The Massachusetts Bay Transportation Authority last week approved a $1.45 billion operating budget for fiscal 2009, which will include rainy-day funds and debt restructuring savings to help fill a $75 million deficit.

To address the budget gap for next year's fiscal plan, which begins July 1, officials agreed to refinance $260 million of debt by the end of this month, generating $50 million of savings, tapping into $20 million of rainy-day funds, and saving $5 million by postponing the authority's annual new money deal until the first half of calendar year 2009.

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