Nearly $300 billion is at stake for New York City over the next three and a half decades, should the Cuomo administration and the Metropolitan Transportation Authority succeed in pushing their latest subway-funding proposal through Albany, city officials said Thursday.

"The MTA's proposal threatens New York City's fiscal health and represents a radical transformation of City funding obligations to the Metropolitan Transportation Authority," reads a briefing prepared by the city in response to draft legislation that would require City Hall to redirect property tax revenue to the MTA.

There's no disputing that mass transit improvements generate lots of additional tax revenue.

"It's a question of process, not value," said Carol Kellermann, president of the Citizens Budget Commission. "Who decides how to spend city property tax revenue? Should it be tied up so far into the future? How should these decisions be made and who should participate?"