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11/30/2023
New York's Metropolitan Transportation Authority (MTA) has released its preliminary operating budget for 2024, which will be the second of five years to have a projected balanced budget.
The November financial plan outlines $427 million in operating savings, exceeding the target of $400 million as projected in the July financial plan, MTA officials said in a press release. The agency is ahead of schedule in identifying $500 million in savings annually beginning in 2025, they said.
The MTA identified savings across all its agencies, including improving employee availability while reducing overtime costs by managing assignments within compliance of timekeeping rules within New York City Transit.
Efficiencies within MTA Long Island Rail Road and Metro-North Railroad include collaborating to ensure appropriate inventory availability for required maintenance and reviewing staffing requirements to reduce vacancies.
In July, the MTA board approved a 5.5% toll increase and 4% fare increase for 2023 that went into effect in August and is projected to generate $117 million in 2023.
The five-year plan assumes an additional 4% increase in both 2025 and in 2027. While paid ridership on subways and commuter railroads continues to increase, paid bus ridership is now trending below expectations, MTA officials said.