Refunding the MTA's Debt: The Importance of Getting it Right

May 07, 2012

The MTA has $32 billion in long-term debt outstanding – more than 41 states and more than $14,000 for each worker commuting daily into New York’s central business district. That is an impressively large sum, but public authority debt is not inherently a bad thing. Nonetheless, debt has become a problem for the MTA because its revenues are not keeping pace with its debt obligations.

What NY Should Do With $4B

Jul 24, 2014
New York State will soon receive more than $4 billion in settlements from large financial institutions. It is an unprecedented windfall, coming from wrongdoing by banks, and it is rightly generating public discussion about what to do with the money.

An Update on Port Authority Budget Reform

Jul 23, 2014
Just over one year ago, on July 16, 2013, the Citizens Budget Commission (CBC) sent the executive director of the Port Authority of New York and New Jersey (PANYNJ) a letter with recommendations for improving the Authority’s budget process, with the goals of greater transparency, long-term financial viability, and public accountability for performance.

CBC Testimony before the MTA Reinvention Commission

Jul 16, 2014

CBC has become increasingly concerned with the MTA’s finances and service performance over the last decade and most recently issued a report, A Better Way to Pay for the MTA, in October 2012.

PATH Should Be Run By New Jersey Transit

May 05, 2014

PATH—the rail transit system of the Port Authority of New York and New Jersey—is the only mass transit system in the nation with no tax subsidy. That should be changed, and responsibility for running PATH should be shifted to New Jersey Transit.

Financing PATH: Options for Deficit Reduction

Apr 24, 2014

This report examines the financing arrangements for the PATH transit system operated by the Port Authority of New York and New Jersey. The report provides background information on the PATH system, describes its current financing sources and need for sizable cross-subsidies from other PANYNJ business lines, and recommends new policits to reduce the need for such cross-subsidies.

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