In late July the Metropolitan Transportation Authority (MTA) released its $15.5 billion 2017 Preliminary Budget and four-year financial plan. The Preliminary Budget reaps the benefits of predictable, incremental fare and toll increases and an aggressive savings program begun in 2009. These benefits include projected surpluses and cash balances that will be used to make $1.1 billion in pay-as-you-go (PAYGO) capital investments. While such investments are a prudent use of surpluses, the MTA expects to exhaust its cash balances by 2020. In that year the agency projects an adjusted cash deficit of $113 million and the depletion of its cash balances, but the plan includes some resources tentatively committed to capital upon which it could draw.