MTA Discovers $1.9 Billion Surplus In Its Budget, Still Planning on Hiking Fares

[playahaitian]

MTA Discovers $1.9 Billion Surplus In Its Budget, Still Planning on Hiking Fares

​

This past Friday the MTA announced that it had uncovered a nearly $2 billion surplus in its operating budget. How about those scheduled fare hikes in 2015 and 2017? Despite the discovery of the surplus, MTA officials plan to go ahead with the fare hikes anyway.

In his report released Friday, New York State Comptroller Thomas DiNapoli called the MTA's financial situation "much improved," finding that the extra $1.9 billion in savings coming over the next four means the transit agency has largely emerged from Recession-era shortfalls.

The agency's audit found that lower contributions to pension funds, lower energy costs, savings on health insurance, and debt service were responsible for the extra money in its offers, according to CBS New York.

Yet the MTA still plans on instituting fare hikes over the next four years, with current projections putting a single ride fare at $3.00 by 2017, citing the volatility of tax revenue.​

"They are revenues that we aren't sure we are going to repeat. Some big tax collections and things like that," MTA spokesman Adam Lisberg told the New York Post.

DiNapoli's analysis is openly skeptical of the MTA's position, pointing to fare hikes since 2007 that far outpace the inflation rate. "In recent years, the MTA has placed less emphasis on new cost-reduction initiatives even as it continues to press for large fare and toll increases," reads one section of the report.

One especially galling example: between 2007 and 2013, the price of the 30-day MetroCard increased 47 percent, three times the inflation rate during that period.

The report lists the various capital improvement project the MTA has planned over the coming decade, including the Second Avenue Subway and upgrades to the existing system, expenses covered in part by fare hikes.

http://blogs.villagevoice.com/runninscared/2013/09/mta_fare_hikes_surplus.php

 

[daking181]

My job is 15 minutes from my house. I love it

 

[playahaitian]

My job is 15 minutes from my house. I love it

i wish...

 

[The Technician]

Fuck the MTA. Thank god I do most of my work from home. I hate having to pay over $20 for a round trip on the Metro North to go to an office for no damn reason.

 

[RUDY RAYYY MO]

No fucking way I could live in Ny

Sent from my EVO using Tapatalk 2

 

[Better]

NYC is gettin' so ridiculous I'm to the point of not wanting to visit anymore...

....and it was once, by far, my favorite city.

 

[john blackcorn]

NYC? Yall can have that fuckin city

 

[alexw]

 

[Non-StopJFK2TAB]

hopefully everyone gets raises.

 

[FlatbushNicca]

I gotta eat....need my raise !!

 

[FlatbushNicca]

I gotta eat....need my raise !!

 

[FlatbushNicca]

I gotta eat....need my raise !!

 

[FlatbushNicca]

I gotta eat....need my raise !!

 

[mike123]

hopefully the net makes it harder for them to get away with the fuckery their used to doin

 

[alexw]

hopefully the net makes it harder for them to get away with the fuckery their used to doin

why rely on the net?

you would only have to boycott them for 2 or 3 days to economically fuck them over

you knickerbockers need to carpool badly or theyre going to continue to buttfuck you (since they know they can)

now i know that shit would be hard in nyc but you have to sacrifice something in order to invoke change

 

[largebillsonlyplease]

that $1.9 billion wasn't for any of yall, yall had nothing to do with it

 

[playahaitian]

O'Reilly: There's nothing fair about another MTA fare hike

http://www.amny.com/urbanite-1.8120...ng-fair-about-another-mta-fare-hike-1.6943515

So the MTA is talking about raising fares -- again. Not by some middling amount, but by 12 percent across the board in 2015.

For New York City bus and subway riders we're talking about a jump of 25 cents per trip, to $2.75 one way using a MetroCard. For Long Island Rail Road or Metro North commuters, the hike would be far steeper, providing it extends system wide again.​

Where I live in Westchester County, it costs $343 for a monthly commutation ticket today. That's up $100 per month in six years. If the hike goes through, the new monthly price will be $387. To get some perspective, multiply that monthly cost by 12 months and commuters at stations like mine are looking at $4,644 a year to get to Grand Central Terminal, not including pre-income tax commuting costs. Add parking and a subway ride from Grand Central -- not to mention gas to get to the station -- and the numbers get ludicrous, upward of 12 percent to 15 percent of the $77,000 median annual salary of a Westchester County resident for mass transit alone. Nassau and Suffolk residents don't fare much better percentage wise, with 2012 medium incomes of $93,000 and $86,000, respectively.

