The Fig File for 12.17.08 by: Mike Figliola

The Fig File for 12.17.08 by: Mike Figliola

The Fig File: It’s official: On this cold, grey Wednesday, exactly one week before Christmas Eve, The MTA passed their "23% fare increase, reduction in service and toll hikes designed to punish the pockets of straphangers", budget plan. The plan, which consists of minimal cuts within the MTA, puts the onus on the commuter to balance the 1.2. billion dollar ‘deficit’ - which continues to mathematically make little sense given that the MTA’s own report shows over 1.5 billion riders annually - a gross of three billion dollars. That is just on subway readership alone.

The MTA’s budget statement shows that the revenue stream of the fare hike and service cuts is projected to generate approximately $670 million in 2009.

Hmm...so, if my math is sound here,  the MTA should project to generate close to 3.7 billion for fiscal year 2009. That excludes revenue from tolls, real estate holdings and advertising. So, take 3.7 billion in revenue, subtract that nasty 1.2 billion deficit and we end up with a surplus of 2.5 billion right? YEAH RIGHT.

Come 2010 - I’ll even give them to 2012, I know the MTA will be up the creak again crying that they have no money.

Oh and so much for the City Council reviewing the Budget Plan and the Ravitch Report - lot of good that did. Just another waste of time and tax payers money so they can say ‘Yep we reviewed it and we didn’t like it but they did it anyways. Darn you MTA! Darn you!’

Now I know I’m poking fun at the City Council here. And of course I know I am using crude math not taking into account all the intricacies and  economic pitfalls the Agency faces, but come on, something doesn’t add up here. Just ask Joe J Train or Debbie D Train - who cares about their budget? Who will bail out their deficit? How will they afford their commute to their 8 or sometimes 10 hour grind everyday? They want to know the cost to run an transit system that features the most riders in the world and is growing year by year? I think all the legislators talked a good game but when it came down to it, during this joyous holiday season, they didn’t do what needed to be done: a full investigation of the Metropolitan Transit Agencies Finances. And now, we, you and I, are going to pay for it.