Yesterday, the New York State Thruway Authority (NYSTA) moved towards implementing a 45% toll hike for some commercial vehicles with more than three axles. NYSTA could implement the change as soon as September 30.
Funds from the proposed increase will reportedly go to meet the maintenance needs of the existing NYSTA system and the agency’s short-term debt obligations, which means that the move does not clear up the still-murky financing of the new Tappan Zee Bridge. A “financial summary,” released late last week, offers few clues:
The Project will be financed with toll revenue bonds among a broad range of options under consideration. The level and timing of toll adjustments, debt structure, and balance between debt and pay-as-you-go funding remain under development.
The toll hike comes on the heels of a report on NYSTA’s finances, which recommended that the agency implement “aggressive fiscal management reform paired with significant spending reductions.”
[…] weeks after news broke on the New York State Thruway Authority’s proposed toll hike for some large commercial vehicles, […]