The Metropolitan Transportation Authority cut the size of its projected budget deficit in 2025 to $500 million, roughly one-third of what it had expected, as the transit agency is poised to receive additional revenue from the state.
The MTA previously estimated a $1.4 billion shortfall in the operating budget for that year, when the federal pandemic aid that’s helping balance the budget is set to run out. The smaller gap will reduce the need to borrow funds to cover operating expenses.
“We hope we can continue to have that disappear and make sure any of our borrowing goes toward capital and not toward operating,” Kevin Willens, the MTA’s
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