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Yesterday, the New York Metropolitan Transportation Authority (MTA) released its final proposed 2010 budget and financial plan for 2010-2013.

The $11 billion ’10 budget would not increase fares or reduce service because MTA gained an assist from “rescue legislation” the state enacted in May, according to the agency. However, MTA would set aside $85 million in reserve and “pledge an overhaul of operations” to improve efficiency and “address the current fiscal reality,” agency officials said in a prepared statement.

MTA plans to re-launch a board working group — to be chaired by Chairman and Chief Executive Officer Jay Walder — that would analyze ways the agency can change its business model to operate more cost effectively and improve performance.

“MTA remains in a very fragile position with a number of risks on the horizon,” said Walder. “The bottom line is that there is no more money for us in Albany, and we will learn to do more with the funding we have.”

MTA is required to pass a balanced budget by year’s end and a final spending plan will be considered by the agency’s board at its Dec.16 meeting.