NEW YORK (1010 WINS) – The MTA has reportedly halted its $51.5 billion modernization plan over its ballooning deficit, which has topped $10.6 billion over the next two years.
At an MTA board meeting Wednesday, Chairman Pat Foye warned board members “our fare and toll revenues have literally tanked,” according to the New York Post.
Foye called the dire financial situation “a four-alarm fire” and said, “We are facing the most serious financial crisis in the history of the MTA.”
The cash-strapped agency is looking for a second $3.9 billion bailout from the federal government. Without additional funds, “our options are limited,” Foye warned.
In the meantime, the MTA has paused its $51.5 billion modernization plan, which includes everything from updating decades-old signals to adding accessibility upgrades like new elevators.
The agency, which is run by the state, has seen ridership on the subway, buses and commuter rails plummet by more than 90 percent at times over the past few months because of the coronavirus and subsequent lockdown.
While Gov. Andrew Cuomo said Wednesday that ridership increased to 1 million this week, the agency is still grappling with a $10.6 billion deficit over the next couple of years. Foye said the agency may have to cut wages or even jobs to deal with the debt if the federal government doesn't help.