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MTA Appoints New Chief Financial Officer

Posted by
on March 26th, 2010 at 12:32 pm

Early this morning, the MTA officially announced the hiring of a new Chief Financial Officer to replace Gary Dellaverson who retired in December. Here is a brief press release sent out by the MTA:

The Metropolitan Transportation Authority (MTA) today announced the appointment of Robert E. Foran as Chief Financial Officer. Foran is one of the nation’s leading municipal finance experts, with 30 years of experience in the industry. He is currently a Managing Director and Senior Advisor at Samuel A. Ramirez & Co. and previously served as Senior Managing Director at Bear Stearns, where he worked for almost two decades. Foran has been an advisor and banker to major infrastructure issuers nationwide, including the MTA. Early in his career he worked as a CPA for Arthur Andersen. Foran holds an MBA from Harvard Business School.

“Bob’s expertise in municipal finance is unparalleled and his experience with the MTA means that he will hit the ground running,” said MTA Chairman and CEO Jay H. Walder. “His arrival will be critical in helping guide the MTA through one of the most difficult financial periods in its history.”

Foran succeeds Gary J. Dellaverson, who retired in December. David Moretti has filled the position on an acting basis and will return to his full-time position as Executive Vice President at MTA Bridges and Tunnels.

“Dave stepped into a difficult position at a difficult time and did an outstanding job,” Walder said.

I must say this is a very interesting hire considering Mr. Foran’s past experience with handling financial matters involving the MTA. This is the same person who was in charge of a critically panned debt restructuring plan which led the agency to continue funding projects without raising revenue via fares & other means.

Considering the amount of debt currently on the MTA’s plate & higher amounts waiting in the not so distant future, Mr. Foran has a huge task ahead of him. Hopefully he will be up to the task as the decisions he helps make will determine the long term future of the MTA & that is no joke.

xoxo Transit Blogger

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MTA Finances
1

Service Diversions 03-26-10

Posted by
on March 26th, 2010 at 12:31 am

I have just updated the “Service Diversions” page with the latest information for the weekend & following week (beyond in some cases). Also for LIRR riders, do not forget about buses replacing all Long Beach trains between Long Beach & Valley Stream due to the continued construction of two new railroad bridges.

Lastly I suggest you print out a copy of the diversions to carry with you or use your mobile device to access the phone friendly version of Transit Blogger. Have a safe & wonderful weekend!

xoxo Transit Blogger

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Service Diversions
0

LIRR Port Jeff Line Affected By Rail Inspections

Posted by
on March 26th, 2010 at 12:27 am

Late yesterday afternoon, the MTA Long Island Rail Road announced that midday service on the Port Jefferson line will be affected for 2 days due to rail inspections. Here are the complete details courtesy of a press release they sent me:

BUSES REPLACE TRAINS FOR AFFECTED CUSTOMERS

The MTA Long Island Rail Road will provide bus service in place of trains on the Port Jefferson Branch during the mid-day of Wednesday March 31st and Thursday April 1st. Track inspections will be made by the Sperry Rail Car between 9:56 AM and 3:45 PM on Wednesday, and between 9:56 AM and 2:30 PM on Thursday respectively.

The Sperry Rail Car, a bright yellow vehicle fitted with ultrasonic and induction test equipment, is designed to detect internal rail defects not readily visible to the eye. Defects that are found will be corrected immediately by a crew of LIRR track maintenance workers. The Sperry Rail Car is used twice a year to inspect approximately 500 miles of LIRR track.

While the Sperry Rail Car testing is performed between Huntington and Port Jefferson buses will replace some east and westbound mid-day trains. Customers should expect 15 to 37 minutes additional travel time.

Eastbound March 31st

Buses will operate between Huntington and Port Jefferson for the following trains:

• The 10:05 AM Hicksville train due in Port Jefferson at 11:10 AM, which will terminate at Huntington

• The 11:51 AM Huntington train due in Port Jefferson at 12:37 PM

• The 1:05 PM Hicksville train due in Port Jefferson at 2:10 PM, which will terminate at Huntington

• The 2:51 PM Huntington train due in Port Jefferson at 3:37 PM

____

Eastbound April 1st

Buses will operate between Huntington and Port Jefferson for the following trains:

• The 10:05 AM Hicksville train due in Port Jefferson at 11:10 AM, which will terminate at Huntington

• The 11:51 AM Huntington train due in Port Jefferson at 12:37 PM

• The 1:05 PM Hicksville train due in Port Jefferson at 2:10 PM, which will terminate at Huntington

____

Westbound March 31st

Buses will operate between Port Jefferson and Huntington for the following trains:

• The 10:10 AM Port Jefferson train due in Huntington at 10:58 AM

• The 11:37 AM Port Jefferson train due in Hicksville at 12:43 PM, which will originate at Huntington

• The 1:10 PM Port Jefferson train due in Hicksville at 1:58 PM, which will originate at Huntington

• The 2:37 PM Port Jefferson train due in Huntington at 3:26 PM

____

Westbound April 1st

Buses will operate between Port Jefferson and Huntington for the following trains:

• The 10:10 AM Port Jefferson train due in Huntington at 10:58 AM

• The 11:37 AM Port Jefferson train due in Hicksville at 12:43 PM, which will originate at Huntington

• The 1:10 PM Port Jefferson train due in Hicksville at 1:58 PM, which will originate at Huntington

xoxo Transit Blogger

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LIRR, Service Diversions
0

Extra LIRR Trains For Good Friday-Passover

Posted by
on March 26th, 2010 at 12:19 am

Late yesterday afternoon, the MTA Long Island Rail Road announced it will run extra trains for Good Friday & Passover. Here are the complete details courtesy of a press release they sent me:

The MTA Long Island Rail Road will provide eight additional afternoon eastbound trains from Penn Station for those leaving early for the Passover and Good Friday holidays on Monday, March 29, Tuesday, March 30 and on Friday, April 2.

