The MBTA expects to lose millions of dollars this fiscal year due to declining revenue, despite assistance from the federal government designed to help the nation's mass transit systems.
Revised figures presented to the MBTA fiscal oversight board Monday forecast a $217 million loss by June 30. That reflects a projected 95% drop in revenue and ridership on subways, trains and buses over the last three months of this fiscal year.
As part of the $25 billion being distributed nationwide to prop up struggling mass transit systems, the MBTA will receive $827 million from the federal CARES Act.
Transportation Secretary Stephanie Pollack told the T’s fiscal control board Monday that the money will cover this year’s deficit and leave a substantial amount of money for next fiscal year.
“We’ll have over $600 million to apply going into FY 21,” Pollack said.
But the T’s general manager, Stephen Poftak, said although the federal money is appreciated, "it is unlikely to fund us at the level we would wish."
"It's obviously a significant amount of money, but we're going to have — through a pretty extensive budget process — to understand just how far that money takes us," Poftak said.
Poftak said not knowing how long the COVID-19 pandemic will last complicates planning. But he said if it extends into next fiscal year and keeps ridership and revenues down, more federal aid will be needed to keep the transit system running.
