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MTA 2006 Preliminary Budget July Financial Plan 2006 – 2009 DJC July 27, 2005 Metropolitan Transportation Authority Where the Dollars Come From Before Gap Closing and Other Actions Where the Dollars Go Before Gap Closing and Other Actions

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Presentation Transcript


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MTA 2006 Preliminary Budget

July Financial Plan 2006 – 2009

DJC

July 27, 2005

Metropolitan TransportationAuthority


Where the dollars come from before gap closing and other actions l.jpg
Where the Dollars Come FromBefore Gap Closing and Other Actions


Where the dollars go before gap closing and other actions l.jpg
Where the Dollars GoBefore Gap Closing and Other Actions


February financial plan closing cash balance before gap closing and other actions in millions l.jpg
February Financial PlanClosing Cash BalanceBefore Gap Closing and Other Actions($ in millions)

The 2004 closing balance has been adjusted downward to $466 million to reflect the establishment of the $200 million Real Estate Stabilization Reserve.


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July Financial PlanBaseline Before GapClosing and Other Actions($ in millions)

The 2004 closing balance has been adjusted downward to $507 million to reflect the establishment of the $200 million Real Estate Stabilization Reserve.


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February vs. July PlansClosing Cash BalancesBefore Gap Closing and Other Actions($ in millions)

2004

2009

2005

2006

2008

2007


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July Financial PlanReasons for Baseline Net Improvements($ in millions)


Annual real estate tax collections february financial plan l.jpg
Annual Real Estate Tax Collections February Financial Plan

February Financial Plan

These figures represent gross collections. They do not include the MRT-1 increase, and they do not reflect transfers from MTA to suburban accounts.


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Monthly Real Estate Tax CollectionsFebruary Financial Plan

Millions


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2005 Real Estate Tax CollectionsFebruary vs. July Financial Plan

$996

$631

$606

$434

$421

$227

Jan - Dec

Jan - June

July - Dec

These figures do not include the MRT-1 rate increase. The reduction for the suburban transfer allocation (net -$26 million change) is reflected in the annual figure but not in the first and second half of the year figures.


Annual real estate tax collections july financial plan l.jpg
Annual Real Estate Tax CollectionsJuly Financial Plan

July Financial Plan

These figures represent gross collections. They do not include the MRT-1 increase, and they do not reflect transfers from MTA to suburban accounts.


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TUESDAY, JULY 26, 2005

“There is no sign of it ending anytime soon.”

Joshua Shapiro, Chief US Economist, MFR Inc.

“The longer bubbles are allowed to go unchecked the more painful they are.”

Stephen S. Roach, Chief Economist, Morgan Stanley


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New State RevenuesChanges Since February Plan($ in millions)


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Debt ServiceChanges Since February Plan($ in millions)


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Service & Cleaning EnhancementsFunded By Recurring Debt Service Savings($ in millions)


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2005 Security Measures

Heightened MTA-Wide Security Costs in 2005: $10 million

  • Enhanced Police Visibility

    • NYPD, MTAPD and B&T BTO

  • Increase in Subway Station Personnel At Prime Locations Trained in Evacuation Procedures

  • Continued Employee and Customer Awareness Education

    • e.g. “See Something, Say Something” and “Eyes and Ears”


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    Additional Agency ChangesChanges Since February Plan($ in millions)


    Reductions in agency budgets july financial plan in millions l.jpg
    Reductions in Agency Budgets July Financial Plan($ in millions)

    2007 PEGs

    $46

    2006 PEGs

    $42

    Baseline

    Re-Estimates

    $62

    Baseline

    Re-Estimates

    $39

    Total Savings: $81

    Total Savings: $108




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    Reinvestment Fund

    Proposed Amount: $481 million

    2 Recommended Possible Uses:

    • Platform Over the West Side Rail Yards to Support Mixed-Use Development

    • Reduction in Pension Liabilities


    July financial plan with gap closing and other actions in millions l.jpg
    July Financial PlanWith Gap Closing and Other Actions($ in millions)

    The 2004 closing balance of $507 has been adjusted downward to reflect the establishment of the $200 million Real Estate Stabilization Reserve.


    July financial plan closing cash balance after gap closing and other actions in millions l.jpg
    July Financial PlanClosing Cash Balance After Gap Closing and Other Actions($ in millions)

    * Includes additional 5% revenue increases in 2007 and 2009, consistent with prior plans.


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