(Note to self: invest loose car change in suburban commercial space.) Local businesses get hurt, too, by having to pay the relatively new MTA payroll tax (2008) which was supposed to help prevent big fare increases like this one from happening. One wonders how many fewer jobs have been created in the downstate region as a result of that tax.

MTA Chairman Thomas F. Prendergast did an interesting thing when he announced the proposed hike Thursday. He laid the blame squarely where it belongs: on public employee union work rules that prevent the MTA from making sensible, money-saving restructuring reforms. Some are accusing Prendergast of negotiating with the unions in public by throwing out to the news media an alarming fare hike proposal , but his remarks are a sign of how serious the cost of doing business in New York is becoming under union rules and how much power the public employee unions now wield.

But just try to challenge them. We've all seen the ads. Whenever some reform is proposed, the violins roll out in pitch-perfect spots about "fairness" and "attacks on middle class working families." But what's fair about dramatically hiking transportation costs for those that can least afford it, aka the riding public?

The median annual salary of a Bronx resident in 2012 was $18,000, according to the Census.

If this fare hike happens, a 30-day unlimited MetroCard is expected to jump to $125 -- or more than 8 percent of that person's annual income. Don't low-wage workers count as working families, too?​

Mayor Mike Bloomberg didn't talk much about the public employee unions when he first came into office. But by the time he left office he was talking about them a lot. He warned New Yorkers that something has to be done before New York is forced to begin cannibalizing its services to cover union pay and benefit increases, which they never stop demanding.

Funny, that's pretty much what Prendergast said Thursday. It's either going to be a fare hike, union concessions or the abandonment of routine maintenance.​

Expect to dig deeper in your pocket this year and for longer train and bus delays. That and a lot of sappy union ads.

 

[sturmars]

The MTA love raping us with no lube and not even a thank you after.

 

[playahaitian]

The MTA love raping us with no lube and not even a thank you after.

yup

 

[BDR]

Open them books

@ at mysteriously finding 2 billion

 

[Mrfreddygoodbud]

i wish...

electric cars and bikes are on their way.

 

[playahaitian]

Open them books

@ at mysteriously finding 2 billion

they do this so often its a joke and they STILL haven't been properly audited or investigated.

 

[Djmarkxr7]

they do this so often its a joke and they STILL haven't been properly audited or investigated.

Yup.

 

[godofwine]

Boycott. That is the only way companies learn. It hasn't hardly been used effectively since the Rosa Parks bus boycotts in 1954/55 but it could and would still work. Hit the bitches in the pockets.

 

[Djmarkxr7]

why rely on the net?

you would only have to boycott them for 2 or 3 days to economically fuck them over

you knickerbockers need to carpool badly or theyre going to continue to buttfuck you (since they know they can)

now i know that shit would be hard in nyc but you have to sacrifice something in order to invoke change

The problem is that we're not talking about a Fortune 500 company, technically speaking the ONLY person that the MTA reports to is the Governor, and that's more of an annual report, rather than a balance or profit/loss sheet, in other words they have no shareholders to report to, even when they lose money EVERYONE still gets paid, and they continue to operate, business as usual.

 

[Djmarkxr7]

Boycott. That is the only way companies learn. It hasn't hardly been used effectively since the Rosa Parks bus boycotts in 1954/55 but it could and would still work. Hit the bitches in the pockets.

Those buses were owned by private companies, a boycott would work in Nassau County simply because their buses were taken over by a private company, NICE, the NYCTA is a public benefit corporation, any boycott only hurts the owners, the New York City public @ large, the NY State Government specifically.

 

[playahaitian]

Boycott. That is the only way companies learn. It hasn't hardly been used effectively since the Rosa Parks bus boycotts in 1954/55 but it could and would still work. Hit the bitches in the pockets.

will NEVER happen.

should happen.

