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Gov. Kathy Hochul's "pause" on congestion pricing puts a $16.5 billion hole in the Metropolitan Transportation Authority's capital plan.
July 1 -
Even after paring down the capital plan, the MTA will need to issue debt, and sooner than planned. It will be issued under the MTA's transportation revenue credit rather than its congestion pricing credit, so near-term debt service costs will be higher, CEO Janno Lieber said.
June 11 -
Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.
June 10 -
Moody's Ratings analysts revised the outlook to stable from negative on the expectation that states and locals will fill an $8 billion operations funding gap.
June 5 -
It is not clear how the Metropolitan Transportation Authority would fund its capital plan if the governor puts the brakes on the toll plan for lower Manhattan.
June 5 -
More than two dozen issuers have announced plans to refund their BABs this year, despite objections from investors.
May 22 -
In a new debt profile report, the Comptroller Thomas DiNapoli says the MTA will be pressured if congestion pricing tolls in Manhattan are blocked.
May 9 -
"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."
April 22 -
Congestion pricing proponents claim it will reduce gridlock, improve air quality in Manhattan and boost ridership on the MTA, which has never recovered its pre-pandemic ridership levels.
March 28 -
"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.
March 25