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Overview of MTA's 2025-2029 Capital Plan and its $33.4 billion funding gap
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Council Member Brooks-Powers addresses the MTA's proposed 2025-2029 Capital Plan, which totals $68.4 billion and includes an unfunded gap of $33.4 billion. The plan was vetoed by state leaders due to the significant funding deficit.
- The Capital Plan is based on a 20-year needs assessment and endorsed by external parties
- The plan focuses heavily on state of good repair projects
- State leaders vetoed the plan, citing the need for additional non-state revenue sources to close the funding gap
- The veto is specifically related to financing, not the projects or overall amount of the plan
Selvena N. Brooks-Powers
0:39:28
I'm gonna jump to '25 twenty twenty five to twenty twenty nine capital plan and then after that I'm gonna allow my colleagues to ask questions and then I'll come back to another round for myself.
0:39:39
So the MTA's proposed twenty twenty five to twenty twenty nine capital plan which totaled $68,400,000,000 included an unfunded gap of $33,400,000,000.
0:39:52
As such on Christmas Eve twenty twenty four, majority leaders through Cousins and speaker Hissy vetoed the capital plan citing, quote unquote, closing the MTA's proposed twenty twenty five to twenty twenty nine capital plan deficit may require state legislative action for identifying additional non state revenue sources and can be solved during the upcoming legislative session in the context of the state budget negotiations.
0:40:21
What revenue source, if any, does the MTA anticipate the state will identify to close the $33,400,000,000 gap?