Could happen.

But never will...I think if EVERYONE would not use the train or buses for like ONE HOUR on a particular work day?

Like Monday at like NOON no one takes any form of public transport including the LIRR and NJT???

that would equally a TON of $$$$.

That would be JUST as effective I think and realistic.

And would also not disrupt any medical/emergency services.

Or I had an idea for a bunch of people with unlimited metrocards...

for that day swipe other people and if your at work let co-workers borrow your metrocard while your in the office.

Problem is some judge actually said that its illegal to do this so I don't know, you could pick stations with no token booths (which is not hard at all nowadays!)

 

[Black Radical]

The MTA is a public benefit corporation. This means they do what they want, dont show books, issue their own debt, "find" 2 billion dollars and still try to blame a fare hike on union workers.

They also have an army of people making 100k. Mostly white of course. A fucking Army!! They could save millions by cutting all those patronage jobs given out there.

MTA is like the 5th biggest debt holder in the country behind the state of California or some shit.

When Gov. Christie tried to get some of his buddies in high positions and couldn't, he put them on the Port Authority. Another Public Benefit Corporation like the MTA.

BOth are so fucking corrupt, misusing so much money, its ridiculous.

 

[playahaitian]

The MTA is a public benefit corporation. This means they do what they want, dont show books, issue their own debt, "find" 2 billion dollars and still try to blame a fare hike on union workers.

They also have an army of people making 100k. Mostly white of course. A fucking Army!! They could save millions by cutting all those patronage jobs given out there.

MTA is like the 5th biggest debt holder in the country behind the state of California or some shit.

When Gov. Christie tried to get some of his buddies in high positions and couldn't, he put them on the Port Authority. Another Public Benefit Corporation like the MTA.

BOth are so fucking corrupt, misusing so much money, its ridiculous.

 

[mariano42]

MTA is ran by the mafia.

 

[mailboxpimp]

why rely on the net?

you would only have to boycott them for 2 or 3 days to economically fuck them over

you knickerbockers need to carpool badly or theyre going to continue to buttfuck you (since they know they can)

now i know that shit would be hard in nyc but you have to sacrifice something in order to invoke change

niggaah stfu!!!!!!!!!! NONE of what you said is realistic ....nor does it have the possibility to be! you talking about TRAFFIC.. its NOT just ppl in nyc getting around.... it ppl from nj, pa, con, & dc... the subway / bus / metro north... ELIMINATE a lot of traffic... if it weren't for the transportation nyc would be fuked up like atl was last week on a daily basis!

always niggaahz that never been to nyc or lived in nyc that got all these fukin suggestions & come from TOWNS with to rapid transportation systems or half ass systems...

 

[Djmarkxr7]

The MTA is a public benefit corporation. This means they do what they want, dont show books, issue their own debt, "find" 2 billion dollars and still try to blame a fare hike on union workers.

They also have an army of people making 100k. Mostly white of course. A fucking Army!! They could save millions by cutting all those patronage jobs given out there.

MTA is like the 5th biggest debt holder in the country behind the state of California or some shit.

When Gov. Christie tried to get some of his buddies in high positions and couldn't, he put them on the Port Authority. Another Public Benefit Corporation like the MTA.

BOth are so fucking corrupt, misusing so much money, its ridiculous.

Those buses were owned by private companies, a boycott would work in Nassau County simply because their buses were taken over by a private company, NICE, the NYCTA is a public benefit corporation, any boycott only hurts the owners, the New York City public @ large, the NY State Government specifically.

​

 

[Djmarkxr7]

The MTA is a public benefit corporation. This means they do what they want, dont show books, issue their own debt, "find" 2 billion dollars and still try to blame a fare hike on union workers.

They also have an army of people making 100k. Mostly white of course. A fucking Army!! They could save millions by cutting all those patronage jobs given out there.

MTA is like the 5th biggest debt holder in the country behind the state of California or some shit.

When Gov. Christie tried to get some of his buddies in high positions and couldn't, he put them on the Port Authority. Another Public Benefit Corporation like the MTA.

