New Audit of MTA Shows $90 Million In Unaccounted Funds
The MTA has not been properly keeping track of their transactions.
New York State comptroller Thomas DiNapoli spoke on the recent audit performed on the MTA ,“The MTA is leaving money on the table and in these tough times, every dollar counts…Our auditors identified several ways in which the MTA could vastly improve how it manages its cash and investments. The MTA must do better.”
It was found that the MTA has $1.8 billion in 126 separate bank accounts that are used to hold money for different investments. Auditors found that some accounts had much more than necessary to cover certain expenses. For example, the New York Post is reporting that “in one instance, an account dedicated to fund capital expenditures for bridges and tunnels was required to have a total of $160 million. The auditors found that the fund actually held $216.3 million, an excess of $56.3 million.”
MTA spokesman Kevin Ortiz claimed that the excess funds are needed to keep the company’s credit rating up: “Monies in this account are essential to maintaining our credit rating, and are available in the event of emergencies such as Superstorm Sandy.” Ortiz has also stated that the MTA has been enacting changes to how it manages its accounts and is expected to be more efficient in the future.