... And the press release:
Notably no new revenues,but the highlights are:
- Immediately direct $857 million in surplus Fair Share revenue from FY24 to public transportation.
- Dedicate $765 million in Fair Share resources from FY26 to the Commonwealth Transportation Fund, building on an innovative strategy developed by the Healey-Driscoll administration to maximize Fair Share through borrowing to yield $5 billion over the next 10 years for capital investment bonds in rail, roads, bridges, Regional Transit Authorities and culverts.
- More than double support for the MBTA’s operating budget to $687 million in FY26 and immediately address the agency’s budget shortfall, putting the MBTA on a path of long-term stability.
After covering $100 million in debt service on new borrowing, the FY26 budget will propose to invest:
- $687 million to stabilize MBTA operations, including $500 million from Fair Share to to fund programs such as the MBTA Workforce Academy, low-income fares and water transportation programs
- $110 million for Regional Transit Authorities, including $66 million for formula-based transit improvements, $30 million for Fare Free service and $10 million to facilitate interconnectivity between RTAs
- $55 million for MassDOT operations, including workforce investments and enhanced capital project delivery
The surplus Fair Share supplemental budget to be filed by Governor Healey will propose to invest $857 million of the $1.3 billion surplus available for spending in transportation, including:
- $400 million to address workforce and safety initiatives identified as necessary by the Federal Transit Authority
- $300 million to replenish MBTA reserves
- $25 million for a Winter Resilience Assistance Program for municipalities
- $25 million for RTA workforce recruitment and retention
- $10 million for microtransit
The 5B In borrowed against Fair Share funding will allow for:
- $1.4 billion in investments at the MBTA for new commuter rail coaches, Red and Orange Line cars, station accessibility and resilience, track improvements and power system resiliency.
- $2.5 billion for road and bridge repairs across the state through MassDOT, with money set aside for culverts, small bridge repairs and safety and congestion hot spots.
- Close the funding gap for the Allston I-90 Multimodal Project
The administration plans to use $1.2 billion in Grant Anticipation Notes (GANs) to borrow against future federal highway grants to finance priority Highway Division projects statewide.
The financing plan also calls for using $170 million available from the administration’s pool of federal matching funds to retire the MBTA’s legacy debt ($89 million), freeing up operating capacity at the agency.
As part of this capital expansion, Governor Healey intends to file a multi-year Chapter 90 bill later this month that will grow the size of the funding pool directed to cities and towns to $300 million per year for five years, the highest amount in the history of funding for local roads and sidewalks. This additional $100 million annual investment represents a 50 percent increase to support the repair of municipal roads, bridges and infrastructure.