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MTA Special Finance Committee Meeting. DJC. November 10, 2008. July Financial Plan Problem and Solutions ($ in millions). Current Economic Conditions. Forecast of Economic Conditions U.S. Gross Domestic Product, in Real Dollars.
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MTA Special Finance Committee Meeting DJC November 10, 2008
Forecast of Economic ConditionsU.S. Gross Domestic Product, in Real Dollars For 2010, the October Forecast is 3.6% lower than the January Forecast. For 2008, the October Forecast is 0.8% lower than the January Forecast. For 2009, the October Forecast is 3.2% lower than the January Forecast. U.S. GDP in 2000 Dollars Source: Global Insight, Inc.
NYS Taxes: Corporate SurchargeAccounts for almost 50% of MMTOA($ in millions)
July Plan July Plan July Plan Nov Plan Nov Plan Nov Plan 2009 2008 2010 Real Estate Transaction Taxes($ in millions)
November Solutions • Additional 1% Fare/Toll Yield Increase - $29M (6/09 Start) ; $50M annualized • Agency 1% Reductions - $44M (7/09) ; $87M annualized
December Opportunities • Ravitch Commission report released on December 5th • State Executive Budget released on December 16th • MTA Board Budget Adoption in December