The Metropolitan Atlanta Rapid Transit Authority said Monday that its fiscal crisis has worsened since it took measures to deal with a $60 million budget shortfall in mid-December.
The Georgia State Economic Forecasting Center predicted in late December that MARTA would suffer an additional deficit of $10 million this fiscal year and that the authority would experience a cumulative loss of more than $1.2 billion in sales tax revenue over the next 10 years — up from a loss of $588 million predicted in September.
“This latest forecast truly underscores the magnitude and severity of the economic times that we are currently dealing with,” MARTA’s general manager, Beverly A. Scott, said in a news release. “There is no way MARTA can manage the continuing slump of this economy with our current resources.”
The transit agency is holding community meetings this week to inform the public about the extent of the fiscal problems and options being considered for the fiscal 2010 budget, including fare increases, parking fees, and service cuts. It’s not clear if MARTA officials are considering new debt.
The authority last sold debt in September 2007 to refund $400 million of sales tax revenue bond anticipation notes sold in 2004 to finance construction and development costs.
