MTA Chairman Tom Prendergast announced yesterday that the transit authority could run out of money for new projects as soon as June 30 if the state budget isn’t finalized before then.
The MTA is still waiting on Albany to detail how they’ll fund the organization’s 2015-2019 capital plan. Without that, the MTA will be unable to start any of new projects outlined in the plan. (Projects that have already been approved will continue to move forward.)
So what exactly will be held up if the agency isn’t able to secure funding? New subway cars, the long-delayed successor to the MetroCard and the next phase of the Second Avenue subway among other things.
Governor Cuomo has promised in the past to provide $7.3 billion to the MTA, but hasn’t yet indicated where it’ll come from. The deadline for the new state budget is April 1.