Maryland transit agency facing $2B shortfall in next decade
BALTIMORE (AP) — A report from the Maryland Transit Administration says it’s facing a funding shortfall of more than $2 billion over the next decade.
The Baltimore Sun says the first Capital Needs Inventory says the report also identifies $5.7 billion in necessary spending between now and 2028. Of that amount, the MTA needs $1.5 billion now to bring the agency’s assets into good repair. The other $4.2 billion will be required to address aging equipment and infrastructure.
The report was required as part of last year’s Maryland Metro/Transit Funding Act following the emergency shutdown of the Baltimore Metro Subway.
A spokesman for Gov. Larry Hogan says his administration is dedicating more than $14 billion in operating and capital funds to the MTA and Washington Metropolitan Area Transit Authority between now and 2024.
Information from: The Baltimore Sun, http://www.baltimoresun.com