REMARKS
Financial concerns and criticisms of the NYC Ferry system
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73 sec
Chair Selvena Brooks Powers addresses the financial concerns and criticisms surrounding the NYC Ferry system, highlighting issues with subsidies and financial management.
- A 2019 report by the Citizens Budget Commission estimated that the city subsidizes the ferry system at a rate of $10.73 per ride, ten times higher than subway or bus subsidies.
- The city controller's office found significant net losses in ferry operations from fiscal years 2017 to 2021.
- The comptroller's audit revealed that EDC had failed to disclose over $224 million in NYC Ferry expenditures and understated public subsidies for the system.
Selvena Brooks-Powers
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Although the New York City ferry system has proven to be an important mode of transit on our waterways, I have some fundamental concerns.
0:07:33
Since it's launched, New York City ferry has been criticized for heavily subsidizing its rise.
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2019 report issued by the Citizens Budget Commission estimated that the city subsidizes the ferry system at a rate of $10.73 per ride, which was ten times higher than the subsidies for subway or bus rides.
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In addition, the city controllers office found in a 2022 report that the net losses of the ferry operations were $30,000,000 in fiscal year 2017.
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$44,000,000 in fiscal year 2018, $53,000,000 in fiscal year 2019, $53,000,000 in fiscal year 2020 and $33,000,000 in fiscal year 2021.
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The comptroller's audit also found that EDC had failed to disclose over 224,000,000 in New York City Ferry Expenditures and that the agency had significantly understated public subsidies for the ferry system.