MTA’s two-year budget shortfall projected at $23 million
Dateline:
04/05/2010Source:
Examiner The Municipal Transportation Agency’s once-cavernous deficit projection for the next two years continues to shrink with each new update to the drawn-out budget balancing process.
Thanks to some new adjustments, the MTA, which operates Muni, faces a two year projected shortfall of $23 million — drastically less than forecasts made a few months ago. The agency has been able to lessen its shortfall by proposing annual fare increases (starting in 2011), installing thousands of new parking meters, and cutting down on its work order repayments to other city agencies by $6.5 million.
The agency also been on the fortuitous end of two unexpected cash windfalls — one, a $17 million payment due to the failure of BART’s Oakland Airport Connector, the other a $67 million allocation as part of new state legislation.
The MTA’s Board of Directors, which will meet Tuesday, must approve a balanced budget deficit for the upcoming fiscal year by May 1.
Read more at the San Francisco Examiner: http://www.sfexaminer.com/opinion/blogs/under-the-dome/MTAs-new-two-year-budget-shortfall-projected-at-23-million-89926812.html#ixzz0kLpouZhL
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