We can't imagine being the MTA's accountant. For the 3rd time this year, the MTA has changed the amount of their projected surplus for the year. The amount now projected $1.044 billion up from $833 million this Summer and $76 million early in the year. Sounds good for now, but the MTA still believes there will be deficits in the coming years.
The surplus will be spent on:
- $450 million to reduce future pension payments
- $100 million on holiday fare discounts for two years
- $50 million on service improvements (cleaning, service on commuter rails, police patrols and bomb-sniffing dogs)
- $100 million on security improvements
The MTA also revealed that the OPTO for the L is out of their plans for now. We anticipate another budget revision next year once the final numbers for this year are tallied. With the MTA's fine accounting, we're almost expecting that surplus to turn into a deficit.