MBTA Update: Deficit Down, Pension Fund Liabilities Up
The MBTA’s Fiscal and Management Control Board met to review mixed reports about the T’s finances.
One report indicates the MBTA will come in about $75 million under budget by the end of the current fiscal year. T officials say they’ll use the savings to reduce the projected deficit.
On the not so positive side, the MBTA’s pension fund long-term liabilities will increase substantially. These reports come out as the board prepares to vote on a proposed fare increase in two weeks, on March 7.
Charles Chieppo, research fellow at the Ash Center for Democratic Governance and Innovation at the Harvard Kennedy School and head of Chieppo Strategies, a public policy writing and advocacy firm.
- “The Massachusetts Bay Transportation Authority’s chief administrator, Brian Shortsleeve, said the T will contribute $8 million more to the $1.6 billion fund in fiscal 2017. That will bring the authority’s annual contribution to $84 million for the year that begins July 1.”
- “Internal data to be released Monday at a meeting of the MBTA’s fiscal management and control board will show that during the first five weeks of 2016, the agency averaged $115,000 per day in operating budget overtime, representing about a 25 percent reduction from the average $154,000 overtime per day over the full 2015 calendar year.”
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