The full Metropolitan Transportation Authority board is scheduled to meet tomorrow, two days after the finance committee revealed the agency would still be an additional $621 million in debt, even after planned service cuts and fare hikes.

As a result, the MTA is warning riders may get socked with a second fare hike later this year.

The agency adopted its doomsday budget plan to address what was then a $1.2 billion budget deficit. But the MTA is now projecting a $621 million budget deficit, even after the fare hikes – unless Albany comes through with a bailout.

The agency says the sharp decline in tax revenue from real estate transactions and decreased ridership are the main factors in the budget shortfall.

The MTA says 2010 looks even worse – with a one-billion dollar deficit projected.

"The state of our finances is dire," said MTA Executive Director Elliot "Lee" Sander. "When you're looking at a $621 million deficit, they are dire, particularly on top of the cuts we've taken, and what we've been asking the public and the service reductions we're doing. We need Albany again to come to the rescue."

The full MTA board is expected to discuss tomorrow what fare increases and service cuts may have to be implemented later this year.