metropolitan transportation authority
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Metropolitan Transportation Authority July Financial Plan 2006-20091
Metropolitan Transportation Authority
July 27, 2005
MTA 2006 Preliminary Budget
July Financial Plan 2006 – 2009
DJC
Metropolitan Transportation Authority July Financial Plan 2006-20092
Where the Dollars Come FromBefore Gap Closing and Other Actions
2005
Other Revenue
5%
State & Local
Subsidies7%
Toll Revenue
14%
Dedicated Taxes31%
Farebox Revenue
43%
2006
Other Revenue
5%
State & Local
Subsidies7%
Toll Revenue
15%
Dedicated Taxes30%
Farebox Revenue
43%
By Revenue Source (in millions)
Farebox Revenue $3,694
Toll Revenue 1,244
Other Revenue 425
Dedicated Taxes 2,569
State & Local Subsidies 583
Total $8,515
By Revenue Source (in millions)
Farebox Revenue $3,623
Toll Revenue 1207
Other Revenue 410
Dedicated Taxes 2,613
State & Local Subsidies 613
Total $8,466
Metropolitan Transportation Authority July Financial Plan 2006-20093
Where the Dollars GoBefore Gap Closing and Other Actions
2006
Payroll39%
Other Expenses
2%
Non-Labor Expenses
22%
Overtime4%
Debt Service15%
Pension8%
Health & Welfare
10%
By Expense Category (in millions)
Payroll $3,481
Overtime 349
Health & Welfare 883
Pension 737
Debt Service 1,342
Non-Labor Expenses 1,990
Other Expenses 173
Total $8,955
Expenses exclude depreciation.
2005
Payroll40%
Health & Welfare
10%
Pension8%
Debt Service13%
Overt ime4%
Non-Labor Expenses
23%
Other Expenses
2%
By Expense Category (in millions)
Payroll $3,375
Overtime 353
Health & Welfare 806
Pension 643
Debt Service 1,080
Non-Labor Expenses 1,917
Other Expenses 161
Total $8,335
Expenses exclude depreciation.
Metropolitan Transportation Authority July Financial Plan 2006-20094
February Financial PlanClosing Cash Balance
Before Gap Closing and Other Actions($ in millions)
$466$76
-$737
-$1,105
-$1,398
-$2,000
-$1,500
-$1,000
-$500
$0
$500
2004 2005 2006 2007 2008
The 2004 closing balance has been adjusted downward to $466 million to reflect the establishment of the $200 million Real Estate Stabilization Reserve.
Metropolitan Transportation Authority July Financial Plan 2006-20095
July Financial PlanBaseline Before Gap Closing and Other Actions
($ in millions)
$507$833
$461
-$194-$1,077
-$1,453
-$2,500
-$2,000
-$1,500
-$1,000
-$500
$0
$500
$1,000
2004 2005 2006 2007 2008 2009
The 2004 closing balance has been adjusted downward to $507 million to reflect the establishment of the $200 million Real Estate Stabilization Reserve.
Metropolitan Transportation Authority July Financial Plan 2006-20096
$466 $507
$76
$833
-$737
$461
-$1,105
-$194
-$1,398
-$1,077
-$1,453
-$2,000
-$1,500
-$1,000
-$500
$0
$500
$1,000Closing Cash Balance, July Financial Plan
Closing Cash Balance, February Financial Plan
February vs. July PlansClosing Cash Balances
Before Gap Closing and Other Actions($ in millions)
2004 2005 2006 2007 2008 2009
Metropolitan Transportation Authority July Financial Plan 2006-20097
2005 2006 2007 2008 2009
February Plan Baseline $76 ($737) ($1,105) ($1,398) ($1,751)
Changes to the July Plan Effect of 2004 Results $85 $0 $0 $0 $0 Real Estate Tax Yields 365 31 34 52 80 Debt Service 128 59 58 29 (24) New State Revenues (Sales, MRT, DMV) 170 457 458 415 437 Service & Cleaning Enhancements (2) (10) (10) (10) (10) 2005 Security Measures (MTA, B&T, NYPD) (10) 0 0 0 0 Additional Agency Changes / Other (21) (97) (90) (166) (187)
Change in Cash Balance from Previous Year 42 757 461 0 0 Total Changes $757 $1,198 $911 $321 $297
July Plan Baseline $833 $461 ($194) ($1,077) ($1,454)
July Financial PlanReasons for Baseline Net Improvements
($ in millions)
Metropolitan Transportation Authority July Financial Plan 2006-20098
$0
$200
$400
$600
$800
$1,000
$1,200
Millions
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Mortgage Recording Tax Urban Tax
Annual Real Estate Tax Collections February Financial Plan
February Financial Plan
These figures represent gross collections. They do not include the MRT-1 increase, and they do not reflect transfers from MTA to suburban accounts.
