MTA CFO Warns Of Steep Fare Hikes If State Doesn’t Pay Up

April 28, 2015 | Liam Mathews

At an MTA board meeting April 27, MTA chief financial officer Robert Foran warned that a 15% increase on fares and tolls may be necessary if the state government doesn’t provide funding for the MTA’s five-year capital plan, the New York Times reports.

Foran says that the hikes may have to happen if the MTA is forced to take on more debt to close a $32 billion budget shortfall, which it will be forced to do if the state doesn’t commit to funding the capital plan by June.

“At some point, the board may take action and the action that they really only can turn to would be one that addresses fares and tolls,” Foran said.

Other even less desirable options include cutting service and/or implementing tolls on the East River bridges.

(Photo: D. Robert Wolchek)