BOth are so fucking corrupt, misusing so much money, its ridiculous.

BTW, A LOT of the corruption & misuse that you speak of has actually gone away with the implementation of computers (which made it easier not only to track $$$, but manhours as they accrued as well) and a lot of the "old guard" retiring (of course A LOT still goes on, but nowhere near as much as it used to!), and actually, why shouldn't peeps make 100k+ after being on the job for 25-30 years?!?

What's actually driving their debt up NOW is the same as most businesses that have large, vocal, powerful unions, retirement/pension packages & healthcare, GM has to make well over a billion dollars FIRST just to take care of retirees alone, and it's the same for NYC Transit, but before peeps start jumping/putting down unions, let's remember that when most of these people started working (baby boomers), there WAS NO SUCH THING as 401Ks, companies took care of their own here in the US, since back when baby boomers originally got these jobs, retirement was something in the far distant future, much more of a concept than a reality, and more importantly, something that the managers @ that time KNEW they actually wouldn't have to deal with, they themselves would either be retired, or dead and long dead and gone by then, which is now!

 

[playahaitian]

New York state public benefit corporations and authorities operate like quasi-private corporations, with boards of directors appointed by elected officials. Public authorities share characteristics with government agencies, but they are exempt from many state and local regulations. Of particular importance, they can issue their own debt, allowing them to bypass limits on state debt contained in the New York State Constitution. This allows public authorities to make potentially risky capital and infrastructure investments without directly putting the credit of New York State or its municipalities on the line. As a result, public authorities have become widely used for financing public works, and they are now responsible for more than 90% of the state's debt. The growing influence of public authorities over state and local financing, coupled with their ability to avoid regulations applicable to government agencies, has led to calls for reform. Some reforms were passed in the Public Authorities Accountability Act of 2005

Metropolitan Transportation Authority

The Metropolitan Transportation Authority manages public transportation in the New York Metropolitan Area (this includes the New York Subway and public bus systems, as well as MTA Metro-North Railroad and the Long Island Rail Road).

The MTA includes the following subsidiaries:

Excess Loss Trust Fund
First Mutual Transportation Assurance Company
MTA Capital Construction Company
MTA Capital Program Review Board
Long Island Rail Road Company
Metro-North Commuter Rail Road Company
Metropolitan Suburban Bus Authority
New York City Transit Authority & Manhattan & Bronx Surface Transit Operating Authority
Staten Island Rapid Transit Operating Authority

Tri-borough Bridge and Tunnel Authority — famously once a fiefdom of Robert Moses, it had performed, as an independent entity, the collection of tolls and the maintenance of the Triborough Bridge. It today operates all intrastate toll bridges in New York City, and is now a subsidiary of the Metropolitan Transportation Authority.

 

[playahaitian]

What is a benefit corporation?

A benefit corporation is a new class of corporation that voluntarily meets higher standards of corporate purpose, accountability, and transparency.

Benefit corporations: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) are required to consider the impact of their decisions not only on shareholders but also on workers, community, and the environment; and 3) are required to make available to the public an annual benefit report that assesses their overall social and environmental performance against a third party standard.

Becoming a benefit corporation gives entrepreneurs and investors an additional choice when determining which corporate form is most suitable to achieve their objectives.

Does benefit corp affect a company's tax status?

It doesn't. Companies can still elect to be taxed as a C or S corp. Benefit corp status only affects requirements of corporate purpose, accountability, and transparency; everything else remains the same.

Do benefit corps have to get certified?

No. Benefit corporations do not have to become certified. Not by B Lab; not by anyone. Benefit corporations and Certified B Corps are different. You can learn more about that here.

Are there attorneys who can help companies determine whether benefit corp status makes sense for them?

Yes. There is a growing number of attorneys familiar with benefit corporations. For a directory, click here.

In what states can a company become a benefit corp?

Benefit corporation legislation has passed in AR, AZ, CA, CO, DE, DC, HI, IL, LA, MA, MD, NV, NJ, NY, OR, PA, RI, SC, VT and VA is moving forward in several others. For state by state information, click here.

http://benefitcorp.net/quick-faqs