Metropolitan Transportation Authority July Financial Plan 2006-20099
Monthly Real Estate Tax CollectionsFebruary Financial Plan
Millions
$0
$20
$40
$60
$80
$100
$120
$140
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Budget - MRT & Urban
Actual - MRT & Urban
Metropolitan Transportation Authority July Financial Plan 2006-200910
2005 Real Estate Tax CollectionsFebruary vs. July Financial Plan
$0
$200
$400
$600
$800
$1,000
$1,200
M illions
Feb Plan Actual Feb Plan July Plan Feb Plan July Plan
Mortgage Recording Tax Urban Tax
Jan - June July - Dec Jan - Dec
These figures do not include the MRT-1 rate increase. The reduction for the suburban transfer allocation (net -$26 million change) is reflected in the annual figure but not in the first and second half of the year figures.
$421
$606
$227
$631
$434
$996
Metropolitan Transportation Authority July Financial Plan 2006-200911
$0
$200
$400
$600
$800
$1,000
$1,200
Millions
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Mortgage Recording Tax Urban Tax
Annual Real Estate Tax Collections July Financial Plan
July Financial Plan
These figures represent gross collections. They do not include the MRT-1 increase, and they do not reflect transfers from MTA to suburban accounts.
Metropolitan Transportation Authority July Financial Plan 2006-200912
“The longer bubbles are allowed to go unchecked the more painful they are.”
Stephen S. Roach, Chief Economist, Morgan Stanley
“There is no sign of it ending anytime soon.”
Joshua Shapiro, Chief US Economist, MFR Inc.
TUESDAY, JULY 26, 2005
Metropolitan Transportation Authority July Financial Plan 2006-200913
2005 2006 2007 2008 2009
New Sales Tax 149 184 188 190 191
Increase in MRT-1 24 46 47 47 46
New Motor Vehicle Fees $0 $86 $71 $71 $71
Re-Estimate of Base Taxes (3) 91 102 107 129
State Appropriation of 2005 Tax Receipts 0 50 50 0 0
Total Changes $170 $457 $458 $415 $438
Favorable / (Unfavorable)
New State RevenuesChanges Since February Plan
($ in millions)
Metropolitan Transportation Authority July Financial Plan 2006-200914
2005 2006 2007 2008 2009
Refunding Savings $8 $9 $9 $10 $10
Variable Rate Interest Savings 76 0 0 0 0
Capital Expense Timing 18 49 49 19 (34)
Cost of Issuance Savings 26 0 0 0 0
Total Changes $128 $59 $58 $29 ($24)
Favorable / (Unfavorable)
Debt ServiceChanges Since February Plan
($ in millions)
Metropolitan Transportation Authority July Financial Plan 2006-200915
Service & Cleaning EnhancementsFunded By Recurring Debt Service Savings
($ in millions)
NYCT SubwayCleaning Initiatives: Track, Infrastructure and Stations $6.4
NYCT Bus / SIRAdditional Service to match increased SI Ferry Service $0.3
LIRRAdditional AM Peak Service and Early Afternoon Service $1.5from Penn Station
MNRExpanded Late-Night Service $1.5
TOTAL: $9.7
2005 2006 2007 2008 2009Debt Service Refunding Savings $8 $9 $9 $10 $10
Metropolitan Transportation Authority July Financial Plan 2006-200916
2005 Security Measures
Heightened MTA-Wide Security Costs in 2005: $10 million
• Enhanced Police Visibility• NYPD, MTAPD and B&T BTO
• Increase in Subway Station Personnel At Prime Locations Trained in Evacuation Procedures
• Continued Employee and Customer Awareness Education• e.g. “See Something, Say Something” and “Eyes and Ears”
