QUESTION
Why was funding for transportation projects reduced in the DOT capital plan, and is there a funding shortfall for critical infrastructure?
1:47:25
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115 sec
The reduction in funding for transportation projects in the Department of Transportation (DOT) capital plan is due to New York City's close proximity to its debt limit, necessitating reallocation of funds to future years.
- Funding for city bridges, highways, and traffic projects is reduced due to New York City's nearing debt capacity.
- The city is close to its debt limit, forcing the Office of Management and Budget (OMB) to defer some projects to later financial plan years.
- A $12,000,000,000 inclusion in the governor's budget aims to address the capital debt limit challenge.
- Reallocation of funds to future years is required to ensure resources are available for other critical projects.
Selvena N. Brooks-Powers
1:47:25
Next DOT capital plan, the DOT's capital program and the preliminary capital commitment plan has decreased from the adopted capital commitment plan across many key transportation project areas over the planned period.
1:47:39
This includes a $655,900,000 reduction in capital projects for the city's bridges, $949,600,000 reduction for highway projects and a $153,600,000 reduction in capital projects related to traffic.
1:47:58
Can OMB explain why this funding was rolled out of the plan period?
1:48:03
And do you believe that the capital needs for these critical infrastructure areas are currently underfunded in the preliminary capital commitment plan.
Jacques Jiha
1:48:12
Again, this has to do with the Citi debt capacity.
1:48:17
As I integrate to you before, this is a real challenge.
1:48:21
We are very close to our debt limit.
1:48:23
And as a result, we have to word back.
1:48:26
Any of the projects to the out years of the financial plan, of the capital plan because we couldn't fund them.
1:48:34
So again, this is the same issue We're working with the state to secure the expansion of the TFA.
1:48:44
The governor included $12,000,000,000 in their budget to deal with this issue.
1:48:48
But again, this is the same issue like we discussed before, the challenge of the capital debt limit.
1:48:55
If we do not move resources that we currently have allocated, for the world is here that we know we're not spending because the timeline is not weird.
1:49:07
Okay?
1:49:08
We would not have resources the fun critical projects.
Selvena N. Brooks-Powers
1:49:15
And one last question.
1:49:16
I just want to touch on the subway over time.