Today, May 23, 2012 NYC Council Members James Vacca, Chair of the Transportation Committee, and Domenic Recchia, Chair of the Finance Committee, will hold a joint hearing to discuss the Administration’s Executive Budgets with respect to transportation.
Since the Committee’s preliminary budget hearings, MTA’s capital plan has been fully funded through 2014, but the Agency has planned fare hikes of 7.5% in both January 2013 and January 2015. In addition, the East Side Access project was recently announced to be $1B over budget and far behind its scheduled completion date.
At the same time, the Taxi and Limousine Commission is preparing for the first wave of the Commission’s recently authorized HAIL licenses to hit the streets later this summer as well as $1 billion in revenues from the sale of 2,000 yellow medallions. Before the TLC can sell all 2,000 medallions, the Commission must submit its accessibility plan to the Council, the State, and the federal courts.
Council Member James Vacca, Chair, Transportation Committee, Council Member Domenic Recchia, Chair, Finance Committee, Commissioner David Yassky, Chairman, Taxi and Limousine Commission, Lois Tendler, Vice President – Government and Community Relations, New York City Transit and Representatives from the Metropolitan Transportation Authority will meet at 250 Broadway, 16th Floor Committee Room.