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Where The MTA Spends Money
Updated: Tuesday, 25 May 2010, 9:44 AM EDT
Published : Tuesday, 25 May 2010, 9:44 AM EDT
MYFOXNY.COM - With an $800 million budget shortfall that has resulted in service cuts and the looming possibility of fare hikes, the MTA should look to cutting employee costs, Robert Salomon, a professor at the NYU Stern School of Business told Good Day NY on Tuesday.
"I think that's the elephant in the room," said Salomon. "A full sixty cents on every dollar goes to employee costs"
From salaries, to health benefits and pensions, a significant amount of money is spent on employees. Cuts in administrative and, in some cases, redundant jobs could go a long way to reducing spending.
The transit agency has a slight increase in the number of employees for 2010, but Salomon points out that number is expected to decrease in the next few years.
MTA officials have said there are consolidating functions to reduce unnecessary spending, but at the end of the day, Salomon says it's up to elected officials to force changes on the agency.
"It's up to legislators to say enough is enough," added Salomon.
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