Study shows state transit in financial crisis
Boston Globe: “Transit and roads face huge shortfall”
The Transportation Finance Commission study shows a shortfall of nearly $20 billion over the next 20 years just for necessary maintenance and repairs, even without new projects.
From the study: “The Commonwealth has committed to design the Blue Line/Red Line Connector and to construct the Green Line to Somerville project as part of the Central Artery mitigation program. No commitments have been made to actually construct these projects, and there is no finance plan for them. And even if these projects were to be built, the MBTA could not afford the additional operating expenses.”
The potential good news: The study includes no expansions or enhancements (using state funds) other than $750 million of Boston Region Transit Projects included in the State Implementation Plan. The “Green Line Extension to Medford” is $610 million of the $750. The rest of the $15 to $19 billion 20-year funding gap comes entirely from “state of good repair” needs and operating deficits. There is a loophole, however. The Silverline Phase III, $1 billion in 2006 dollars and the City of Boston’s favorite project, is assumed to be built with Federal funds.
Download the study (PDF)