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AGENCY TESTIMONY
MTA's improved operating budget and efficiency savings
0:19:03
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Jai Patel, Co-Chief Financial Officer of the MTA, reports on the improved state of the MTA's operating budget and the successful implementation of efficiency measures.
- The MTA's operating budget has recovered well after the challenges posed by the COVID-19 pandemic
- The agency has achieved $500 million in new efficiencies, exceeding the target of $400 million set by the state
- These savings were achieved without resorting to layoffs, service cuts, or fare hikes
- The MTA's current budget is 3% lower than in 2019, despite added services and the operation of Grand Central Madison
Jai Patel
0:19:03
Thank you, Demetrius.
0:19:05
I'm glad to be here and to report that MTA's operating budget is in a good place after a challenging few years.
0:19:11
It was five years ago, almost to the day, that COVID hit and decimated ridership.
0:19:17
You'll remember we were looking at a business model for transit that no longer worked.
0:19:21
We made the case in Albany for new funding, and thankfully, governor Hochul and the New York State Legislature delivered.
0:19:29
As part of that budget deal, it included 400,000,000 in annual recurring savings by the MTA.
0:19:35
And thanks to our disciplined approach, we hit that target last year and expect to exceed it this year with $500,000,000 in new efficiencies without resorting to layoffs, service cuts, or fare hikes.
0:19:49
Another point of pride, MTA's budget is 3% lower today than it was in 2019, even with a ton of extra subway, bus, and rail service, and the added cost of operating a huge new terminal at Grand Central Madison.