1. November Financial Plan 2010 – 2013
MTA 2010
Final Proposed Budget
November Financial Plan 2010 – 2013
November 18, 2009

2. July Financial Plan Closing Cash Balance ($ in millions)

3. July Plan Highlights Maintained in November Plan
2009 budget balanced after Mid-Year actions.
No unfunded New Needs.
Strict spending controls and continuation of PEG budget reductions.
Bi-annual fare & toll yield increases of 7.5% in 2011 and 2013.
No scheduled service reductions.
Pay-As-You-Go contribution to the Capital Program.

4. Changes from the July Plan
Receipts for Real Estate Transaction Taxes have declined further than anticipated.
Farebox and Toll Revenues not as weak as projected.

5. Changes from the July Financial Plan ($ in millions)5 5

6. Gap Closing Actions ($ in millions)

7. Year-to-Year Changes in Expenses
Uncontrollable Operating Expenses include Paratransit Service Contracts, Fuel for Buses & Trains, Traction & Propulsion Power, OPEB Current Payment, Health & Welfare, Pensions, and Insurance.
Controllable Operating Expenses include Payroll, Overtime, Claims, Other-Fringe Benefits, Reimbursable Overhead, Maintenance & Other Operating Contracts, Professional Service Contracts, and Materials & Supplies, Other Business Expenses, Other Expense Adjustments, and Gap Closing Actions.
Total Operating Expenses includes the impact of the Gap Closing Actions but excludes Debt Service and the General Reserve.

8. November Financial Plan Closing Cash Balance after Gap Closing ($ in millions)

9. Financial Plan Risks
Regional economy does not rebound as anticipated; additional State subsidy reductions.
Labor arbitration ruling inconsistent with Financial Plan.
Revenues from new State taxes and fees do not meet financial plan assumptions.