If you thought the Metropolitan Transportation Authority's financial situation was miserable now — just wait until next year. As the MTA moves closer to implementing "doomsday" service cuts that would eliminate train and bus lines, lessen service, and force city students to pay to get to school, the agency could get hit with more cuts in state funding and declining revenues next year, according to a new report.
The MTA board voted Wednesday to approve service cuts as a last ditch effort to plug a budget shortfall of $400 million brought on by state cuts and declining tax revenues, among other things. But with the state facing a budget gap of about $9 billion next year, the MTA could receive even less money when the budget is passed on April 1. Couple that with the expected drops in ridership and tax revenues caused by the recession, and the MTA's financial future looks bleak, according to the Daily News. MTA critics including Mayor Bloomberg say things are going to get worse before they get better: "People are screaming about what they do now; wait until they see what happens in March."