Officials from New York's Metropolitan Transportation Authority next month will submit an 18-month fiscal plan to help close a $621 million budget gap for fiscal 2009 and address a deficit of more than $1 billion for fiscal 2010, which begins Jan. 1.

Board members will receive the proposal at the next board meeting on May 27 and vote on the fiscal plan the following month, with the new budget to begin July 1. The 18-month proposal will revise the final six months of the MTA's fiscal 2009 budget and offer an early fiscal plan for 2010 so that officials can address the larger $1 billion shortfall as soon as possible, according to spokesman Jeremy Soffin.

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