Boston: MBTA plan reallocates $500 million to support critical capital investments

[marmar]

The Massachusetts Bay Transportation Authority (MBTA) Board’s Audit and Finance Subcommittee supported reallocating up to $500 million in operating funds to support critical and timely capital investments, allowing the MBTA to accelerate key capital projects in safety, advance key employee recruitment and retention initiatives, advance key investments in bus and more.

This one-time reallocation plan was presented to the full board at the Jan. 27 meeting. This funding is unrelated to the Bipartisan Infrastructure Law funds.

“Last fiscal year, we spent a record $1.9 billion in capital investments and addressed some of the state of good repair backlog. But we still have important investments to make,” said MBTA General Manager Steve Poftak. “This $500-million one-time transfer of funds will allow us to expedite crucial safety investments like the Green Line Train Protection Project, to continue supporting our workforce with pandemic pay for front-line employees, to further major investments that upgrade and modernize our bus system and more.”

During the COVID-19 pandemic, the MBTA received nearly $2 billion in one-time federal relief funds, which allowed the MBTA to maintain service levels and balance its operating budget despite significant reductions in fare revenues. Federal relief funds continue to be applied to eligible operating expenses, freeing up other revenues on a one-time basis. ..........(more)

https://www.masstransitmag.com/management/press-release/21254917/massachusetts-bay-transportation-authority-mbta-mbta-plan-reallocates-500-million-to-support-critical-capital-investments