MTA unveils budget plans for 2016

The Metropolitan Transportation Authority (MTA) on Wednesday presented its 2016 final proposed budget, along with its 2016-19 financial plan, which calls for investing $242 million in new service, maintenance and operations initiatives over the next four years.

The agency's board had approved a preliminary version of the financial plan in July, but since then, MTA's finances were helped by higher real estate transaction tax receipts and toll revenue, as well as lower costs for energy and debt services, agency officials said in a news release. 

However, these improvements were partially offset by lower forecasts for some tax and fee revenue, along with lower fares.

Overall, MTA expects available resources to increase by $447 million through 2019. The financial plan assumes 4 percent fare increases in 2017 and 2019.

In 2016, less than $7.9 billion of MTA's $15.1 billion in revenue is projected to come from fares and tolls, with the remainder coming from dedicated taxes, state and local subsidies, along with other miscellaneous sources.

MTA's board is slated to adopt the final proposed budget and the financial plan at its December meeting.

Documents outlining the agency's upcoming financial plans can be found here.