BILL NUMBER: S204
SPONSOR: MARTINEZ
 
PURPOSE:
The purpose of this bill is to improve the fiscal stability of the MTA
through accountability and review. SUMMARY OF PROVISIONS:
Section 1. provides definitions
Section 2. provides for the appointment of a fiscal monitor for the
Metropolitan Transportation Authority (MTA). The fiscal monitor shall be
appointed by the governor and serve on the MTA board as a non-voting
ex-officio member. The monitor's responsibilities shall include provid-
ing director oversight of the fiscal policies, practices, programs, and
decisions of the MTA.
Section 3. provides that the monitor shall be entitled to attend all
meetings of the MTA board including executive sessions and further clar-
ifies that the MTA shall fully cooperate with the monitor in the
execution of their duties.
Section 4. provides for the monitor's duties which shall include a
review and analysis of the MTA's annual budget and financial plan,
including the operating and capital expenses and revenues and make
recommendations for improving financial management and sustainability.
The monitor shall also review and evaluate the MTA's internal control
and financial reporting practices and make recommendations for improving
transparency
Section 5. is the enacting clause
 
JUSTIFICATION:
The MTA (Metropolitan Transportation Authority) is an essential public
service provider responsible for operating the largest transit system in
the United States. However, the MTA has been facing consistent fiscal
problems for several years, which have negatively affected millions of
New Yorkers who rely on public transit every day.
To address these issues, it is necessary to both provide the MTA with
the necessary funding to address its fiscal problems and improve its
services, while at the same time appoint a fiscal monitor to ensure the
MTA's finances are managed properly and effectively. The MTA has a long
history of fiscal mismanagement, including large deficits, excessive
borrowing, and insufficient investment in infrastructure. This has led
to service cuts, fare hikes, and a deterioration of the transit system.
By implementing a fiscal monitor, the MTA can have an independent watch-
dog to oversee its finances and ensure they are being managed responsi-
bly. The monitor would have the authority to review the MTA's budget,
contracts, and spending practices, and to make recommendations for
improvements. This would help to prevent wasteful spending and ensure
resources are being allocated in the most efficient and effective way
possible.
Moreover, the fiscal monitor would also help to restore public trust in
the MTA's financial management. The MTA's consistent fiscal problems
have eroded public confidence in the agency and its ability to deliver
reliable and efficient transit services. By demonstrating a commitment
to transparent and accountable financial management, the MTA can begin
to rebuild that trust and restore its reputation as a reliable and
effective public agency.
 
FISCAL IMPLICATIONS:
Minimal.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed five years after such effective date.