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MTA capital fund gap may exceed $12 billion, says comptroller

NEW YORK – The MTA has made significant progress in repairing and modernizing its regional transit system, but a great deal of work remains and financing those capital investments over the next 20 years will be deficit, according to a report from State Comptroller Thomas DiNapoli.

The current five-year capital program invests $13.8 billion less than the amount initially recommended by the MTA in its needs assessment. The agency’s latest assessment found it will need to invest $105.7 billion over the next 20 years to maintain and modernize the existing transit system.

The MTA’s Metro-North Railroad, which serves the Mid-Hudson Valley, estimates it will need to invest $8.9 billion over the next 20 years. In 2013, the railroads railcar fleet traveled 24 percent fewer miles between breakdowns than the Long Island Rail Road’s fleet because its fleet is older, the audit found.