Official announcement from the office of Governor Kathy Hochul or the MTA's financial statements

MTA Confident Gov. Hochul Will Fill $15B Budget Gap with Unallocated Capital Funding

Jul 30, 2024, 06:20 PM

The Metropolitan Transportation Authority (MTA) has expressed confidence that New York Governor Kathy Hochul will address the $15 billion shortfall in the budget caused by the cancellation of congestion pricing. Initially, the MTA had threatened cuts due to the budget gap. Governor Hochul announced in Albany that the funding will come from unallocated capital funding. This decision follows the legislature's rejection of her proposal to raise taxes on New York City residents while exempting suburbanites. The stopgap measure accounts for only 0.3% of the funding that congestion pricing would have provided, raising concerns about the future of critical projects like the Second Avenue Subway.