The Metropolitan Transportation Authority could sell revenue anticipation notes to fill a hole caused by New York’s withholding of subsidies, officials said at a finance committee meeting yesterday. This month the state has withheld $275 million of certain aid payments to the MTA, officials said.
“The state, because of its own fiscal issues, is not releasing certain funds to any of the transportation authorities in New York State,” said MTA budget director Douglas Johnson. The state has informed the agency that it won’t release certain funds to the MTA until it passes a budget, he said. The state has been operating on emergency spending bills since lawmakers failed to pass a budget for the fiscal year that began April 1.