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Yesterday, the New York Metropolitan Transportation Authority (MTA) released its November financial plan and final proposed budget for 2012. The budget process will conclude with an MTA board vote in December.

The November plan includes minor changes to the July plan, while the 2012 and 2013 budgets remain balanced, and “out-year deficits have grown but remain manageable,” MTA officials said in a prepared statement.

In addition, the board will consider for approval a final capital funding proposal for the final three years of the agency’s 2010-2014 capital program in early 2012.

“The MTA has achieved a fragile fiscal stability by reducing expenses and operating more efficiently,” said Joseph Lhota, who took the reins as MTA’s executive director on Monday. “It’s clear, though, that we’re still feeling the impact of the economic crisis and must continue to reduce costs even as we work to improve service.”

Actions taken by MTA management have resulted in a four-year financial plan that includes $850 million in annual recurring savings by 2015, MTA officials said. Those actions include reducing administrative payroll, consolidating back office functions, reducing overtime, renegotiating supplier contracts, reducing non-revenue vehicle fleet and leased office space, and rebidding the health care program.

The plan also includes the implementation of previously announced fare and toll increases in 2013 and 2015, each intended to increase revenue by 7.5 percent. In addition, the plan assumes the agency will achieve $323 million in net zero wage savings for unionized employees by 2015. However, the plan includes no service cuts.

Potential risks to the plan include a worsening of the economy, additional cuts in state subsidies and dedicated tax revenue, and labor settlements that fall short of the net zero wage initiative, MTA officials said.