Comptroller's Report Shows Surge in State Revenues
ALBANY, NY (06/22/2015) - The New York Public Transit Association (NYPTA) urges state leaders to fund transportation infrastructure before closing the legislative session. The revenue report issued by State Comptroller Tom DiNapoli on June 19, describes a surge in state revenues in the first two month of the fiscal year, especially in personal income tax receipts. The Comptroller also cites that over $1.5 billion in additional bank settlements has flowed into the state that has not been appropriated in the budget. These funds should be used now to fund transportation infrastructure across the state and create jobs.
"The Comptroller's report released Friday shows that there are additional, unexpected revenues flowing into the state that can fund increased infrastructure investment without detracting from existing programs. This means that the state can afford more funding for transportation such as the recent bills introduced by Senator John DeFrancisco and Assemblyman Jim Brennan," said NYPTA President Carm Basile. "We urge the Governor and Legislature to reach a solution on funding the critical capital needs of the MTA and transit systems across the state so they can continue to support economic growth."
After passage of the 2015-16 state budget, the MTA 5-year capital program still has a $14 billion funding gap to meet the needs to repair and upgrade the transit system. Similarly, the rest of the state's upstate and downstate transit systems require $500 million over the next 5 years to replace buses and make other infrastructure improvements.
The New York Public Transit Association is a not-for-profit association representing more than 40 transit systems across the New York State including the MTA, the largest public transportation system in the nation, the four upstate regional transportation authorities, downstate suburban county bus systems, and transit systems that serve upstate rural communities.