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Q&A
Exploring potential revenue sources to close the Capital Plan funding gap
0:40:33
ยท
170 sec
MTA officials discuss potential revenue sources to close the $33.4 billion funding gap in the 2025-2029 Capital Plan. They emphasize ongoing discussions in Albany and historical funding methods.
- MTA officials refrain from publicly advising on specific funding measures
- Historical funding sources include state debt, city contributions, and dedicated taxes like the Payroll Mobility Tax (PMT)
- There's consideration of financing options specific to rolling stock investments
- The MTA stresses the importance of allowing state legislators to determine the best path forward for funding
John McCarthy
0:40:33
Yes.
0:40:34
So chair, just you have it right as far as we put together a capital program was based on that twenty year needs document which was an intense study of what needs to get done.
0:40:43
This was endorsed by external parties as far as the projects that were chosen.
0:40:47
It's heavy on state of good repair.
0:40:49
We put this program together.
0:40:51
It was approved by our board.
0:40:53
It goes to Albany.
0:40:54
The veto is strictly related to the financing, as you said.
0:40:57
So that's a very important factor because all parties are saying this is the right plan at the right amount.
0:41:04
It's just how do we figure out how to fund this plan.
0:41:07
So right now, I was up in Albany yesterday, there are discussions ongoing.
0:41:12
We're not really in the position to dictate or even advise publicly what are the appropriate measures to take, whether it's something that comes out directly of the state budget, if it's in state debt, is it a new revenue source.
0:41:25
But I was at an event this morning, the chairman was very clear, again, which is this is not a surprise that a big system that's worth $1,500,000,000,000 needs investment to keep it up.
0:41:36
It's it's on a rolling every five year pace.
0:41:39
So this is not a bailout.
0:41:40
This is not something that was unexpected.
0:41:43
It's something that's necessary to keep the system as mister Krychulla said, to keep this engine moving that's so critical to New York.
0:41:50
So we're very confident that all the parties are interested in making sure this is funded and finding the best way forward, and we'll see that result as the state budget comes to a conclusion.
Selvena N. Brooks-Powers
0:42:02
So just to be clear, what are you I understand that you can't make those decisions, but what are you pushing?
0:42:09
Where are you pushing to get this revenue from?
John McCarthy
0:42:12
Yeah.
0:42:12
So, know, we're again, it's not appropriate for us to be the ones who are pushing one particular way or the other.
0:42:20
But just historically, just as way of background, it's come from state debt, it's come from Citi, it's come from the PMT or other revenue raisers.
0:42:33
So those are the different items.
0:42:35
We discussed in our capital program that there's such a huge investment in rolling stock, so perhaps there's a way to build something that finances this, that is dedicated specifically to the rolling stock because that takes a little longer to spend because you have to order it So you're not paying up front for those big trains that are being built hopefully upstate in New York and creating jobs.
0:43:00
So maybe there's a way to implement that through, again, something that the state can figure out.
0:43:06
But, again, it's really important to sort of for us, you know, the position we're in, to allow the assembly, the senate, and the chamber to sort of discuss the best path forward, whether or not it's one thing or or various revenue opportunities.