New York MTA agrees capital funding
USA: New York Governor Andrew Cuomo, New York City Mayor Bill de Blasio and MTA Chairman Tom Prendergast announced on October 10 that they had reached agreement on the remaining funding for the MTA Capital Program.
The $26·1bn five-year capital expenditure plan forms the largest ever investment in MTA infrastructure.
The state of New York has committed to provide $8·3bn and the city $2·5bn, of which $600m is to come from non-tax revenue.
MTA recently reduced the programme amount from $29bn to $26·8bn through savings derived from letting design-build and PPP contracts, as well as streamlining the procurement process. A further $700m will be saved by ‘efficiencies or necessary programme reductions’.