Preliminary 2005 Budget and Financial Plan

Preliminary 2005 Budget and Financial Plan

MTA 2010 Final Proposed Budget November Financial Plan 2010 2013 November 18, 2009 Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 1 July Financial Plan Closing Cash Balance ($ in millions) $200 $0 $29 $39 $1 ($223) ($352) ($200) ($400) 2009 2010 Metropolitan Transportation Authority 2011 2012 2013 November 2009 Financial Plan 2010-2013 2 July Plan Highlights Maintained in November Plan 2009 budget balanced after Mid-Year actions. No unfunded New Needs. Strict spending controls and continuation of PEG budget reductions. Bi-annual fare & toll yield increases of 7.5% in 2011 and 2013. No scheduled service reductions. Pay-As-You-Go contribution to the Capital Program.

Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 3 Changes from the July Plan Receipts for Real Estate Transaction Taxes have declined further than anticipated. Farebox and Toll Revenues not as weak as projected. Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 4 Changes from the July Financial Plan ($ in millions) 2009 July Closing Cash Balance 2010 2011 2012 2013 $29 $39 $1 ($352) ($223) Fare/Toll Revenue 36 32 46 69 80 Real Estate Taxes (56) (41)

(45) (49) (54) New Needs/Investments (3) (33) (41) (40) (37) Energy 22 9 12 15 42 Health & Welfare 14 9 12 14 20 Debt Service 19 11 (14) 26 74 Timing Adjustments/Baseline Re-estimates/Other 52

(19) (6) (3) 39 Economic Volatility/State Actions/Labor Reserve (85) 0 0 0 0 Total Changes ($1) ($34) ($35) $33 $165 November Closing Cash Balance $28 $5 ($34) ($319) ($58) Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 5 Gap Closing Actions ($ in millions) November Cash Balance Before Prior-Year Carry-Over Policy Actions Economic Volitility/State Actions/Labor Reserve B&T Holdback Pay-As-You-Go Capital

Gap Closing Programs Internal Actions: 2009 2010 2011 2012 2013 ($173) ($120) ($681) ($953) ($1,180) (85) (50) (154) (194) (256) (85) 0 0 0 0 (50) 0 (54) (100) 0 (44) (150) 0 (56) (200) 96 156 712

828 1,378 23 0 60 13 72 0 65 3 71 90 77 3 72 188 77 3 75 279 79 3 0 15 62 63 66 0 0 0 0 408 0 425 0 429 449 (73) (9)

84 0 0 Total Adjustments (62) 97 642 635 1,122 Prior-Year Carry-Over 263 28 5 0 0 $28 $5 ($34) ($319) ($58) 2010 Agency Program to Eliminate the Gap Post-2010 Agency Program to Eliminate the Gap New Contracts Labor Contribution Non-Represented Wage Freeze in 2009 External Actions: Federal Legislative Actions Fare/Toll: Fare/Toll Yields on 1/1/11: 7.5% Fare/Toll Yields on 1/1/13: 7.5% Cash Management Action Forward Energy Contracts November Net Cash Surplus/(Deficit) Metropolitan Transportation Authority

November 2009 Financial Plan 2010-2013 6 Year-to-Year Changes in Expenses 10.0% Total Operating Expenses Controllable Expenses 9.3% 9.2% Uncontrollable Expenses 8.8% 8.6% 6.0% 5.0% 4.4% 4.4% 4.0% 3.5% 2.7% 2.5% 1.5% 1.3% 1.2% 1.0% 0.0% 2009 2010 2011 2012 2013 Uncontrollable Operating Expenses include Paratransit Service Contracts, Fuel for Buses & Trains, Traction & Propulsion Power, OPEB Current Payment, Health & Welfare, Pensions, and Insurance. Controllable Operating Expenses include Payroll, Overtime, Claims, Other-Fringe Benefits, Reimbursable Overhead, Maintenance & Other Operating Contracts, Professional Service Contracts, and Materials & Supplies, Other Business Expenses, Other Expense Adjustments, and Gap Closing Actions. Total Operating Expenses includes the impact of the Gap Closing Actions but excludes Debt Service and the General Reserve.

Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 7 November Financial Plan Closing Cash Balance after Gap Closing ($ in millions) $100 $0 $28 $5 ($34) ($58) ($100) ($319) ($200) ($300) ($400) 2009 2010 Metropolitan Transportation Authority 2011 2012 2013 November 2009 Financial Plan 2010-2013 8 Financial Plan Risks Regional economy does not rebound as anticipated; additional State subsidy reductions. Labor arbitration ruling inconsistent with Financial Plan. Revenues from new State taxes and fees do not meet financial plan assumptions. Metropolitan Transportation Authority November 2009 Financial Plan 2010-2013 9

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