Adjusts the allocation of Triborough bridge and tunnel authority surpluses to more fairly reflect the source of such surpluses and distribution of MTA riders; increases from twenty-four million dollars and fifty percentum to eighty percentum of the balance of such operating surplus.
BILL NUMBER: S517
TITLE OF BILL : An act to amend the public authorities law, in relation to increasing the amount of surplus to be transferred by the triborough bridge and tunnel authority to the New York city transit authority
PURPOSE : To adjust the allocation of Triborough Bridge and Tunnel Authority (TBTA) surpluses to more fairly redistribute funds generated by tolls on the bridges and tunnels collected by the TBTA.
SUMMARY OF PROVISIONS : The bill amends § 1219-a, subdivision 2 (b)(i) of the Public Authorities Law to increase to 80 percent the TBTA surpluses which are allocated to the NYC Transit Authority.
JUSTIFICATION : In 1972 the Legislature devised a system to reallocate a substantial portion of the Triborough Bridge and Tunnel Authority's operating surplus to the New York City Transportation Authority to help to subsidize the cost of fares on the subways, trains, and buses of New York City. That system called for 24 million dollars, plus one half of the remaining $79 million surplus to be redistributed to the NYCTA, and the substantially smaller portion to the MTA. Over the years the TBTA's operating surplus has grown to such a degree that the 24 million dollar advantage given to the NYCTA is now proportionally insignificant. In 1999 the surplus reached $623 million, and $323.5 million of that was turned over to the NYCTA. This bill would have required the TBTA to turn over an additional $174.9 million (or a total of $498.4 million) to the NYCTA. This new formula of eighty percent of the TBTA surplus being given to the NYCTA, to help reduce fares and improve the service of New York City's mass transit system, and the remaining twenty percent going to the MTA, is more in keeping with the intent of the 1972 Act.
LEGISLATIVE HISTORY : 2008: S.5549 - Referred to Transportation/A.7580 - Referred to Corporations, Held for Consideration 2007: S.5549 - Referred to Transportation/A.7580 - Referred to Corporations 2006: S.4007 - Referred to Transportation/A.6115 - Referred to Corporations, Held for Consideration 2005: S.4007 - Referred to Transportation/A.6115 - Referred to Corporations
FISCAL IMPLICATIONS : None.
EFFECTIVE DATE : This act shall take effect on the first of September next succeeding the date on which it shall have become a law.
STATE OF NEW YORK ________________________________________________________________________ 517 2009-2010 Regular Sessions IN SENATE (PREFILED) January 7, 2009 ___________Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Transportation AN ACT to amend the public authorities law, in relation to increasing the amount of surplus to be transferred by the triborough bridge and tunnel authority to the New York city transit authority THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Clause (i) of paragraph (b) of subdivision 2 of section 1219-a of the public authorities law, as amended by section 19 of part O of chapter 61 of the laws of 2000, is amended to read as follows: (i)
[twenty-four million dollars plus fifty percentum]EIGHTY PER CENTUM of the balance of such operating surplus shall be allocable to the authority, and S 2. This act shall take effect on the first of September next succeeding the date on which it shall have become a law.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01505-01-9