M-T-give-us-A-break!<\/p>\n
Transit boss Janno Lieber patted himself on the back Tuesday for balancing the MTA\u2019s budget\u00a0\u2014 conveniently ignoring fare hikes and a $1.5 billion casino money boost<\/a>.<\/p>\n Lieber, during a state of MTA speech at New York Law School, celebrated the transit agency recovering from a $2.1 billion operating deficit since he took over in 2021 \u2014 and argued its on track to deliver its third straight balanced budget.<\/p>\n The turnaround came thanks to cutting $500 million a year from inefficient internal practices, a windfall from congestion pricing and new tax revenue<\/a> from state budget talks last year, Lieber boasted.<\/p>\n \u201cWe\u2019re spending less in real terms than before COVID, doing more with spending less,\u201d he crowed.<\/p>\n \u201cFour years later this is a different MTA.\u201d<\/p>\n Janno Lieber, chair and CEO for the MTA, painted a rosy financial picture Tuesday for the MTA. James Messerschmidt<\/p>\n But the rosy financial picture painted by Lieber ignored the many pots of still-up-in-the-air cash the MTA\u2019s board assumes the agency will receive \u2014 as well as costly burdens on straphangers and commuters.<\/p>\n The upcoming 2026 budget \u2014 which is up for a vote this month \u2014 assumes the MTA will receive $200 million from FEMA, up to $600 million in tax revenue and $500 million from casino revenue.<\/p>\n And the casino revenue was based on licenses for three New York City gaming houses being approved \u2014 which only happened Monday and still requires final state approval. The MTA expects to receive $1.5 billion total through 2028.<\/p>\n The MTA will receive $1.5 billion from three new casino licenses approved for New York City. AP<\/p>\n Even assuming smooth sailing fiscally, the MTA hasn\u2019t exactly passed on savings to New Yorkers. <\/p>\n Motorists entering Lower Manhattan now face a $9 congestion pricing fee and the MTA board voted to raise subway and bus fares to $3 \u2014 an increase one member argued shouldn\u2019t be considered a \u201chike\u201d<\/a> because it\u2019s below inflation.<\/p>\n Subway and bus fares will be hiked to $3 in 2026. ZUMAPRESS.com<\/p>\n Lieber, while touting the MTA board soon voting on its third consecutive balanced budget, argued that the transit behemoth should actually be spending more.<\/p>\n In speaking of MTA successes that got the agency \u201ccredibility in Albany,\u201d Lieber touted extensive construction on the L train, which was completed in 2020. He said the agency got the project done six months ahead of schedule and $100 million under budget.<\/p>\n He also mentioned Long Island Rail Road\u2019s Third Track project, completed in 2022. Lieber said that was also $100 million under budget.<\/p>\n Both projects were completed or nearly finished by the time Lieber became the MTA\u2019s chair and CEO \u2014 and before the era of balanced budgets he hawked in his speech.<\/p>\n