Metropolitan Transportation Authority
2012 Final Proposed Budget &
Financial Plan 2012 – 2015 (December Plan)
MTA Finance Committee
MTA Board
December 19, 2011
December 21, 2011
November Financial Plan
November Plan Operating Results
Cash Balances
Cash Deficits
Despite near-term balance, significant risks
were identified in the November Plan:
• Worsening of the economy (“double dip”
recession)
$179
$96
• Additional reductions in state subsidies and
dedicated taxes
s
• Expense reduction targets are not achieved
$0
• Labor settlements fall short of 3 “net zero”
wage initiative
($122)
($206)
2011 2012 2013 2014 2015
• Funding for 2012-2014 Capital Program still
to be approved
Note: Cash balances
applied to reduce
Note:
deficit in subsequent year.
1
2011: Revenue Changes to the November Financial Plan
$50
MTA Aid
MMTOA
$25
$13
$0
$7
$7
$7
$7
($45)
($47)
2014
2015
$0
($25)
($50)
($58)
($75)
($87)
($100)
2011
2012
2013
2
Operating Results with Revenue Changes
$300
November Plan
With Revenue Changes
$200
$179
$192
$96
$100
$45
$0
$0
($67)
($100)
($122)
($200)
($212)
($206)
($246)
($300)
2011
2012
2013
2014
2015
3
Revised Financial Plan (December Plan)
December Plan
Operating Results
Adjustments to the November Plan:
Cash Balances
Deficits
Lower projected receipts offset by:
• Release $8 million remainder of 2011 general
reserve
• Release $25 million from the 2012 general
reserve
• Additional unspecified annual recurring
savings target ($35 million)
$200
$80
$1
($141)
($211)
2011 2012 2013 2014 2015
Note: Cash balance
applied to reduce
Note:
deficit in subsequent year.
4
Operating Results: November Plan vs. December Plan
$300
November Plan
$200
December Plan
$200
$179
$96
$100
$80
$0
$1
$0
($100)
($122)
($141)
($200)
($206) ($211)
($300)
2011
2012
2013
2014
2015
5