We’ve known for some time that New Jersey’s Transportation Trust Fund is running on empty and will become completely insolvent on July 1 — just 100 days from now. But it turns out the Garden State is not alone in its fiscal hard times. Gothamist reports:
MTA Chairman Tom Prendergast told reporters on Wednesday that unless the State budget is finalized with concrete funding for the MTA’s 2015-2019 capital plan, his authority will run out of money for new capital projects by June 30th.
“June 30th of this year—that’s when we run out of money,” Prendergast told reporters after an MTA board meeting Wednesday afternoon. To clarify, the dusty coffers would stall new MTA projects outlined in the 2015-19 capital plan. Projects that have already been approved, but have yet to break ground, would still be able to move forward.
Earlier this month we expressed concern over the ambiguity in Governor Cuomo’s MTA funding plan. It’s clear now that this worry wasn’t without reason.