State Comptroller Thomas P. DiNapoli's Weekly News - MTA Faces Growing Fiscal Uncertainties

 

MTA Faces Growing Fiscal Uncertainties

After a brief period of financial stability secured by an infusion of State funds last year, the Metropolitan Transportation Authority (MTA) now faces growing fiscal uncertainties and risks that create projected budget gaps that start at $211 million this year and increase to $652 million in 2028, according to a new report from State Comptroller DiNapoli. Those gaps could grow much wider if various budget risks that the MTA has identified come to pass.

“A year ago, the MTA was looking forward to a period of solid fiscal health, but its financial condition has quickly turned from stable back to uncertain,” DiNapoli said. “Paid ridership is not coming back as fast as the MTA hoped. With farebox and tax revenues down, a pause on congestion pricing and other financial risks, significant operating budget gaps could again be on the horizon. This is a very real and troubling possibility.”

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Better Oversight Needed at Juvenile Justice Facilities

The New York State Office of Children and Family Services is not adequately overseeing juvenile justice facilities outside New York City to ensure they meet State regulations for the health and safety of the youth and facility staff that are there, according to an audit released by State Comptroller DiNapoli.

“The Office of Children and Family Services needs to step up its oversight to make sure at-risk youth are getting the appropriate supervision and care, and staff have the required training,” DiNapoli said.

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Monitoring NYC’s Ongoing Recovery

State Comptroller DiNapoli’s industry sector dashboards provide monthly updates tracking New York City’s economic recovery from the pandemic. The most recent updates show that, for the second month in a row, NYC restaurant employment remains above pre-pandemic levels, while the City’s construction and retail sectors are experiencing stalled employment growth. These industries are essential for the City’s economic stability, and boosting job numbers is critical.

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ALSO IN THE NEWS THIS WEEK

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• New report: MTA budget deficit could top $3 billion by 2028

• MTA Can’t Borrow Its Way Out Of Hochul’s Capital Plan Gaps: Comptroller
  
  

• Audit finds local juvenile facilities lag in assessing troubled youths

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Thomas P. DiNapoli 

Permits Filed for 262 East 197th Street in Fordham, The Bronx

 

Permits have been filed for a four-story residential building at 262 East 197th Street in Fordham, The Bronx. Located between Briggs Avenue and Bainbridge Avenue, the lot is near the Kingsbridge Road subway station, served by the B and D trains. Joel Silberstein is listed as the owner behind the applications.

The proposed 50-foot-tall development will yield 20,679 square feet designated for residential space. The building will have 33 residences, most likely rentals based on the average unit scope of 626 square feet. The steel-based structure will also have a penthouse and 17 open parking spaces.

Ariel Golshan of AG Engineering is listed as the architect of record.

Demolition permits have not been filed yet. An estimated completion date has not been announced.