Metropolitan Transportation Authority July Financial Plan 2006-200917
Additional Agency ChangesChanges Since February Plan
($ in millions)
2005 2006 2007 2008 2009
Inflation and Energy Adjustments ($15) ($74) ($121) ($155) ($209)
New Needs/Investments: Maintenance (26) (71) (42) (85) (75)Other New Needs (11) (9) (8) (10) (10)
2005 PEG Program Re-Forecast (3) (20) (11) (12) (11)
Toll/Farebox Revenue 20 26 28 35 34
Baseline Re-Estimates 5 39 62 55 80
Other 7 13 2 6 4
Net Change to Baseline ($21) ($96) ($90) ($166) ($187)
Metropolitan Transportation Authority July Financial Plan 2006-200918
Reductions in Agency Budgets July Financial Plan
($ in millions)
2006 2007
Baseline
Re-Estimates
$39
2006 PEGs
$42
2007 PEGs
$46
Total Savings: $81 Total Savings: $108
Baseline
Re-Estimates
$62
Metropolitan Transportation Authority July Financial Plan 2006-200919
Examples of Agency PEGs
● NYCT– Health, Welfare Savings: Elimination of Ineligible Employees, Retirees & Dependents– Central Electronics Shop Productivity Savings from Streamlining Operations, Use of Technology & Consolidation
● LIRR– Revaluation of Right-Of-Way Leased Line Fees– Crew Efficiencies Stemming from Reduction in On-Board Ticket Sales
● MNR– Increase Revenue Collection Through Expansion of Ticket Vending Machine Network– Process Review for Productivity Savings
Metropolitan Transportation Authority July Financial Plan 2006-200920
Examples of Agency PEGs(continued)
● B&T– Reduce Arrest Processing Overtime– Reduce Administrative Positions
● MTAHQ– Administrative Savings from Headcount and Contractual Service Reductions– Police Overtime Efficiencies
● SIR– Operational Efficiencies Result from New Rail Control Center in October 2005
Metropolitan Transportation Authority July Financial Plan 2006-200921
Reinvestment Fund
Proposed Amount: $481 million
2 Recommended Possible Uses:
• Platform Over the West Side Rail Yards to Support Mixed-Use Development
• Reduction in Pension Liabilities
Metropolitan Transportation Authority July Financial Plan 2006-200922
2004 2005 2006 2007 2008 2009
July Plan Baseline $507 $833 $461 ($194) ($1,077) ($1,453)
Gap Closing Actions: Reinvestment Fund $0 ($481) $0 $0 $0 $0 Real Estate Tax Stabilization Account 0 0 200 0 0 0 2006 Program to Eliminate the Gap 0 18 42 46 63 73 2007 Increased Fare and Toll Yields 0 0 0 241 243 244 2009 Increased Fare and Toll Yields 0 0 0 0 0 256
Change in Cash Balance from Previous Year 0 0 (463) (222) 0 0 Total Changes $0 ($463) ($221) $66 $306 $573
July Plan Closing Cash Balance $507 $370 $239 ($128) ($771) ($880)
July Financial PlanWith Gap Closing and Other Actions
($ in millions)
The 2004 closing balance of $507 has been adjusted downward to reflect the establishment of the $200 million Real Estate Stabilization Reserve.
Metropolitan Transportation Authority July Financial Plan 2006-200923
July Financial PlanClosing Cash Balance After Gap Closing and Other Actions
($ in millions)
$370$239
-$128
-$771-$880
-$2,000
-$1,500
-$1,000
-$500
$0
$500
$1,000
2005 2006 2007 2008 2009
Closing Cash Balance - After Gap Closing Actions *
* Includes additional 5% revenue increases in 2007 and 2009, consistent with prior plans.
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