By Philip Newman
The MTA Wednesday unveiled its new financial plan for 2012 through 2015, which includes two fare increases, with board members expressing both guarded optimism and outright concern.
The new financial plan would include no service cuts but rather loans and other financial aid from the city, state and federal governments for the strapped transit agency.
It is also dependent on no raids on transit funds by the stat as occurred in the past.
Several Metropolitan Transportation Authority members praised Chief Financial Officer Robert Foran for drawing up the plan. But some said it perhaps depended on too many conditions that might not occur.
MTA Deputy Chairman Andrew Saul cautioned that the planned borrowing would increase the debt load of the agency to $31 billion, which he termed “a ticking time bomb.”
The fare hikes, both 7.5 percent, would take place in 2013 and 2015.
Some MTA board members suggested conditions could change to the extent that the financial plan would undergo alterations before the final vote on it comes next December.
Reach contributing writer Philip Newman by e-mail at timesledgernews@cnglocal.com or phone at 718-260-4536.
