service
cuts would impose major hardships on transit riders and should be avoided
if at all possible. In this context, it is critical that independent
assessments be made of the agency's short- and mid-term financial picture.
While the
MTA has not yet released detailed budget estimates for the 2003-2004
year, its current reporting shows that ridership and finances remain
strong despite an economic slowdown and the aftermath of September 11th.
Here are the most current numbers:
- As
of September, revenue from subway and bus riders is ahead of budget
a total of $42.3 million: $19.8 million in subway revenue and $22.5
million in bus revenue.
- There
were 7.238 million average weekday subway and bus riders in September.
Weekend subway ridership was "the highest September weekend subway
ridership in over 30 years." Weekday bus ridership was "the
highest September weekday ridership since 1974."
- Expenses
are down $42.9 million as of September. Overall New York City Transit
is ahead of budget by $77.7 million; the agency has a positive $61
million cash balance as of September.
- MTA
budget staff said that if these trends continue they "should
end the year on a solid footing" at the October 24, 2002 MTA
Finance Committee meeting. As of September, dedicated transit taxes
have raised $992 million compared to $996 million the same period
in 2001 as follows:
| |
Jan
- Sept 2001 |
Jan
- Sept 2002 |
| Mortgage
Recording Transit |
$193.8
million |
$267.5
million |
| Urban
Taxes |
$165.9
million |
$103.3
million |
| Sales |
$284.3
million |
$266.7
million |
| Business |
$353.7
million |
$356
million |
- Both
the Long Island Rail Road and MetroNorth also report that their revenues
are ahead of budget and their expenses are under through September
2002.
I would
appreciate a timely response to this request.
Yours truly,
Gene Russianoff
Senior Attorney
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