Tuesday, November 10, 2020

CommonWealth Magazine: "T capital funding sources projected to fall off cliff"

From CommonWealth Magazine we share an article of interest for Franklin:

"THE MBTA is preparing to cut service levels to deal with a budget shortfall looming over next year, but the Massachusetts Taxpayer Foundation warned members of the Fiscal and Management Control Board on Monday that even bigger problems are just around the corner.

Andy Bagley, a vice president at the Massachusetts Taxpayers Foundation, said MBTA capital funding sources will fall off a cliff in fiscal 2025, roughly four years from now. When that happens, he said, the T won’t have enough money to maintain and modernize the existing system and pursue other initiatives that already have wide support.

“There’s a capital cliff coming and without additional resources you’re going to face some extremely difficult challenges in the near future,” Bagley said.

The T’s Fiscal and Management Control Board typically hears presentations from staff that tend to follow carefully scripted narratives. The board accepts testimony from the public, but those comments are time constrained and usually narrowly focused. On Monday, however, Bagley was given the opportunity to lay out in depth the Tax Foundation’s concerns about the T’s financial future."

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