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The MTA on Wednesday unveiled a record $68.4 billion capital improvement program designed to keep the teetering transit system on track — even as funding for nearly half the five-year plan is no sure thing.
Titled “ The Future Rides With Us ,” the proposed 2025-2029 budget for investment projects lays out the MTA’s most ambitious roadmap ever, with the bulk of spending marked for upkeep of a 120-year-old subway system that officials concede has assets that are “in real danger of failure.”
“If we don’t keep up with investment in state of good repair in a hundred-year old system that serves so many people, you cannot continue to provide safe and reliable service,” Jamie Torres-Springer, president of MTA Construction & Development, told reporters Tuesday.
Officials outlined the new five-year capital plan — which is separate from the MTA’s yearly operating budget — at New York City Transit’s Corona Maintenance Facility in Queens. MTA board members will vote to submit it to the state’s Capital Program Review Board by Oct. 1, as required by state law.