New York’s Metropolitan Transportation Authority will need $5 billion to $10 billion more for its five-year plan than expected in July when it released its preliminary $18 billion financial plan, executive director Elliot Sander said at the MTA’s monthly board meeting yesterday. The increase, needed for the period 2009 to 2013, is in part due to higher-than-expected construction cost escalations as well as revised assessments about what the system needs to keep up with growth in the region, MTA spokesman Jeremy Soffin said. The authority will ask for additional state aid from the Legislature when it submits its capital plan in March. “Increased aid will be critical to avoid over-borrowing that characterized the last several years,” Soffin said.
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