Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
MTA Fares On Track To Rise Three Times Faster Than Inflation
By
Garth Johnston
Published Oct 3, 2012
Modified Oct 4, 2012
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Garth Johnston
Published Oct 3, 2012
Modified Oct 4, 2012
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
If you are starting to get antsy about how bad the fare hike the MTA is soon to unleash upon us all is going to be, you have good reason. State Comptroller Thomas DiNapoli today released a new report on the Authority's money situation [PDF] and while "the MTA’s finances have improved appreciably over the past two years" the cost of using its services is expected to rise three times faster than inflation! Further, "while the MTA has taken steps to hold down costs, more needs to be done to lessen the burden on riders."
On the plus side, more and more people are riding the MTA and working in the area it covers. On the downside, even with the coming fare hikes the MTA's budget just "assumes savings of $30 million in calendar years 2013 through 2015, as well as $75 million in 2016." Which is hopeful. Also?
The MTA projects baseline budget gaps of $487 million in 2013, $759 million in 2014, $1.1 billion in 2015 and $1.4 billion in 2016. Fare and toll increases account for 82 percent of the resources identified by the MTA to close these gaps over the next four years, with new management actions accounting for the remaining 18 percent.
But that won't add up to a hill of beans if the another potential problem in the MTA's books becomes reality. See, the MTA largest source of tax revenue is the Payroll Mobility Tax (expected to generate $1.5 billion in 2012 and nearly $1.8 billion by 2016) and, well, a recent court ruling being appealed by the MTA basically put that kibosh on it. So, yeah, unless Albany steps in and helps out (ha!) the MTA has a tough row to hoe in the coming years. Did we mention the MTA still doesn't have a new contract with TWU Local 100? Still, as far as DiNapoli is concerned the Authority doesn't have a bad handle on the tricky situation. So that's nice.
Wonder what hotheaded MTA Chair Joe Lhota thinks of this new report? He approves: "[It] recognizes the significant financial challenges the MTA faces in the near term, the aggressive steps we have taken to meet them, and our ongoing efforts to address longer-term challenges, including identifying funding sources for our 2015-2019 capital program," he said.
Tagged
bus
comptroller
fare hike
MTA
payroll mobility tax
subway
thomas dinapoli
Garth Johnston
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
These are the NYC neighborhoods that will get free 2-K next fall
All of Staten Island and the Bronx will be eligible for seats.
By
Karen Yi
Published Oct 19, 2026 at 11:00 a.m. ET
Early Addition: Get to know Wanda, the donkey in the Met's 'La Bohème'
Because she's 18 years old now, here are your early links: The RHONY castmember mentioned in the Epstein Files, killing rats with carbon monoxide, Selena Gomez says don't vape and more.
By
James Ramsay
News
Early Addition: Get to know Wanda, the donkey in the Met's 'La Bohème'
Because she's 18 years old now, here are your early links: The RHONY castmember mentioned in the Epstein Files, killing rats with carbon monoxide, Selena Gomez says don't vape and more.
By
James Ramsay
Eric Adams' NYC buildings boss Eric Ulrich heads to trial, 3 years after arrest
By
David Brand
and
Samantha Max
Need help with mental health or addiction services? NYC has a new tool.
By
Caroline Lewis
NYC sues personal injury law firm accused of bogus trip-and-fall claims
By
Walter Wuthmann
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .