MTA anticipates over $1B in additional revenue
After years of deficit, the MTA announced it anticipates more than $1 billion in additional revenue through 2018.
The projected money comes from additional cost-cutting efforts and higher real estate taxes.
MTA chairman Tom Prendergast says the funds should be funneled into capital projects like building the new East Side access tunnel.
However, MTA board member Mitch Pally says it should be used to ax fare hikes.
"I think we should use some of the money to mitigate or eliminate the 2017 fare increase to provide service enhancements all across the system and to look at using it for other purposes that will benefit the commuters today not 10 years from now," he says.
The extra money is not a surplus. It is based on anticipated revenues and savings over the next five years.
A final decision on what to do with the windfall is expected at the MTA board meeting in December.