senate Bill S517

Adjusts the allocation of triborough bridge and tunnel authority surpluses to more fairly reflect the source of such surpluses and distribution of MTA riders

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Jan / 2009
    • REFERRED TO TRANSPORTATION
  • 06 / Jan / 2010
    • REFERRED TO TRANSPORTATION

Summary

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Bill Details

See Assembly Version of this Bill:
A2290
Versions:
S517
Legislative Cycle:
2009-2010
Current Committee:
Senate Transportation
Law Section:
Public Authorities Law

Sponsor Memo

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 ยง 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.
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