No Toll Increase; Modified Budget Closes Gaps
The Thruway Authority Board approved a $1.9 billion spending plan today that closes a gap identified in the original 2015 budget approved last December. It includes more than $22 million in spending cuts, nearly $44 million in reduced debt service costs and no toll increases for any part of the Thruway system.
“The budget approved by the board today reflects the commitment of the Thruway Authority’s new management team to scrutinize all spending and to take a more conservative approach regarding revenue estimates,” Board Chair Joanne M. Mahoney said.
An estimated $750 million of the $1.285 million in bank settlement funds will go toward the bridge project. The Thruway’s modified 2015 budget addresses this year’s higher-than-expected winter-related costs and gives addition support to statewide capital projects.
The Thruway Authority’s fiscal year is January 1 through December 31.
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Copyright © Janie Rosman and Kaleidoscope Eyes 2015