The following eight trains will operate from Penn Station between 2:09 PM and 3:48 PM on March 29, March 30 and April 2:

Babylon Branch:

• Departs Penn Station at 2:22 PM express to Lynbrook, then all stops to Babylon.

• Departs Penn Station at 3 PM stopping at Jamaica, Rockville Centre and all stops to Babylon.

• Departs Penn Station at 3:31 PM express to Rockville Centre then all stops to Babylon.

____

Port Jefferson Branch:

• Departs Penn Station at 2:09 PM stopping at Jamaica, Carle Place, then all stops to Huntington.

• Departs Penn Station at 2:26 PM stopping at Forest Hills, Kew Gardens, Jamaica, New Hyde Park, then all stops to Huntington.

• Departs Penn Station at 3:24 PM stopping at Jamaica, Mineola, Westbury and Hicksville.

____

Port Washington Branch:

• Departs Penn Station at 3:40 PM stopping at Woodside, Flushing Main St., then all stops to Great Neck.

____

Far Rockaway Branch:

• Departs Penn Station at 3:48 PM express to Locust Manor, then all stops to Far Rockaway.

xoxo Transit Blogger

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LIRR
2

MTA Statement On Budget Cuts

Posted by
on March 24th, 2010 at 4:36 pm

As I noted in the previous entry, I expected the MTA to release a statement on the approval of budget cuts by the Board today. Here is their statement:

The Metropolitan Transportation Authority (MTA) Board today approved a package of service changes needed to help fill a nearly $800 million budget shortfall for 2010. The service changes, which were approved by a vote of 11-2, included modifications based on public feedback from more than 500 speakers at the MTA’s nine public hearings, in addition to 7,100 emails, and 110,000 letters and signed petitions.

“The extent of our deficit requires that most of the cuts move ahead, but we listened to our customers and made changes where we could,” MTA Chairman and CEO Jay H. Walder said. “We were able to take a number of cuts off the table but unfortunately, many of the cuts moving ahead will be painful.”

A proposal to eliminate free and discounted student MetroCards was not acted upon today.

The service changes will save the MTA $93 million each year and are part of a series of actions proposed in December to close a nearly $400 million shortfall for 2010, including changes to paratransit service and the elimination of student MetroCards. An additional shortfall of $378 million has since developed. The total of nearly $800 million is due largely to the deterioration of projected payroll tax revenues and a state cut of $143 million to the MTA’s budget that was diverted to the State’s general fund.

Additional actions are also being undertaken to close the remaining gap. The MTA has begun overhauling how it does business, renegotiating contracts with suppliers, and identifying projects that can be deferred or eliminated. Spending is already down $59 million for the first two months of the year. It plans to consolidate functions across its agencies, reduce overtime costs and has already begun meeting with union leadership to discuss the agency’s budget situation and begin the dialogue about how they can contribute to the solution.

“The reality is that closing the first $400 million is extremely painful, and closing the additional gap will be even harder,” Chairman Walder said. “We’ve just taken a very difficult vote, but there are more difficult choices ahead to achieve necessary cost savings.”

Service Changes – Implementation Timeline

New York City Transit, MTA Bus, Long Island Bus:
All changes, bus and rail, are planned to be effective June 27, 2010. Since that is a Sunday, weekday-only services (V, W, many of the express buses, etc) would run their last regular service on Friday, June 25 and the first weekday patterns on Monday June 28.
One exception: Staten Island Ball Park (SIR) special will officially be discontinued June 18 (the first Staten Island Yankees home game).

Long Island Rail Road:
The LIRR service changes earmarked for May 2010 would be implemented with the May 17, timetable change. The LIRR Service changes earmarked for September 2010 would be implemented with the September 13 timetable change.

Metro-North Railroad:
Service changes will be implemented on June 21, 2010, to correspond to with their next timetable change.

Access-a-Ride:
Service changes will be phased in over the next several months.

Able-Ride:
Effective April 12, 2010, Able-Ride will no longer provide paratransit service to areas of
Nassau County that are beyond the service area defined by the Americans with Disabilities Act (ADA).

Bridges & Tunnels:
Modification of the Cross Bay Bridge Resident Rebate Program will go into effect at a yet to be determined date in July.

A full list of the service changes and an implementation schedule are available at www.mta.info.

I am going to take a look at the detailed changes that will occur from these cuts. I am extremely curious as to the changes involving “Access-A-Ride” which has been a financial eyesore to the agency for years now. I had blogged about this awhile back when the report of the service being used to take riders to Empire City in Yonkers.

While I fully would like to see better funding for mass transit, I also support the agency in terms of looking at options to cut cost. The agency has a lot of places it can cut the fat out especially in terms of the amount of employees (mainly management positions & the like). This overall topic will be hot & heavy over the coming days, weeks, & months.

xoxo Transit Blogger

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MTA Finances