While the MTA’s debt profile is stabilizing, uncertainty remains without assurances that the expected $14 billion in federal funds will materialize. The MTA must also generate $3 billion in savings to fully fund the 2025-2029 capital program, but has not fully detailed how the $4.2 billion in capital savings for past programs were achieved. Mr. DiNapoli’s report calls on the MTA to provide greater transparency to help the public understand these efforts.

Dedicated lockbox resources, including congestion pricing revenues, expanded Payroll Mobility Tax (PMT) funds, and other dedicated lockbox resources, continue to provide predictable funding that helps protect transit operations while supporting long-term capital investment and shielding the operating budget from the impact of new debt.

“The MTA has made progress towards implementing the largest capital program in its history, work that is critical to providing the kind of frequent and reliable service that brings riders back,” Mr. DiNapoli said. “While the outlook for capital funding and debt levels has improved this year, federal uncertainties remain. The MTA is counting on $14 billion in federal funds for its current capital program. If that money becomes entangled in federal politics or delayed, it could force the MTA into making hard choices between increasing its debt load or deferring critical improvements needed to keep the system safe and functional.”