Updated 03/03/2009 03:00 PM
MTA Discloses Finances To State Lawmakers
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The MTA has agreed to let state lawmakers look at its books as they try to decide how to bail out the agency.
Senate Majority Leader Malcolm Smith says the agency has agreed to provide previously undisclosed financial records. Smith has accused the agency of years of mismanagement and fiscal irresponsibility.
Today, Smith's office said he was satisfied with the MTA's cooperation.
State Democratic leaders have pushed for greater transparency from the MTA, which faces a $1.2 billion deficit.
The governor hopes the disclosure will allow state lawmakers to come to a decision this week on legislation he proposed, which supports the Ravitch Commission's plan to toll the East River and Harlem River Bridges and implement a payroll tax on businesses.
"Nobody wants a 23-percent fare hike," said Paterson today. "When the MTA proposed it, it was rejected soundly. So what we are doing now is trying to find another way to make it come together. "
If the governor and state lawmakers do not come through with a bailout plan by the end of the month, the MTA says it'll go forward with service cuts and fare hikes.
The governor's proposal is now posted online and is open for public comment.
To view the website, visit NYMTAIdeas.org.