Investigate This!

The MTA, which controls a significant portion of mass transit operations throughout the New York metropolitan region, has suddenly realized that it's sitting on a surplus of $833 million.

Go figure.

Accounting hasn't been the MTA's strongest suit for years. Yet, my beef isn't with the sudden surplus.

It is what they intend to do with this surplus. They want to build a platform over the Hudson Rail Yards with it (and yes, it's the same rail yards that the NY Jets wanted to build their stadium over). With the multitude of problems facing the system, including the continual and recurring security and maintenance woes, the MTA's focus on real estate is seriously misplaced.

The MTA should not be in the business of real estate. It is in the business of providing safe, affordable, and reliable transit to the millions of consumers who use the system every day. Building real estate is not their goal, or their mission.

The money can and should be better spent on the following - in order of needs and priorities:

1) Security upgrades throughout the system, including more cameras, securing vital facilities, and additional personnel to monitor the system. So far, the MTA has committed only $10 million to this goal.

2) The expansion of the 7 Line. This was the one aspect of the West Side Stadium project that most folks actually agreed upon, even opponents to the stadium plan. The Javits Center needs the rail line, and this is how it could be done.

3) Second Avenue Subway - if the money is there, let's get the process started.

4) Pay down debt. How much of the MTA budget is consumed by debt payments? Retire the debt, and you eliminate a drain on revenues that does not actually provide any direct benefit to riders. In fact, eliminating the debt would be the fiscally prudent measure, since it eliminates a recurring expense that reduces the funds available for other priorities.

It really is a simple solution - I wonder if the MTA will ever see the light.

UPDATE:
Forgot to mention the following:
2a) Renovate and rehabilitate subway stations that were previously in line for work. Certain stations were in line for repairs, but taken off the list because there wasn't money available in the capital budget to make that happen. Well, the money is available - so make it happen.

UPDATE 2:
The Gothamist reports that a significant portion, nearly half of the total amount, will go to fund the pension program. I have serious questions over why the fund was so underfunded and why this wasn't addressed by the State and City Comptroller's Offices. They have a fiduciary duty to oversee the funds, and the Attorney General's Office should be looking into this as well.

The funding of the pension is a truly worthy goal, and neatly fits in as (1a)