Lawmakers cite “a significant funding deficit” as the reason for their rejection.
“The proposed Program currently faces a significant funding deficit, generally recognized to be at least $33 billion of the $65 billion proposed total subject to CPRB approval, which is a specific concern that needs to be addressed before we can approve the Program,” the letter read.
The letter also comes just as the authority cleared some major legal hurdles in the lawsuits against congestion pricing, which is slated to begin on Jan. 5.
This next capital plan was approved by the MTA board in September. The capital plan is separate from the operating budget, which pays for salaries, benefits and debt service and is funded by fares and subsidies.
The capital plan is aimed at funding major projects, keeping infrastructure in a state of good repair and fixing elevated train structures and power systems.
The proposal was formally rejected by the Capital Program Review Board, which is made up of representatives appointed by the two state legislative leaders, the mayor and governor, who are supposed to approve or reject the plan before it heads to the Legislature.
plan before it heads to the Legislature.