ALBANY, N.Y. (AP) — An audit of the Metropolitan Transit Authority conducted by the New York comptroller has found the agency has $1.9 billion in "unanticipated funds."
State Comptroller Thomas DiNapoli said Friday the MTA's financial footing is stronger than anticipated seven months ago. He said the MTA is planning on using the funds to improve service and maintenance, reduce projected budget gaps and help fund the next capital program.
He said while those goals were worthy, the MTA should also consider shrinking a planned 15 percent fare hike over three years.
DiNapoli said the $1.9 billion came from lower pension contributions, energy costs, debt service, health insurance costs and higher tax revenues.
The audit also found tolls have risen faster than inflation over the past six years.